Unit 8 International Trade

Level playing field: A situation in which everyone has the same opportunity to succeed, often used in the context of education and competition.

Creditworthiness: The assessment of a borrower's ability to repay debts, determined by factors such as repayment history and credit score.

Draft: A written order to pay a specified amount of money, typically used in international trade between banks.

Take on board: To understand and accept new ideas or suggestions, especially in a collaborative context.

Trace: A mark, object, or sign that shows that someone or something has been in a particular place.

International Trade: The exchange of goods and services between countries, which can enhance economic growth and provide consumers with a wider variety of products.

Tariff: A tax imposed on imported goods and services, used to restrict trade and protect domestic industries.

Competition: The rivalry among sellers to attract customers while lowering costs, which can lead to better products and services.

Supply and Demand: The relationship between the quantity of a commodity available and the desire for that commodity, which determines its price.

Free Market: An economic system where prices are determined by unrestricted competition between privately owned businesses.