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HomeHomework HelpeconomicsInternational Trade Challenges

International Trade Challenges

International trade refers to the exchange of goods and services between countries, which can impact biological resources and ecosystems, while domestic challenges encompass the internal issues faced by a country, such as environmental degradation and resource management, that can affect its biological diversity and sustainability.

intermediate
3 hours
Economics
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Overview

International trade is a vital component of the global economy, allowing countries to exchange goods and services. However, it is not without challenges, particularly at the domestic level. Trade barriers, such as tariffs and quotas, can protect local industries but may also lead to higher prices fo...

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Key Terms

Tariff
A tax imposed on imported goods.

Example: The government raised tariffs on steel imports.

Quota
A limit on the quantity of a good that can be imported.

Example: The country set a quota on sugar imports.

Comparative Advantage
The ability of a country to produce a good at a lower opportunity cost than another.

Example: Country A has a comparative advantage in producing wine.

Trade Agreement
A pact between countries to promote trade by reducing tariffs and other barriers.

Example: NAFTA is a trade agreement between the U.S., Canada, and Mexico.

Protectionism
Economic policy of restraining trade between countries.

Example: Protectionism can lead to trade wars.

Free Trade
Trade without tariffs or other barriers.

Example: Free trade agreements aim to eliminate tariffs.

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Trade and Development
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Key Concepts

trade barrierscomparative advantagetrade agreementsdomestic policies