Term
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Definition
| Consists of the exchange of goods and services by different countries |
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Term
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Definition
| the ability to produce more of a good than another producer with the same quantity of inputs |
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Term
| law of comparative advantage |
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Definition
| states that producers should produce the goods they are most efficient at producing and purchase from others the goods they are less efficient at producing |
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Term
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Definition
| goods and services that are sold abroad |
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Term
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Definition
| goods and services that are purchased abroad |
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Term
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Definition
| the difference between the value of the goods a country exports and the value of the goods it imports |
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Term
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Definition
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Term
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Definition
| restrictions on the quantity of a good that can enter a country |
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Term
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Definition
| a total ban on the import of a good from a particular country |
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Term
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Definition
| an economy in which companies compete actively with businesses from all over the world |
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Term
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Definition
| a region within which trade restrictions are reduced or eliminated |
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Term
| multinational corporation |
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Definition
| companies that establish manufacturing and distribution facilities in foreign countries |
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