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15 Cards in this Set
- Front
- Back
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imports |
goods and services purchased from other countries |
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exports |
goods and services sold to other countries |
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globalization |
the phenomenon of growing economic linkages among countries |
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autarky |
a situation in which a country does not trade with other countries |
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domestic demand curve |
a demand curve that shows how the quantity of a good demanded by domestic consumers depends on the price of that good |
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domestic supply curve |
a supply curve that shows how the quantity of a good supplied by domestic producers depends on the price of that good |
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world price |
the price at which a good can be bought or sold abroad |
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exporting industries |
industries that produce goods and services that are sold abroad |
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import-competing industries |
industries that produce good and services that are also imported |
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free trade |
trade that is unregulated by government tariffs or other artificial barriers; the levels of exports and imports occur naturally, as a result of supply and demand |
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trade protection |
policies that limit imports |
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protection |
an alternative term for trade protection, polices that limit imports |
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tariff |
a tax levied on imports |
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import quota |
a legal limit on the quantity of a good that can be imported from abroad
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offshore outsourcing |
business hiring people in another country to perform various tasks |
