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Glossary

  1. International Trade: The exchange of goods and services between countries.
  2. Free Trade: International trade that is unrestricted by government protectionist measures.
  3. Trade Barriers: Rules that interfere with trade.
  4. Protectionism: A foreign policy that restricts or limits free international trade.
  5. Quota: Quantitative restrictions on imports.
  6. Tariffs: A tax placed on imports.
  7. Infant Industry: A new industry with very little experience.
  8. Strategic Industry: An industry of great economic importance to a country.
  9. Export Subsidy: A subsidy given to a producer that helps a company that exports its products.
  10. NAFTA: North American Free Trade Agreement is an agreement designed to promote trade by reducing barriers between Canada, the United States and Mexico.
  11. Domestic Producers: Businesses that produce goods and services within a country's borders.
  12. Foreign Producers: Businesses that produce goods and services outside a country's borders.
  13. Domestic Consumers: Consumers within a country's borders.
  14. Closed economy: A nation that has no economic relations with other countries.
  15. Open economy: A nation that trades goods and services with other countries.
  16. Standards or Regulations: Rules placed on imported goods in an attempt to maintain product quality and safety.
  17. Embargo: An official ban on trade or economic activity with another country.
  18. WTO: World Trade Organization