Globalisation Flashcards
What is ajn open economy
An economy in which goods and services are traded freely with other countries
What are imports
Goods and sevices brought from other countries
What are exports
Goods and sevices sold to other countries
What is the trade of goods called
Visible trade
What is the trade of services called
Invisible trade
What is it called when visible exports sre greater than visible imports
Surplus balance of trade
What is it called when visible imports sre greater than visible exports
Deficit balance of trade
What is the difference between a country’s total exports and total imports called
Balance of payments
What is it called when total exports sre greater than total imports
Surplus balance of payments
What is it called when total imports sre greater than total exports
Deficit balance of payments
What is a tariff
A tax charged on imports
What is a quota
A limit on the quantity of goods produced
What is an embargo
A ban on the trade of certain goods
What is a subsidy
A form of price support given to businesses by the governed
What is global trade
Exhange of goods and services between different countries
