Trade Vocabulary
Deficit - to be at a loss, can happen in trade when one imports more than it exports
EU - European Union- has 27 member states mostly in Europe
Exports - items that are sent out of a country
Fair Trade
Free Trade
GATT - General Agreement on Tariffs and Trade - an agreement that helps control international trade and tries to reduce taxes and barriers to encourage more trade and has now been replaced by the WTO
IMF - International Monetary Fund - created in 1945 and now with 188 members, helps to make sure that the international monetary system stays stable and promotes cooperation, sustainable economic growth, and help with employment and poverty
Import - items that are brought into a country
Monetary - something that has dollar value
NAFTA - North American Free Trade Agreement - signed by Prime Minister Brian Mulroney, Mexican President Carlos Salinas, and U.S. President George H.W. Bush, came into effect on January 1, 1994. NAFTA has generated economic growth and rising standards of living for the
people of all three member countries and has minimal taxes and barriers between these countries
Quotas - the total amount that can or should be reached for something
Tariff - a tax on goods that are imported or exported
Trade - to exchange one thing for another
Trade Barriers
Surplus - to have extra, too much or left over amounts of something
WTO - World Trade Organization - An international body founded in 1995. It deals with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business.
EU - European Union- has 27 member states mostly in Europe
Exports - items that are sent out of a country
Fair Trade
Free Trade
GATT - General Agreement on Tariffs and Trade - an agreement that helps control international trade and tries to reduce taxes and barriers to encourage more trade and has now been replaced by the WTO
IMF - International Monetary Fund - created in 1945 and now with 188 members, helps to make sure that the international monetary system stays stable and promotes cooperation, sustainable economic growth, and help with employment and poverty
Import - items that are brought into a country
Monetary - something that has dollar value
NAFTA - North American Free Trade Agreement - signed by Prime Minister Brian Mulroney, Mexican President Carlos Salinas, and U.S. President George H.W. Bush, came into effect on January 1, 1994. NAFTA has generated economic growth and rising standards of living for the
people of all three member countries and has minimal taxes and barriers between these countries
Quotas - the total amount that can or should be reached for something
Tariff - a tax on goods that are imported or exported
Trade - to exchange one thing for another
Trade Barriers
Surplus - to have extra, too much or left over amounts of something
WTO - World Trade Organization - An international body founded in 1995. It deals with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business.
Trade Questions
a) What is the key differences between free and fair trade?