4.1 importance of international trade Flashcards
1
Q
international trade
A
the exchange of goods and services between countries
2
Q
exports
A
the goods and services a country sells abroad
3
Q
imports
A
the goods and services which are bought from abroad
4
Q
free trade agreement
A
movement of goods and services between nations with no restriction on trade (tax)
5
Q
EU
A
a large trading bloc of countries who have free trade with each other
6
Q
absolute advantage
A
when a country is able to provide a good or service using fewer resources and at a lower cost tan another country
7
Q
A
