International Trade
Courtesy/ free pik

Important Vocabulary

  • Visible trade or merchandise trade: Trade in goods
  • Invisible imports and exports: Trade in services (banking, insurance, tourism, and so on)
  • Barter or counter-trade: Direct exchanges of goods, without the use of money
  • Balance of trade: The difference between what a country receives and pays for its exports and imports of goods
  • Balance of payments: The difference between a country’s total earnings from exports and its total expenditure on imports
  • Autarky: The (impossible) situation in which a country is completely self-sufficient and has no foreign trade
  • Surplus: A positive balance of trade or payments
  • Deficit: A negative balance of trade or payments
  • Dumping: Selling goods abroad at (or below) cost price
  • Protectionism: Imposing trade barriers to restrict imports
  • Tariffs: Taxes charged on imports
  • Quotas: Quantitative limits on the import of particular products or commodities

Extracted From

MacKenzie, I. (2002). English for Business Studies: A course for Business Studies and Economics students (2nd ed.). Cambridge University Press.

Previous articleKeynesianism and Monetarism | Business Communication | Vocabulary
Next articleEconomics and Ecology | Business Communication | Vocabulary
Founder and Author at Superb Future. Babu is a student of Business specializing in Sales and Marketing Management. "Everyone is a marketer, whether you are a businessman or a homemaker."