International trade (Edexcel GCSE Business): Flashcards

Buying & selling goods/services across national borders

Trade without restrictions between countries

Restricting trade to protect domestic economy

Tax on imported goods

Physical limit on quantity of imports allowed

Strict quality/safety standards on imports

Government financial support to domestic producers

Selling products at extremely low prices to capture market share

New or developing industries

Group of countries with agreements to encourage trade

Safeguards jobs in local industries from foreign competition

Gives new industries time to grow & become competitive

Stops unfair low pricing that eliminates competition

Provide income for public services & infrastructure

Trade bloc of SE Asian nations (Thailand, Vietnam, etc.)