What is International Trade in international business?
The International Trade goods and services between different countries.
What does the balance of trade measure?
The difference between total exports and imports in a country in a certain period of time.
What are imports in international trade?
Goods and services purchased from foreign countries.
What are exports in international trade?
Goods and services sold to another country.
What is protectionism in economic terms?
An economic strategy to protect domestic industries from foreign competition.
What does a trade barrier do in international trade?
It makes international trade more difficult.
What are the primary goals of protectionism?
Safeguarding domestic producers and workers and promoting economic growth and stability.
What is a tariff in international trade?
A tax placed on products coming from another country.
What does the government decide in a planned economy?
Everything about production including ownership, output, employment, and wages.
Who owns businesses in a planned economy?
The government owns the businesses.
What does a planned economy decide about wages?
The government decides the wages.
What does a planned economy decide about employment?
The government decides who should be employed.
What is a quota in international trade?
A limit on the amount of foreign products that can be imported.
What is the purpose of a subsidy given by a government?
To make local producers more competitive and lower their prices.
What does an economic indicator describe?
The condition of a country's economy.
What does GDP represent?
The total value of goods and services produced by a country in a year.
What does a rising GDP indicate?
Economic growth.
What does a falling GDP indicate?
Economic contraction that can lead to unemployment.
What does GNP include besides domestic production?
Earnings from foreign investments.
What is the business cycle?
The pattern followed by economic activity with expansion and decline periods.
What sequence does the business cycle follow?
Expansion, peak, recession, and trough.
Which phase comes after expansion in the business cycle?
Peak.
Which phase follows the peak in the business cycle?
Recession.
What phase comes after recession in the business cycle?
Trough.
When did the American economy start to slow down before the crash?
In 1929.
What was the unemployment rate in the US by 1933?
About 25%.
Who signed the Smoot-Hawley Tariff Act in 1930?
President Herbert Hoover.
What did the Smoot-Hawley Tariff Act do to imported products?
It increased tariffs on thousands of imported products.
What are retaliatory tariffs?
Tariffs introduced or increased by other countries in response to another country's tariffs.
What effect did higher American trade barriers have on other countries?
They led other countries to introduce retaliatory tariffs.
How did retaliatory tariffs affect American companies?
They made it more difficult for American companies to sell abroad.
What was one consequence of retaliatory tariffs on international trade?
They contributed to a sharp fall in international trade.
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1. What does international trade involve?
2. What does the balance of trade measure over a given period?
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