global business

Front

A good or service produced in the home country and sold in another country.

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export

Front

A good or service brought in from another country for sale.

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import

Front

The ability to produce more of a given product using a given amount of resources.

Back

absolute advantage

Front

The ability to produce a product most efficiently given all the other products that could be produced.

Back

comparative advantage

Front

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

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trade barriers

Front

A tax on imported goods.

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tariff

Front

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

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import quota

Front

The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition.

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protectionism

Front

The lowering or elimination of protective tariffs and other trade barriers between two or more nations.

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free trade

Front

The measure of how much one currency is worth in relation to another.

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exchange rate