JA Vocab Flashcards
Import
A good or service brought from another country
Trade
An exchange of a good or service
Market
A place where trade occurs
Export
A good or service sold to another country
International trade
An exchange of goods or services with another country
Domestic trade
An exchange of goods or services within your own country
Quota
A control on an amount of a product that can be imported into a country
Embargo
A ban on trade with another country for one or all of its goods
Patton
A safeguard on an idea that says only you can use this idea
Tariff
A tax on a good imported into a country
Consumers
A person who buys goods or services
Producers
A person who makes or produces a good or service
WTO
World trade organization, an organization acting as a court to settle disputed amount other nations
Subsidy
A government action that decreases an industries production cost
NAFTA
North American free trade agreement
