FI$H economics vocabulary Unit 6 modified level

Selling goods or services to another country

• export

• quota

Buying goods or services from another country

• import

• protectionism

Protecting your country's business from competing with a foreign country business

• protectionism

• globalization

2 countries can buy and sell things to each other without the government interfering. (For example, there is no tax on the sale)

• Free trade

• export

When the government puts a LIMIT on how many goods or services can be traded with another country.

• quota

• free trade

When a government puts a TAX on an import.

(They are hoping to make people buy less of an import and buy more of the domestic good)

• protective tariff

• export

2 or more businesses sell similar products and try to sell more than the others.

• Market competition

• free trade

A lot of clothes have a tag that says "Made in Indonesia" This is an example of

• import

• export

The U.S. sends a lot of Dodge cars to other countries. This is an example of

• export

• import

Things that the government does to try to reduce importing goods from another country.

• trade barriers

• marketability criteria