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Trade Vocabulary Review
Review the vocabulary terms below.
- The exchange of goods and services between countries.
Answer: International Trade
- International trade that is unrestricted by government protectionist measures.
Answer: Free Trade
- Rules that interfere with trade.
Answer: Trade Barriers
- A foreign policy that restricts or limits free international trade.
Answer: Protectionism
- Quantitative restrictions on imports.
Answer: Quota
- A tax placed on imports.
Answer: Tariffs
- A new industry with very little experience.
Answer: Infant Industry
- An industry of great economic importance to a country.
Answer: Strategic Industry
- A subsidy given to a producer that helps a company that exports its products.
Answer: Export Subsidy
- North American Free Trade Agreement is an agreement designed to promote trade by reducing barriers between Canada, the United States and Mexico.
Answer: NAFTA
- Businesses that produce goods and services within a country's borders.
Answer: Domestic Producers
- Businesses that produce goods and services outside a country's borders.
Answer: Foreign Producers
- Consumers within a country's borders.
Answer: Domestic Consumers
- A nation that has no economic relations with other countries.
Answer: Closed economy
- A nation that trades goods and services with other countries.
Answer: Open economy
- Rules placed on imported goods in an attempt to maintain product quality and safety.
Answer: Standards or Regulations
- An official ban on trade or economic activity with another country.
Answer: Embargo
- World Trade Organization
Answer: WTO
You've completed this review!