WEEK 4 -INTERNAT TRADE 2-ESTUDENTS-2021-20

PROFESSIONAL ENGLISH FOR BUSINESS II LEARNING SESSION 6

Rosa Ñaña Baquerizo

Aim: ✓ RECOGNIZE DIFFERENT DEFINITIONS E IMPORTANT INFORMATION ABOUT INTERNATIONAL TRADE.

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INTERNATIONAL TRADE

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INTERNATIONAL TRADE https://www.youtube.com/watch?v=C_eI73G9wzY

Watch the video carefully and extract important vocabulary and meanings about International Trade

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GROSS DOMESTIC PRODUCT

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.

GROSS NATIONAL PRODUCT

Gross national product (GNP) is an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a country's residents.

DOMESTIC TRADE

Domestic trade, different from international trade, is the exchange of domestic goods within the boundaries of a country.

PROTECTIONISM

Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.

FREE TRADE

Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade.

OPPORTUNITY COST

Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another

READING ACTIVITY

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