The ability to produce more units of a good or service than some other producer, using the same quantity of resources.
The ability to produce a good or service at a lower opportunity cost than some other producer.
Balance of Trade
The part of a nations balance of payments accounts that deals only with its imports and exports of goods (also called merchandise or "visibles").
A tax on an imported good or service.
In International trade, the limit on the quantity of a product that my be imported or exported, established by government laws or regulations.
A stoppage of freight or trade by government order.
An established criterion or measurement.
A government payment that supports a business or market.
A regional trade organization made up of European nations aimed at eliminating tariffs and coordinating economic and trade policies.
an agreement that will eliminate all tariffs and other trade barriers between Canada, Mexico, and the US.
a geo-political and economic organization of countries located in the Southeast Asia. Aims to include the acceleration of economic growth, social progress, and cultural development.
The price of ones nation's currency in terms of another nations currency.