Ch 3 Section 1 Part 1

South America's coffee's production is a(n)

• Comparative advantage

• Absolute advantage

• Foreign trade

A country that specializes in the production of good or service at which it is relatively more efficient is known as

• Comparative advantage

• Absolute advantage

• International business

​ (a)   are items bought from other countries.

• Imports
• Exports
• Balance of payments

____ is the difference between the amount of money that comes into a country and the amount that goes out of it.

• Balance of trade

• Balance of payments

• International trade

If you bring in more imports then sending out more exports, you have a

• Imbalance of trade

• Trade surplus

• Trade deficit