International Trade

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Goods and services produced in other countries (foreign producers) and sold domestically (at home)

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import

Front

Goods and services produced domestically and sold in other countries.

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export

Front

The policy of eliminating barriers to international trade allows goods and services to move more across borders.

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Free Trade

Front

The policy of erecting trade barriers to shield domestic markets from foreign competition.

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Protectionism

Front

A tax on imported goods designed to protect domestic producers from foreign competition; a type of trade barrier.

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Tariff

Front

A limit on the quantity of a good that can be imported during a specific period of time; a type of trade barrier.

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Quota

Front

A ban on trade with a country or group of countries, usually for political reasons; a type of trade barrier.

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Embargo

Front

The process by which people and economies around the world are becoming increasingly interconnected; the integration of national economies into the global economy.

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Globalization

Front

An international organization formed after WWII to promote international peace, security, and cooperation.

HQ NYC, WHO, UNESCO, has a Security Council

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United Nations

Front

To focus on producing one thing to improve productivity is known as:

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Specialization