商务英语 Level 6 Unit 2 Part 5 Vocab

Vocabulary【Political Economy】

free trade
Free trade is a policy in which a country does not restrict its imports or exports with other countries.
Buyers and sellers from other economies can trade without tariffs, quotas, subsidies or prohibitions on their goods and services.
Free trade benefits corporations, since they can freely export their products.
It also benefits consumers, since it gives them a greater variety of choice and lower prices when making a purchase.

tariff: 关税
subsidy: 补贴

protectionism
Protectionism is a policy in which trade between countries is restricted in order to protect domestic industries.
Protectionist governments try to keep domestic industries competitive by imposing tariffs, or taxes, and quotas, or quantity limits, on imports.
In addition, governments can take protective measures, such as subsidies, to lower production costs and enable the generation of profits.
At the expense of foreign corporations, protectionism aims to safeguard local businesses and jobs from foreign competition.

protectionism: 贸易保护主义
safeguard: 保护

monopoly
A monopoly is a company with complete control of a commodity or service in a market.
A monopoly's dominance of the market makes it impossible for other companies to compete.
In order to prevent monopolization, governments can enact regulations and break up companies if they become too large.

monopoly: 垄断
commodity: 商品
dominance: 支配地位
enact: 实施

dumping
Dumping is when manufacturers export a large volume of products at a price that is lower than the domestic price.
It can endanger the financial viability of manufacturers or producers in the nation importing the goods.
For the exporter, dumping increases market share in a foreign market by driving out competition.

dump: 倾销
endanger: 危害
viability: 可存性

Question

1. The Canada-United States Free Trade Agreement reduces trade barriers between two nations, creating new opportunities for businesses.
2. Global leaders at the G20 summit were conflicted over the protectionist sanctions of certain countries.
3. Critics of protectionism state that it causes inflation through higher prices due to a shortage of goods.
4. Recently, China and Singapore signed a number of bilateral free trade agreements, allowing for greater market access between the two nations.
5. Protectionist measures aim to protect local businesses.
6. To drive out competition in a foreign country, a company may
   > export a large volume of products at a low price
7. Netflix is becoming an internet superpower, and may soon be considered a monopoly in the internet streaming industry.
8. In the nineteenth century, US railroad companies became monopolies after the government imposed heavy costs on start-up competition.
9. In the World Trade Organization, governments can take action against dumping by charging extra import duty on the goods being dumped.
10. Dumping increases market share in a foreign country market by driving out competition.

summit: 首脑会议
sanction: 准许
bilateral: 双边的
drive out: 驱逐
superpower: 超级大国
impose: 强加，强制实行
duty: 税