1. What are key characteristics of international trade? International trade is when you trade with different countries. That’s why the US has clothing from different parts of the world.
2. What are the differences between exports and imports? Exports are when something leaves the country to a different country. Imports are when something enters the country.
3. What are the theories underlying the decisions made in international trade?
Being friends with the countries we get supplies is a good theory to trade with them.
4. What types of actions affect the flow of international trade, and who makes them?
When one country has a low economy it affects the other countries because they dont purchase as much supplies as they normally do.
5. How does international trade affect a nation’s economy?
In many cases it boosts the economy because people purchase what they want.
6. What role do governments play in making decisions about international trade?
The government decides who we trade with. They can choose to tax the stuff we get from other countries or not to make us pay more or less.
Vocabulary: 1. free trade zone:foreign-trade zone 2. most favored nation status: is a status awarded by one nation to another international trade 3. Free trade agreement: is an agreement signed by the governments of the United States,Canada, and Mexico creating a trilateral trade bloc in Nort America. 4. common market: an economic association established in 1958 5. tax holiday:A government incentive program that offers a tax reduction to foreign investors. 6. protectionism:the theory, practice, or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations. 7. duty:something that one is expected or required to do by moral or legal obligation. 8. quota:the share or proportional part of a total that is required from, or is due or belongs to 9. boycott:to abstain from buying or using 10. trade embargo: a government order imposing a trade barrier 11. economic nationalism: is a term used to describe policies which emphasize on domestic control of the economy 12. political system:is a system of Politics and government. 13. democracy: government by the people; a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected agents under a free electoral system. 14. totalitarian system: a political system where the state recognizes no limits to its authority and strives to regulate every aspect of public and private life wherever feasible. 15. host country: a country that host someone or is holding something for someone 16. social responsibility: The principle that companies should contribute to the welfare of society and not be solely devoted to maximizing profits. 17. home country: A home that is in a country. Or a country tht is home to different people. 18. individualism: when someone or something is singled out it leaves it individualy alone. 19. collectivism:the political principle of centralized social and economic control, esp. of all means of production. 20. ethnocentrism:the belief in the inherent superiority of one's own ethnic group or culture. 21. culture shock:the belief in the inherent superiority of one's own ethnic group or culture. 22. contexting:
23. nonverbal communication:
24. body language:
25. nuclear family:
26. extended family:
27. class system:
28. culture:
29. subculture:
30. cultural baggage:
31. absolute advantage:
32. comparative advantage:
33. gross domestic product - GDP:
34. gross national product - GNP:
35. balance of trade:
36. foreign exchange rate:
37. foreign debt:
38. consumer price index - CPI:
International trade is when you trade with different countries. That’s why the US has clothing from different parts of the world.
2. What are the differences between exports and imports?
Exports are when something leaves the country to a different country. Imports are when something enters the country.
3. What are the theories underlying the decisions made in international trade?
Being friends with the countries we get supplies is a good theory to trade with them.
4. What types of actions affect the flow of international trade, and who makes them?
When one country has a low economy it affects the other countries because they dont purchase as much supplies as they normally do.
5. How does international trade affect a nation’s economy?
In many cases it boosts the economy because people purchase what they want.
6. What role do governments play in making decisions about international trade?
The government decides who we trade with. They can choose to tax the stuff we get from other countries or not to make us pay more or less.
Vocabulary:
1. free trade zone: foreign-trade zone
2. most favored nation status: is a status awarded by one nation to another international trade
3. Free trade agreement: is an agreement signed by the governments of the United States,Canada, and Mexico creating a trilateral trade bloc in Nort America.
4. common market: an economic association established in 1958
5. tax holiday:A government incentive program that offers a tax reduction to foreign investors.
6. protectionism:the theory, practice, or system of fostering or developing domestic industries by protecting them from foreign competition through duties or quotas imposed on importations.
7. duty:something that one is expected or required to do by moral or legal obligation.
8. quota:the share or proportional part of a total that is required from, or is due or belongs to
9. boycott:to abstain from buying or using
10. trade embargo: a government order imposing a trade barrier
11. economic nationalism: is a term used to describe policies which emphasize on domestic control of the economy
12. political system:is a system of Politics and government.
13. democracy: government by the people; a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected agents under a free electoral system.
14. totalitarian system: a political system where the state recognizes no limits to its authority and strives to regulate every aspect of public and private life wherever feasible.
15. host country: a country that host someone or is holding something for someone
16. social responsibility: The principle that companies should contribute to the welfare of society and not be solely devoted to maximizing profits.
17. home country: A home that is in a country. Or a country tht is home to different people.
18. individualism: when someone or something is singled out it leaves it individualy alone.
19. collectivism:the political principle of centralized social and economic control, esp. of all means of production.
20. ethnocentrism:the belief in the inherent superiority of one's own ethnic group or culture.
21. culture shock:the belief in the inherent superiority of one's own ethnic group or culture.
22. contexting:
23. nonverbal communication:
24. body language:
25. nuclear family:
26. extended family:
27. class system:
28. culture:
29. subculture:
30. cultural baggage:
31. absolute advantage:
32. comparative advantage:
33. gross domestic product - GDP:
34. gross national product - GNP:
35. balance of trade:
36. foreign exchange rate:
37. foreign debt:
38. consumer price index - CPI: