adv fashion terms

What does “globalization” mean in the context of fashion?

• Only producing goods locally

• International influence and operations in fashion

• Restricting trade between countries

When a country exports more goods than it imports, this is called a:

• trade deficit

• free trade

• trade surplus

What is a balance of trade

• The total value of imported goods

• The difference in value between exports and imports

• A country’s trade agreement with another

What organization oversees international trade rules?

• imf

• WTO

• Eu

What does tariff mean

• A limit on how much a product can be imported

• A tax imposed on the imports

• The exchange rate between two currencies

What is disposable income

• Money spent on fashion items

• Income after taxes, available for spending or saving

• Total income earned before taxes

When prices of goods and services rise over time, it’s called:

• Infaltion

• Exchange rate

• GDP growth

If the U.S. imports more fashion goods than it exports, this is called:

• Trade surplus

• Trade deficit

• Free trade

What does gdp measure

• The growth of the fashion industry

• The total value of goods and services produced in a country

• Disposable income for individuals

A limit on the quantity of a fashion product that can be imported is called a:

• tariff

• Quota

• Exchange rate