International Trade

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

• import 
• export 

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

• import
• export 
• tariff

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

• comparative advantage
• absolute advantage

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

• absolute advantage
• comparative advantage

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

• trade surplus
• trade embargo
• trade barriers

A tax on imported goods.

• import
• export
• tariff

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

• import quota
• export quota

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

• free trade
• protectionism
• balance of trade

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

• free trade
• protectionism
• balance of trade

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

• change rate
• exchange rate