key words Flashcards
imperial preference
policy which favours low level tariffs in countries working british empire, high tariffs on non-empire countries
local rates
local tax levied by local authority to pay for local services
free trade
no restrictions on good coming into country, no tax or tariffs
laissez- faire
belief that gov should intervene as little as possible in business or in lives of individuals
growth rate
extra amount produced or achieved in one year compared to previous year
invisible exports
exports of services instead of goods eg banking, insurance shipping goods, lending and investing money
shares and dividends
investors buy shares which give them a share in the ownership of a company and dividends are the shares of the profits distributed to those who own shares in a company
trade gap
when the value of a country’s visible imports exceeds visible exports
economies of scale
savings which can be made by producing many identical items
