International Trade and Money summary Questions and Answers [211581] 2023

The difference between the money values of a country's visible imports and exports - -The balance of trade -The difference between what a country pays for all it imports and receives for all its exports - -The balance of payments -Imposing trade barriers in order to restrict imports - -Protectionism -Quantitative limits on the import of particular products or commodities - -quota -Taxes charged on imports - -tariffs -Visible trade (GB) or merchandise trade (US) - -Trade in goods -Direct exchanges of goods, without the use of money - -Barter or counter trade -Total self-sufficiency and the consequent absence of foreign trade - -Autarky -Selling goods abroad at (or below) cost price - -Dumping -Specialization of work into different jobs - -Division of labour -Reduction in unit costs arising large scale production - -Economies of scale