International Trade Terms

Question 1

Import

Answer 1

goods or resources that are sold and sent out to other countries

Question 2

Export

Answer 2

goods or resources that are bought and brought into a country

Question 3

Tariff

Answer 3

is a fee or tax put on a good that is imported into a country

Question 4

Quota

Answer 4

a limit on amount of a good that is imported into a country

Question 5

Embargo

Answer 5

the refusal of one country to trade with another

Question 6

Free Trade

Answer 6

economic practice of importing and exporting with countries without having the fear of having the government stopping it