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Trade

Terms and definitions

TermDefinition
Import a good that is brought in from another country for sale.
Export a good that is sent to another country for sale.
Tariff a tax on imported goods.
Balance of Trade the relationship between a nation's imports and exports.
Trade Surplus the result of a nation exporting more than it exports.
Trade Deficit the result of a country importing more than it exports.
LDC (Less Developed Country) nation with a low level of material well-being.
MDC (More Developed Country) country with a higher average level of material well-being.
Trade Barrier a means of preventing a foreign product or service from freely entering a nation's territory.
Development the process by which a nation improves the economic, political, and social well-being of its people.
Created by: Logan Ryle
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