International And Free Trade Flashcards
1
Q
Free trade
A
Countries trade removing barriers to trade such as tariffs and quotas
2
Q
International trade
A
Exchange of products between countries
3
Q
Trading bloc
A
Countries within regions that have reduced or removed trade barriers for it’s member countries
4
Q
Advantages of free trade
A
Business- economies of scale
Access to greater variety of raw materials at lower cost
Customers - lower prices through competition
5
Q
Disadvantages of free trade
A
Workers- loss of jobs
Environmental- LEDCs may use up non renewable resources for export business
Business- more international competition
