More words and meanings not as important Economy Flashcards
1
Q
What is free trade.
A
countries can import and export between each other without any tariff or other barriers.
2
Q
what dose subsidies mean.
A
government cash payments to prop up domestic industries
3
Q
trade deficit
A
when the value of a country’s exports is less than the value of its imports
4
Q
trade surplus
A
when the value of a country’s exports is more than the value of its imports
5
Q
Inflation
A
a sustained increase in the general (average) price level of most products in the economy.
