INTERNATIONAL TRADE

ENTREPRENEURPeople take a risk when they start their own business- they have no guarantee that they will succeed.

PROFITThe difference between the revenue a business receives and it’s cost of production

TRADE

the exchange of goods or services for other goods and services or money.

EXPORTGoods sold in one country but produced in another country

IMPORTGoods and services bought from sellers in another nation.

TRADE BARRIERSsomething that prohibits trade

Restrictions on trade such as tariffs, quotas and regulations

TARIFFa tax imposed on imported goods.

QUOTAan allotment or a production assignment (the amount ) of a good

In international trade, the limit on the quantity of a product that may be imported or exported, established by government laws or regulations

REGULATIONEconomic regulation is the prescription of price and output (amount produced) for a specific industry, often a natural monopoly.

ECONOMIC SANCTION

The withholding, usually by several nations, of loans or trade relations with a nation violating international law, to force it to comply.

EMBARGOgovernment restriction placed on trade

EXCHANGE RATE the price of one currency in relation to another currency

WARWar plays an important roll in international trade.

Blockades of ports and attacks on merchant ships inhibit trade.

WEATHERChanges in weather conditions such as hurricanes, tropical storms, blizzards and other conditions can disrupt the distribution of goods and services.

BOYCOTTConsumers refuse to buy certain products because they are protesting against some issue