Economics - International Finance

Goods and services that a country produces and then sells to other countries

• exports

• imports

• comparative advantage

• absolute advantage

Goods and services that one country buys from other countries

• exports

• imports

• comparative advantage

• absolute advantage

A country's ability to produce a product relatively more efficiently than another country

• comparative advantage

• absolute advantage

• exports

• international trade

A country's ability to produce a given product with greater output per unit of input than another country

• exports

• imports

• comparative advantage

• absolute advantage

Exchange of goods and services among the nations of the world

• comparative advantage

• absolute advantage

• international trade

• imports

Tax placed on imports to increase their price in the domestic market

• dumping

• protectionists

• balance of payments

• tariff

Selling products abroad for less than it cost to produce them at home

• dumping

• protectionists

• balance of payments

• tariff

People who favor trade barriers that protect domestic industries

• dumping

• protectionists

• balance of payments

• tariff

People who favor few or no trade restrictions

• free traders

• protectionists

• balance of payments

• tariff

The difference between the money a country pays to, and receives from, other nations when it engages in international trade

• free traders

• protectionists

• balance of payments

• tariff