Goods that are produced in a foreign country and brought to the United States.
Goods that are produced in the United States and are sold in foreign countries.
The ability of one country to produce a good or provide a service at a lower cost or more effectively than another country.
The value of the next best choice that one gives up when making a decision, usually measured in time and money. Countries with a lower opportunity cost have a comparative advantage.
Taxes put on products imported from other countries to raise the prices of imported products to help domestic producers of similar products sell their goods at a higher price.
Government grant of money given to domestic producers to encourage exports. Producers can use the money to pay production costs and therefore can charge less for their products than foreign producers.
Specific geographical regions that have economic laws different from and more liberal than a country's typical economic laws. The goal is usually an increase in foreign direct investment (FDI) in the country.
The hire someone outside a company to do work that was once done inside the company. Information technology has made it possible to outsource jobs to businesses in other countries.
Petroleum as it comes out of the ground and before it has been refined or processed into useful products.
A resource that takes so long to form that it can't be replaced. Oil, which takes millions of years to form, is such a resource.
Oil that has been discovered but remains unused in the ground.
A resource that can't be used up or that can be replaced quickly as it is used up. Sunlight is a renewable resource that cannot be used up. Wood is a renewable resource that can be replaced by planting more trees.