The Global Economy

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Impact of Exploration

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Central topic

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The Global Economy

Free Trade

free trade happens when there are not many or no restrictions on exchange between nations.

Financial or international strategy regularly figures out which nations exchange with one another.

Currency

Countries must change their currency if they want to exchange worldwide with other countries in bussneuis.

Countries have to pay for products and services with currency.

Trade barriers

Embargo

prohibition on the import or fare of an item.

Quota

limit set on the amounts of an item that can be imported.

Tariff

tax put on imports to build their cost in the homegrown market.

Balance of Trade

Comparative advantage

ability of a country to produce a particular good more efficiently than another country.

trade deficit

When a country imports more than it exports

Trade surplus

When a country exports more than it imports