GLOBBUS - Ch 2 Vocabulary

Trade within the same region or country

• Domestic Trade
• World Trade
• Exports
• Imports

Trade between different regions or countries

• Domestic Trade
• World Trade
• Exports
• Imports

International organization overseeing world trade; ensures world trade occurs<br />in a smooth and free-flowing manner with little disruption

• Quota
• Embargo
• Tariff
• World Trade Organization

Goods produced in one country, then shipped to another region or country

• Domestic Trade
• World Trade
• Exports
• Imports

Foreign goods shipped into a country or region

• Domestic Trade
• World Trade
• Exports
• Imports

Country’s total amount of exports minus the total amount of imports

• Domestic Trade
• World Trade
• Exports
• Balance of Trade

Comparison of amounts of foreign currency taken into a country versus<br />amounts of domestic currency paid out

• Domestic Trade
• World Trade
• Balance of Payments
• Imports

Rate at which one currency may be converted into another; used when world<br />trade occurs

• Domestic Trade
• Foreign Exchange Rate
• Balance of Payments
• Imports

Fixed limit on the amount of import/export of a product set when trading with<br />another country

• Quota
• Embargo
• Tariff
• World Trade Organization

Special tax placed on foreign goods sold in the United States

• Quota
• Embargo
• Tariff
• World Trade Organization