International Trade

Succession of increasing trade barriers between nations

• Trade War

• Embargo

• Tariff

Any law that limits free trade between nations

• Embargo

• Trade Barrier

• Quota

Limit on the amount of a product that can be imported

• Quota

• Shipment

• Specialization

The ability of one trading nation to make a product more efficiently than another trading nation

• Absolute Advantage

• Comparative Advantage

A trading nation's ability to produce something at a lower opportunity cost than that of another trading nation

• Absolute Advantage

• Comparative Advantage

A situation that occurs when individuals or businesses produce a narrow rand of products

• Tariff

• Quota

• Specialization

A situation in which producers in one nation depend on others to provide goods and services they do not produce

• Economic Independence

• Economic Interdependence

• World Economy

A law that cuts off trade with a specific country

• Embargo

• Legislation

• Economic Interdependence

A fee charged for goods brought into one country from another

• Trade Barrier

• Quota

• Tariff