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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