Geo Chapter 6 - Key terms Flashcards
the relationship between the value of a country’s exports and imports
balance of trade
goods and services that are sold to another country
exports
goods and services that are sold to another country
imports
a negative trade balance
trade deficit
a positive trade balance
trade surplus
trade without duties or tariffs
free trade
taxes on imported goods
duties/tariffs
a large free-trade area made up of two or more countries
trade bloc
a group of suppliers who agree with each other to maintain high prices and control production
cartel
a type of thematic map that shows the movement of goods, people, or information
proportional flow map
an organization that supervises trade
trade advisory group
trade penalties imposed on one country by another
trade sanctions
the policy of adding taxes to imported goods to protect a country’s home industries
protectionism
