1Q03 tutorial - week 4

What is international trade?

• traveling overseas

• exchange a capital, goods, and services across international borders

• trading money

What is comparative advantage?

• comparing better than someone else

• having an advantage in a business

• producing a good or service more cost-effectively than other producers

Free trade is....

• trade between countries with as few restrictions or limitations as possible

• trade for free

• a skill humans develop

What is a sanction?

• a type of sandwich

• government rules

• laws passed to restrict or get rid of trade with certain countries

What is an import?

• when a country sends a product to another country

• when a country buys a product from other countries

• a business name

What is an export?

• when a country sells its product in other countries

• when a country buys product from somewhere else

• a type of drink

What is a tariff?

• A type of car

• Tax given by one country on the goods and services imported from another country

• Taxes that are placed on fast food

What is an import quota?

• A quote about trade

• The number of items that can be exported by a country

• A type of trade restriction that sets a limit on the quantity of a good that can be imported into a country