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| An economic condition in which a nation imports more than it exports |
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| An economic condition in which a nation exports more than it imports |
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| The aggregation of importing and exporting that leads to the country level trade surplus or deficit |
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| The major theories of international trade that were advanced before the 20th century, which consists of mercantilism, absolute advantage and comparative advantage |
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| The major theories of international trade that were advanced in the 20th century, which consists of product life cycle, strategic trade and national competitive advantage |
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| A theory that holds the wealth of the world(measured in gold and silver) is fixed and that a nation that exports more and imports less would enjoy the net inflows of gold and silver and thus become richer |
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| The idea that governments should actively protect domestic industries from imports and vigorously promote exports |
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| Trade uninhibited by trade barriers |
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| Theory of absolute advantage |
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| A theory suggesting that under free trade, each nation gains by specialising in economic activities in which it has absolute advantage |
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| The economic advantage one nation enjoys that is absolute superior to other nations |
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| Theory of comparative advantage |
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| A theory that focuses on the relative advantage in one economic activity that one nation enjoys in comparations with other nations |
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| Relative advantage in one economic activity that one nation enjoys |
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| Given the alternative, the cost of pursuing one activity at the expense of another activity |
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| Resource( factor) endowments |
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| The extent to which different countries possess various resources such as labour and land and technology |
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| A theory that suggests that nations will develop comparative advantage based on their locally abundant factors |
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| product life cycle theory |
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| A theory that account for changes in patterns of trade over time by focusing on product life cycles |
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| A theory suggests that strategic intervention by governments in certain industries can enhance their odds for international success |
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| Advantage that first entrants enjoy and do not share with late entrants |
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| A trade policy that conditions or alters a strategic relationship between firms |
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| Theory of national competitive advantage of industries( or 'diamond' model) |
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| A theory suggests that the competitive advantage of certain industries in different nations depends on four aspect that form a diamond |
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| The ability to move resources from one part of a business to another |
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| Trade barriers that rely on tariffs to discourage imports |
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| Trade barriers that rely on nontariffs means to discourage imports |
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| Net losses that occur in an economy as the result of tariffs |
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| Goverment payment to domestic firm |
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| Restrictions on the quantity of imports |
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| Voluntary exports restraint |
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| An international agreement in which exporting countries voluntarily agree to restrict their exports |
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| Local content requirement |
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| A requirement that a certain proportion of the value of the goods made in one country originate from that country |
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| Bureaucratic rules that make it harder to import their foreign goods |
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| Costs levied on imports that have been dumped (selling below costs to unfairly drive domestic firm out of business) |
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| The argument that temporary protection of young industries may help them to attain international competitiveness in the long run |
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| Politically motivated trade sanctions against foreign countries to signal displeasure |
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