IGCSE Business - Unit 1

A good or service produced in the home country and sold in another country.

• import 
• export 

A good or service brought in from another country for sale.

• import
• export 
• tariff

A limit on the amount of a good that can be imported.

• import quota
• export quota

A tax on imported goods.

• import
• export
• tariff

The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.

• free trade
• protectionism
• balance of trade

The lowering or elimination of protective tariffs and other trade barriers between two or more nations.

• free trade
• protectionism
• balance of trade

The measure of how much one currency is worth in relation to another.

• change rate
• exchange rate

When a country exports more than it imports.

• trade surplus
• trade deficit

An excess of imports over exports.

• trade surplus
• trade deficit

Value of all goods and services exported from a country minus the value of all goods and services imported from outside the country.

• free trade
• protectionism
• balance of trade