U3T3 Vocab: Foreign Policy

The buying and selling of goods.

A good or service that is produced in one country and sold to buyers in another country.

A good or service that is bought in one country after being produced in another country.

The process of developing increasingly integrated economic, technological, and cultural connections among people and countries worldwide.

An economy in which most activity is focused on providing services rather than manufacturing physical goods.

Focused on protecting a country's domestic industries and producers by restricting foreign competition.

A tax on goods imported to or exported from a country.

Trade between countries with few or no restrictions.

The ability of a country to produce a good or service at a lower cost relative to other products than other countries can.

In trade, a restriction put in place by a government to limit the quantity or value of goods that a country can export or import during a specific time period.