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

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Goods and services produced domestically and sold in other countries.

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export

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The characteristic of a society in which people rely on others for most of the goods and services they want.

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Economic Interdependence

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

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Free Trade

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

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Protectionism

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

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Protective Tariff

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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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Import Quota

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

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Trade Embargo

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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

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

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United Nations