Front

A good or service produced in the home country and sold in another country.

Back

export

Front

A good or service brought in from another country for sale.

Back

import

Front

The ability to produce more of a given product using a given amount of resources.

Back

absolute advantage

Front

The ability to produce a product most efficiently given all the other products that could be produced.

Back

comparative advantage

Front

A means of preventing a foreign product or service from freely entering a nation's territory.

Back

trade barriers

Front

A tax on imported goods.

Back

tariff

Front

A limit on the amount of a good that can be imported.

Back

import quota

Front

The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.

Back

protectionism

Front

The lowering or elimination of protective tariffs and other trade barriers between two or more nations.

Back

free trade

Front

The measure of how much one currency is worth in relation to another.

Back

exchange rate