trade Flashcards
1
Q
import
A
- a good or service produced in another country but sold in your own country
1
Q
international trade
A
- exchange in goods or services between countries
2
Q
export
A
- goods or services that are produced in one country & sold in another
3
Q
bilateral realationships
A
- an exchange of goods or services fro mutual benefit, two countries will reduce or eliminate tariff
4
Q
tariffs
A
- a tax imposed by one country when they import goods or services to another country
5
Q
cost & benefit of international trade
A
- increase in trade between Aus and its trading partners will: increase living standards for both Australia and the country we are trading with
6
Q
trade benefits for Australia
A
- promotes economic growth & raises household income
- trade creates & supports Australian jobs
- trade opens the global market for Australian products
7
Q
trade costs for Australia
A
- countries may be forced into conflicts
- dependancy on other countries
- economic interests may lead to injustice
8
Q
what is the WTO
A
- World Trade Organisation
9
Q
what does the WTO do?
A
- regulates international trade
10
Q
what are the WTO principles?
A
- non- discrimination
- fair competition
- even trading enforced
11
Q
why did Australias and China relationship began to deteriorate?
A
- China wanted to supply Australia 5G Huawei technology, we said no because of spies
- Scott Morrison said he wanted to investigate the cause of COVID and blamed China
- Australia treasurer Josh Frydenberg prevented China from purchasing Australia dairy
- Australia sided with USA about the Taiwan dispute
