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Related Flashcards
Cards In This Set
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What is free trade?
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Internatonal trade without tariffs, quotas and other restrictions.
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What does EU stand for? What is the EU? Name three members.
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The European Union is a political and economic union located primarily in Europe. Members include United Kingdom, Ireland and Germany.
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What are exports?
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The goods, services and ideas that countries sell to other countries
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What is fair trade?
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The organised social movement that advocates payment of a fair price for producers in developing countries.
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What is a quota?
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A limit on the amount of goods that can be imported into a country in a given period of time.
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What is a subsidy?
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Financial aid given by a government to an individual producer or group of producers to reduce the price of a good or service.
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What are imports?
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The goods, services and ideas that countries buy from other countries
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What is a tariff?
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A tax imposed on goods when they move across a political boundary, which increases the price for both importer and exporter
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What does the UN stand for? What is the UN?
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The United Nations is an international organization that promotes equity, human rights, peace and ecologically sustainable environments.
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What does WTO stand for? What is the WTO? How many members are in the WTO?
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The World Trade Organisation promotes free and fair trade between countries by destroying trade barriers such as tariffs and quotas. There are 153 members in the WTO including Australia.
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What is ANZCERTA? What does it do?
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Australia New Zealand Closer Economic Relations Trade Agreement. It develops free trade in goods, stronger links on migration, tourism and transport between Australia and New Zealand.
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What is a bilateral trade agreement?
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An agreement between two countries usually in order to reduce tariffs and quotas on goods being traded between themselves. For example The Australia United States Free Trade Agreement. (AUSFTA)
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What is a regional agreement?
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An agreement between two or more nations within a certain region to reduce tariffs and quotas on goods being traded betweem themselves. For example ASEAN and APEC.
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What is a multilateral trade agreement?
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An agreement between three or more countries usually in order to reduce tariffs and quotas on goods being traded between themselves. For example The Doha Round Trade agreement between 153 countries.
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What does ASEAN stand for? Name 3 members.
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Association of South East Asian Nations. Indonesia, Malaysia, Phillipines, Thailand, Vietnam, China, Japan, Australia, Hong Kong.
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