A good purchased in one country that has been produced in another country
An increase in the average price level
A good that is traded in one country that exported and sold to another country.
Objects that satisfy people's wants
The introduction of an invention into a use that has an economic value
Trading goods and services with with people for other good and services or for money. People voluntarily exchange and services because they export to be better off after the exchange.
Balance of Trade
The measure of deficits or surpluses in a nation's merchandise exports
The condition of the not being able to have all the goods and services the one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources
Taxes on goods exports a country
Taxes of goods enter the country, also known as a tariff.
A specified limit on the quantity of a foreign product that may be imported
In a market, it refers to the number of buyers and/or sellers in the market.
Barriers of Trade
Things that restricts the free exchange of goods and services between countries. The include tariffs, quotas, rivers, mountains, and oceans.
The gains received from a voluntary exchange or from an economic policy or transaction.
People whose wants and needs are satisfied by using goods and services.
occurs when individuals or groups produce a smaller range of goods and services that they can consume
People who use resources and inter mediate goods to make goods and services.
the revenue (money) remaining after the business had paid it's cost of production
exists in markets when the quantity demanded ( the amount consumers want to buy) exceeds the quantity supply ( the amount sellers are willing to offer for sale) at a given price
Direct trade of goods, services, and resources without the use of money
Price cannot rise over a certain amount
A new product