Benefits of Free Trade Flashcards
1
Q
Define imports.
A
Goods or resources that are bought and brought into a country.
2
Q
Define exports.
A
Goods or resources that are sold and sent out of a country.
3
Q
Define tariff.
A
Fee or tax on a good that is imported into a country.
4
Q
Define quota.
A
Limit on amount of a good that can be imported into a country.
5
Q
Define embargo.
A
The refusal of one country to trade with another.
6
Q
Define free trade.
A
Economic practice where countries can import and export goods without fear of stopping it.
