Term
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Definition
| the price of one currency in terms of another |
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Term
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Definition
| a taxon on an imported commodity |
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Term
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Definition
| a quantitive limitation on the amount of the commodity that may enter the country |
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| voluntary export restraint |
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Definition
| the gov't of an importing country negotiates with the gov't of an exporting country a quantitative limitation on the export of a certain commodity |
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Term
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Definition
| a tax levied as the fixed percentage of the value of the product |
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Definition
| levied as a fixed dollar amount per unit of the commodity regardless of its price |
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Term
| Most Favored Nation (MFN) principle |
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Definition
| adopted by the World Trade Orginization (WTO) it prohibits descrimination by country-sources of imports |
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Term
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Definition
| a group of countries which abolish all trade restrictions among themselves and impose a uniform tariff on imports from outside countries (i.e. European Union) |
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Definition
| has free trade among members but does not impose a common tariff on external imports. Each member country imposes its own restrictions (i.e. NAFTA) |
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Term
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Definition
| a currency that fluctuates freely on the market, and its exchange rate is determined by supply and demand conditions without government intervention. |
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