Unit 4 Chapter 5 – Global factors that shape national business activities – Flashcards
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Tariffs
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These are taxes on imported goods which raise the price paid for the goods by domestic consumers
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Import quotas
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a limit imposed by a nation on the quantity (or total value) of a good that may be imported during some period of time
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Embargoes
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complete ban on certain products coming in or leaving the country; usually for political reasons
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Import restrictions
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Restraints that a government may impose to limit the volume of imports entering a country. They may include tariffs, quotas or perhaps even embargos on certain goods. A form of protectionism.
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Government action
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Devaluing the nations currency to reduce its foreign exchange value to make exports cheaper to other countries
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World trade organisation
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An international organisation dealing with the rules of trade between nations. One of the central aims of this organisation is to increase trade liberalisation.
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G8
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The following group of eight industrialized nations: Britain, Canada, France, Germany, Italy, Japan, Russia, and the United States.
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Free trade area
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- No restrictions between members - Each country has own trade restrictions with non-members
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Customs union
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- No restrictions between members - Common trade restrictions with non-members
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Common market
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- Free movement of labour and capital as well as trade
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Economic union
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Harmonisation of social and economic policies
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Globalisation
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The breaking down of traditional barriers between nation states allowing movement of goods, capital, people and information.
