Global Trade

Define the following:

Export

• send to another country for sale

• sale good internally

• create and sell goods internally

Import

• bring into a country from abroad for sale

• to send to another country for sale

• create goods for sale

trade surplus

• the amount by which the value of a country's exports exceeds the cost of its imports

• the amount by which the value of a country's imports exceeds the cost of its exports

• when a country's cost of imports = cost of exports

trade deficit

• cost of imports exceeds exports

• cost of exports exceeds cost of imports

• cost of exports = cost of imports

containerization

• selling containers excessively

• pack into or transport by container

• containing more than two goods

tariffs

• tax or duty to be paid on imports/exports

• economic theory dealing with money

• the amount of money issued from banks

protectionism

• theory of shielding a country's domestic industries from foreign competition by taxing imports

• theory of shielding a country's domestic industries from foreign competition by limiting exports

• equilibrium of export and import costs

retaliate

• make an attack in return for a similar pack

• lowering

• the action of speeding in deals