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.
