goods and services SOLD to other countries

occurs when a country possesses unique resources or capabilities allowing for the lowest cost of production for a product

occurs when a country is able to produce a product more efficiently and at a lower cost than another country

French word for ‘leave alone’; economic concept opposing governmental involvement in commerce beyond what is necessary to keep an economic system running on its laws; associated with a free enterprise system

tax on imports

tariff which increases price on imports to protect domestic products

tariff which supplies revenue for a country

limits the quantity or monetary value of an import; controls the level of an import

complete ban on certain products coming in or leaving the country; usually put in place for political reasons

global coalition among many countries; headquartered in Geneva, Switzerland

trade agreement among Canada, the United States and Mexico; mission to diminish all trade barriers and investment restrictions between Canada, the

United States and Mexico

trade alliance among 28 European nations; encourages free trade among members and promotes work as a single market