Key Concepts (Grade 12 NSC Matric Economics): Flashcards
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BRICS members
BRICS members
Brazil, Russia, India, China, South Africa
WTO role
WTO role
Monitors trade liberalisation, resolves disputes between countries
Free trade
Free trade
Buying goods/services worldwide without govt restrictions
Protection (trade policy)
Protection (trade policy)
Govt discourages imports to shield local industries
Export promotion
Export promotion
Incentives to produce goods for international sale
Import substitution
Import substitution
Replacing imports with locally produced alternatives
Sanctions
Sanctions
Penalties applied by countries for political reasons
Embargo
Embargo
Official ban on trade with a particular country
SADC benefit
SADC benefit
Duty-free access for imports from member states
Disinvestment
Disinvestment
Withdrawal of capital investment from company/country