This is an advantage where one can produce a certain good with greater efficiency than can its partner in trade.
This is the advantage that can be found by determining where the greatest absolute advantage occurs for each nation.
floating exchange rate
With these exchange rates, the value of currency is determined by the laws of demand and supply.
balance of payments
This is an annual accounting record of all the payments and receipts occurring between its residents, businesses, and governments and the residents, businesses, and governments of other nations.
This is when the United States imports more than it exports.
These are government actions that are designed to protect domestic industries and jobs from foreign competition.
These are tariffs that restrict the number of foreign goods sold in a country.
This is a law that sets a fixed amount of an item that can be imported.
This is international trade that is not subject to government regulation.
This is the use of protective tariffs between nations to favor domestic industries.