Republic of the Philippines

COLEGIO DE SAN LORENZO RUIZ DE MANILA, INC.

J.P. Rizal Steet, Catarman, Northern Samar

INT’L TRADE & AGREEMENT

CHAN, ZARINA B.
BSBA-3
NOVEMBER 21, 2022
ACTIVITY #7

Define or discuss the following terms:

1. Trade barriers
 The most widely used trade barriers are tariffs
and import quotas. Nations built trade barriers
around them to give their infant industries a
chance to develop and grow.
2. Tariffs
 Is an excise tax on imported goods.
3. Import and export goods
4. Import and export quotas
 Limits the number of goods to be imported.
5. Comparative advantage
 Is an economic term that refers to an ecomoy’s
ability to produce goods and services at a lower
opportunity cost than that of trade partners. A
comparative advantage gives a company the
ability to sell goods and services at a lower price
than its competitors and realize stronger sales
margins.