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International Trade

International Trade and Globalisation

TermDefinition
open economy an economy in which goods and services are freely traded with other economies.
Imports goods and services bought from other countries
Exports the goods and services sold to other countries.
visible imports When we import goods
invisible imports When we import services
visible exports When we export goods
invisible exports When we export services
BALANCE OF TRADE The difference between the value of a country’s visible imports and visible exports
Balance of payments The difference between the value of a country’s total (visible and invisible) imports and exports
tariff tax charged on imports to make them more expensive and encourage people to buy domestic (locally produced) products.
quota a limit on the quantity of goods produced.
embargo a ban on the trade of certain goods.
subsidy a form of price support given by the government to businesses
Created by: AnneB97
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