General vocabulary list

Question 1

GDP

Answer 1

Gross Domestic Product; goods produced in a country’s border in a year

Question 2

WTO

Answer 2

World trade organization

Question 3

HDI

Answer 3

Human development index

Question 4

Interdependence

Answer 4

The mutual dependence of nations/participants in an economic system (since no country is self-sufficient)

Question 5

Free trade

Answer 5

When governments neither restrict nor encourage trade

Question 6

Fair trade

Answer 6

A way of buying & selling products that makes sure people who produce the goods (labor) receive fair prices

Question 7

Tariffs

Answer 7

Tax on imports of products/goods between countries. A form of regulation on international trade by governments.

Question 8

Quotas

Answer 8

Limits on the amount of goods that can be imported. Trade restriction.

Question 9

Trading group/bloc

Answer 9

Several countries grouped together for the purpose of trying to increase the volume and value of their goods (Ie. EU)

Question 10

Imports

Answer 10

Goods and services BROUGHT by a country. Can be raw material

Question 11

Exports

Answer 11

Goods and services SOLD by a country.

Question 12

Landlocked

Answer 12

A state that does not have access to ocean (Ie. Lesotho)

Question 13

Trade Surplus

Answer 13

When a country’s exports exceed its imports

Question 14

Trade Deficit

Answer 14

When a country’s imports exceed its exports

Question 15

Trade Balance

Answer 15

The DIFEERENCE between a country’s exports and imports