(Marketing 1) Vocabulary: Chapter 4 - Global Analysis Questions and Answers Distinction Level 2023

Document Content and Description Below

international trade - -Exchange of goods and services among nations. -imports - -Goods and services purchased from other countries. -exports - -Goods and services sold to other countries. -ba... lance of trade - -The difference in value between a nation's exports and imports. -free trade - -Commercial exchange between nations that is conducted on free market principles without tariffs, import quotas, or other restrictive regulations. -tariff - -A tax on imports, also known as a duty. -quota - -A limit on either the quantity or monetary value of a product that may be imported. -embargo - -A total ban on specific goods coming into and leaving a country. -protectionism - -A government's establishment of economic policies that restrict imports to protect domestic industries. [Show More]

Last updated: 11 months ago

Preview 1 out of 2 pages