Geography 7 Lesson 1.7 -1.8 Trade and Development/Government

the exchange of goods and services

• Barter
• Commerce
• Trade
• Transaction

what a country is good at producing, or its ability to produce a product more efficiently than other produces

• trade barrier

• Free trade

• Market dominance
• Comparative advantage

all of the buying and selling that takes place within a country

• Domestic trade
• Wholesale trade
• International trade
• import trade

trade with foreign producers and consumers, trade between different countries

• International trade
• Domestic trade
• Local trade

• Bilateral trade

goods and services brought into a country

• Exports
• Domestic goods
• Imports

• Currency

goods and services produced in one country and sold in another

• Domestic sales
• Imports
• Trade deficits
• Exports

a government policy or restriction that limits international trade

• Import barrier

• Trade barrier

• Comparative Advantage

• Free trade

a tax on imports or exports

• quota

• embargo

• tariff
• sales tax

a set limit on the amount of a specific good that can be imported into a country

• Free trade

• Embargo

• Quota

• Import tariff

a ban on trade with a particular country for political or economic reasons

• sanction
• tariff
• quota
• embargo