14 Terms
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International economics
International trade theories, policies, finances and their effects on economic activities.
Industry: Economy
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International economics
Supply shock
Economy; International economics
A shock on the supply side of a market. Thus an unexpected shift, up or down, in the supply curve.
Tariff
Economy; International economics
A tax on trade, usually an import tariff but sometimes used to denote an export tax. Tariffs may be ad valorem or specific.
Tariff binding
Economy; International economics
A commitment, under the GATT, by a country not to raise the tariff on an item above a specified level, called the bound rate or bound tariff.
Tariff factory
Economy; International economics
A production facility established by a foreign firm through FDI in a country in spite of its higher production costs, in order to serve its market without paying a tariff.
Tariff preference
Economy; International economics
A lower (or zero) tariff on a product from one country than is applied to imports from most countries. This violation of the MFN principle is permitted in special cases, including some preferential ...
Tariff rate quota
Economy; International economics
A combination of an import tariff and an import quota in which imports below a specified quantity enter at a low (or zero) tariff and imports above that quantity enter at a higher tariff. Also called ...
Tax haven
Economy; International economics
A location, usually a country, where either rates of taxation or levels of enforcement are low, so that high taxes in other countries can be avoided by moving or locating there.
