5.5 Trade Flashcards
People and countries depend on one another for goods and services
Interdependent
Exchange of goods and services in a market
Trade
Buying and selling of goods that take place within a country involves producers and consumers located inside the same country
Domestic trade
Trade with foreign producers and consumers not in the same country
International trade
Good and services produced within a country and sold outside the country’s borders
Exports
Goods and services sold in a country that are produced in other countries
Imports
Tax on imports or exports
Tariff
Example of a trade barrier
Tariff
Government policy or restriction that limits international trade
Trade barrier
Plan that shows income and expenses over a period of time
Budget
A budgets income should be _______
Equal or greater than its expenses
A budget should include money for
Saving
The act of setting aside money for future use
Saving
People save money by using
Banks
Business that keeps money makes loans and offer other financial services
Banks
