Trade barrier- something that makes trade between two countries more difficult or expensive, for example a tax on imports Competitive advantage- something that helps you to be better or more successful than others Customs- the government department responsible for collecting the tax on goods that have been brought into the country and making sure that illegal goods are not imported or exported Developing industries- the industries, that are trying to develop or improve their branch, they aren’t worldwide yet.
Dumping- the activity of selling products in an export market cheaper than in the home market, or cheaper than they cost to make, usually in order to increase market share Economies of scale- the advantages that a bigger factory, shop etc has over a smaller one because it can spread its fixed costs over a larger number of units and thus produce or sell things more cheaply Deregulate- if a government deregulates a particular business activity, it allows impasses to operate more freely so as to increase competition Global economy- the economy of the world seen as a whole. Globalization- the tendency for the world economy to work as one unit, led by large international companies doing business all over the world Infant industry- an industry in its early stages of development in a particular country.
Some people think that infant industries should be helped with government money and protected from international competition by import taxes etc. Free port- a port where import duty does not have to be paid on imports that are to be sent to another country to be sold, r used to manufacture goods that will be sold abroad. Free trade- trade between nations without protective customs tariffs. ‘ a system of trade policy that allows traders to act and or transact without interference from government. According to the law of comparative advantage the policy permits trading partners mutual gains from trade of goods and services. Insider trading- when someone uses knowledge of a particular company, situation etc. That is not available to other people in order to buy or sell shares.
Insider trading is illegal Letter of credit- in foreign trade, a written remises by an importer’s bank to pay the exporter’s bank on a particular date or after a particular event, for example when the goods are sent by the exporter Liberalism- to make a system, laws, or moral attitudes less strict. Liaises-fairer- the idea that governments should do as little to the economy as possible and allow private business to develop Trade partner/ trading partner- one country that trades with another Merchandise- goods that are produced in order to be sold, especially goods that are sold in a store Niche market- a market for a product or service, perhaps an expensive or unusual one that does not have many buyers but that may be profitable help an industry in its country by taxing foreign goods that compete with it, limiting the number that can be imported etc, and the actions that it takes to do this.
Quota- an official limit on the number or amount of something that is allowed in a particular period Retailer- a business that sells goods to member of the public, rather than to shops etc/ someone who owns or runs a shop selling goods to members of the public Strategic industries- Subsidies- if a government subsidizes a company, activity etc, it pays part of the cost Subsidy- money that is paid by a government or organization to make something cheaper to buy, use, or produce Tariff- a tax on goods coming into a country or going out of it. Trade union- organization representing people working in a particular industry or profession, especially in meetings with their employers.