International trade

The definition of TRADE is __________________.

• Importing goods

• to buy or sell goods or services

• Exporting goods

A trade agreement between Canada, Mexico, and the US

• NAFTA

• WTO

• EU

Tariffs and Quotas can benefit nations imposing them by...

• Raising revenue

• 
  increasing variety of goods

• 
  lowering prices

• 
  increasing consumption 

International trade activities do NOT include:

• the exchange of visible and invisible goods

• international movement of labor and money

• international processing

• re - export

Government imposed limit on the quantity of a good or service that can be sold (imported) in their country

• Quota

• Tariff

• Taxes

_____ can increase the price of imported goods, making domestic products more competitive

• Tariff-rate

• Quotas

• Taxes

Tariff-rates includes:

• Ad Valorem Tariffs

• Specific Tariffs

• Compound Tariffs

• All of them

Why is International Trade important?

• Economic Growth

• Innovation & Technology Transfer

• International Relations

• All of them

Sending goods to another country to sell.

• Imports

• Exports

Characteristics of international trade

• Demand - Supply factors

• Economic intergration

• Tariff-rates

• None of them