Quota is a legal limit imposed on the amount of a good that may be imported.

Sale of goods abroad at a price below their cost and below the price charged in the domestic market is a dumping.

Having a trade surplus means the country exports more than it imports, while having a trade deficit means the country exports less than it imports.

A government restriction on the number of cameras that can be imported from China each year is an example of an import quota.

Countries have different rates of productivity due to their natural resources, climate, technology, labor costs, and other factors. This represents the country's comparative advantage.

A company may prolong a product's life cycle through international marketing by exporting a product that is in the standardize stage in its home market to a foreign market with high growth prospects..

Absolute advantage occurs when states specialize in producing the goods that they produce best and trade for goods that other states are better at producing.

HO (factor-proportions) stated that countries traded completely specialize in the good in which they have a comparative advantage.

Porter’s theory stated that a nation’s competitiveness in an industry depends on the capacity of the industry to innovate and upgrade.

Heckscher-Ohlin theory explains comparative advantage enjoyed by countries in the production of certain goods in terms of underlying differences in consumer tastes and preferences.

The product life cycle describes the stages a really new product idea goes through from beginning to end.

Market introduction, market growth, market maturity, and sales decline are the four stages of the product life cycle.

A nation's differences in values, culture, economic structures, institutions and history all contribute to competitive success according Porters diamond theory.

Mercantilism was based on the idea that a nation's wealth and power were best served by reducing import.

Mercantilism is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power

Mercantilism is an economic theory that emphasizes self-sufficiency through a trade surplus.

Quota is a legal limit imposed on the amount of a good that may be imported.

Nations are almost always better off when they don’t buy and sell from one another.

Transit Tariff is a tax levied on goods passing through the country.