Question: International Trade

Answer: 1. Export Goods: sold to other countries

2. Imported goods: bought from other countries

Have to trade b/c one country can’t make all resources

Question: Free Trade

Answer: Nothing hinders/ gets in the way of two nations trading with each other.

Question: 3 Types of Trade Barriers

Answer: Tariff

Quota

Embargo

Question: Trade Barriers

Answer: Designed to prevent imports from entering country

Question: Tariffs

Answer: -Tax is put on these imports

-Effect is to raise the price imported product

• Taxes charged for goods that leave/enter US