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a tax on imported goods

trade barrier

a means of preventing a foreign product or service from freely entering a nation's territory

exchange rate

the price of one nation's currency in terms of another nation's currency

trade deficit

When a country imports more than it exports.

trade surplus

when a country exports more than it imports

import quota

a limit on the amount of a good that can be imported

absolute advantage

the ability to produce more of a given product using a given amount of resources

comparative advantage

ability to produce a good at a lower opportunity cost than another producer


commodities (goods or services) bought from a foreign country


commodities (goods or services) sold to a foreign country

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