business theme 2 - international trade

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4 Terms

1
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free trade

when there’s no barriers between countries

some countries restrict imports into their countries

2
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trade barriers

  • tarrifs

  • non tarrif barriers

  • quotas (physical limits on imports)

  • subsides (money given to help domestic producers)

3
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reasons for trade barriers

  • promoting jobs in domestic industries

  • protecting emergency industries

  • preventing the dumping of cheap goods on the domestic market and the entry of undesirable goods

  • raising revenue from tarrifs

4
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trade blocks

created when goverments of different countries agree to act together to promote trade amongst themselves