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International Trade Vocabulary:
Business English Quizzes

Find the synonym, definition or similar word or phrase
for each underlined term and enter it into the box.

factors of production climate balance of trade
balance of payments quotas commodities
economies of scale nations protectionism
division of labor tariffs barter/counter-trade
1. Countries import goods and services from abroad and export others to the rest of the world.

 

2. Trade in raw materials and goods is called visible trade in the UK and merchandise trade in the USA.

 

3. The difference between total earnings from merchandise trade and total expenditures from merchandise trade

 

4. The difference between total earnings from all exports and total expenditures on all imports.

 

5. The direct exchange of goods without the use of money.

 

6. The favoring of domestic industry against foreign industry.

 

7. Some countries had certain advantages because their inputs (costs of labor, raw materials, capital, etc.) may be less expensive. 

 

8. The weather in some countries may give them an advantage in agriculture and commodities.

 

9. The specialization of labor into more efficient sub-units.  

 

10. High volume production can often create savings in unit costs arising from large-scale production.

 

11. To protect domestic industries, some countries charge taxes on imports.

 

12. Other countries will restrict the quantity of imports allowed to enter their domestic markets.