Terms & Their Meaning In Vocabulary

A vocabulary/ meaning is a set of familiar words within a person’s language. A vocabulary, usually developed with age, serves as a useful and fundamental tool for communication and acquiring knowledge. Acquiring an extensive vocabulary is one of the largest challenges in learning a second language.

Anti-Dumping Laws
laws that block imports sold below the cost of production and impose tariffs that would increase the price of these imports to reflect their cost of production .

Common Market
economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy .

Disruptive Market Change
innovative new product or production technology which disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations .

Dumping
selling internationally traded goods below their cost of production .

Economic Union
economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies .

Free Trade Agreement

economic agreement between countries to allow free trade between members .

General Agreement on Tariffs and Trade (GATT)
forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade; the precursor to the World Trade Organization .

Import Quotas
numerical limits on the quantity of products that a country can import .

National Interest Argument
the argument that there are compelling national interests against depending on key imports from other nations .

Nontariff Barriers
ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products .

Protectionism
government policies to reduce or block imports .

Race To The Bottom
when production locates in countries with the lowest environmental (or other) standards, putting pressure on all countries to reduce their environmental standards .

World Trade Organization (WTO)
organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy; successor to the General Agreement on Tariffs and Trade (GATT)

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