International Trade

Question 1

Tariffs

Answer 1

A tariff is a tax on imports or exports. If imports are taxed highly than the product from abroad is taxed highly.

Question 2

Trade blocs

Answer 2

An agreement between countries or groups of companies to reduce trade barriers.

Question 3

Use of the internet

Answer 3

Businesses can use the internet to sell products online, these can be sold worldwide.

Question 4

Changing the marketing mix

Answer 4

Businesses can choose to trade internationally, but also adapt their marketing mix in order to be successful.