IB Economics SL - International Economics - 24. Free Trade & Protectionism

10 terms by oscar28 

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Quota

a physical limit on the number or value of goods that can be imported into a country

Tariff

a tax that is charged on imported goods

Subsidy

an amount of money paid by the government to a firm, per unit of output

Voluntary Export Restaints (VERs)

agreements between exporting and importing countries in which the exporting country agrees to limit the quantity of exports of a specific good below a certain level

WTO

an international organization that sets the rules for global trading and resolves disputes between its member states

Free Trade

trade that takes place between countries when there are no barriers to trade put in place by governments or international organizations

Dumping

the selling by a country of large quantities of a commodity, at a price lower than its production cost, in another country

Over-Specialization

a country is over-dependent on the export sales of one or two products

"Red Tape"

the administrative process that has to be undertaken when importing goods

Embargo

an extreme quota; a complete ban on imports (usually put in place as a form of political punishment)

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