Chapter 37: Free trade and protection Flashcards
1
Q
Globalisation
A
The process by which the world is becoming increasingly interconnected through trade and other links
2
Q
Quota
A
A limit placed on imports or exports
3
Q
Embargo
A
A ban imports or exports
4
Q
Exchange control
A
A limit on the amount of foreign currency that can be obtained
5
Q
Voluntary export restraints (VER)
A
Agreements with other governments to restrict their exports to the country
6
Q
Infant industries
A
New industries with relatively low output and high costs
7
Q
Declining industries
A
Old industries which are going out of business
8
Q
Strategic industries
A
Industries that are considered important for the survival or development of the country
9
Q
Dumping
A
Selling products in a foreign market at a price below the cost of production
