International Trade

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

• quota

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

• comparative advantage

• trade

• absolute advantage

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

• trade surplus

• trade barriers

• trade embargo

A tax on imported goods.

• 
  import

• 
  export

• tariff

When a country exports more than it imports.

• trade surplus

• trade deficit

• Embargo

The difference in value between a country's imports and exports over a period of time.

• free trade

• balance of trade

• production