Unit 27 - International Trade Flashcards Preview

Business English - 2. Semester > Unit 27 - International Trade > Flashcards

Flashcards in Unit 27 - International Trade Deck (16):
1

imports and exports of goods and services without any government restrictions

free trade

2

restricting imports by way of trade barreirs such as tariffs and quotas

protectionism

3

government policies or regulations that restrict international trade

trade barrier

4

a tax charged on imports

tariff

5

a maximum quantity of goods of a specific kind that can be imported into a country

quota

6

a country’s ability to produce goods at a lower cost than any other country

absolute advantage

7

a country’s ability to produce particular goods more efficiently than some other countries

comparative advantage

8

industry that is in an early stage of development and which cannot survive competition from foreign countries

infant industry

9

industry that is particularly important to a country’s economy

strategic industry

10

a useful or valuable possession or quality of a country, organization or person

resources

11

selling unwanted goods very cheaply, usually in other countries

dumping

12

the legal right to control the production and selling of a book, play, film, photograph, piece of music

copyright

13

a cheaper copy of a product that is not marked with the producer’s name

generic

14

to pay part of the costs of something

to subsidize

15

a name, or a symbol, showing that a product is made by a particular producer and which cannot be legally usedby anyone else

trademark

16

an official Organization that deals with agreements for buying and selling goods and services between countries

World Trade Organization (WTO)