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Economics — International Trade

Theories and policies governing trade between nations

T
tariff_talks 15 terms Nov 22, 2025
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Terms 15

1
Comparative Advantage
Country should produce goods it can make at lowest opportunity cost
2
Absolute Advantage
Country produces more of a good with same resources than another country
3
Free Trade
Trade between countries without tariffs or quotas; maximizes efficiency
4
Protectionism
Government policies restricting imports to protect domestic industries
5
Tariff
Tax on imported goods; raises their price; protects domestic producers
6
Quota
Limit on quantity of a good that can be imported
7
Balance of Trade
Difference between a country's exports and imports
8
Exchange Rate
Price of one currency in terms of another
9
WTO
World Trade Organization; oversees international trade rules and disputes
10
IMF
International Monetary Fund; provides financial support to countries in crisis
11
World Bank
International institution providing loans for development projects
12
Currency Depreciation
Fall in value of a currency relative to others; makes exports cheaper
13
Dumping
Selling exports below cost to undercut foreign competitors; considered unfair
14
Trade Bloc
Group of countries with preferential trade agreements; e.g. EU, NAFTA/USMCA
15
Globalization
Increasing integration of world economies through trade, investment, and migration