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T-EPF M2L4 Key Terms

Traditional EPF Module 2 Lesson 4 Key Terms

TermDefinition
Trade The exchange of goods between countries.
Absolute Advantage The ability of a country to produce something more efficiently than another.
Comparative Advantage The ability of a country to produce something at a lower opportunity cost than another country.
Exchange Rates The value of a country’s currency in terms of another country’s currency.
Balance of Trade The difference between the value of a country’s imports and exports.
Tariff A tax on imported goods.
Quotas Limits on the number of goods imported from other countries.
Embargo Cutting off trade with another country.
Free Trade When countries trade without tariffs or restrictions.
Market Economy These are also called capitalist economies. It is an economic system in which citizens own the factors of production. In a market economy, supply (what producers offer for sale) and demand (what consumers are able and willing to buy) determine what producers produce and how much they produce.
Traditional Economy An economic system in which people do things the way they have always been done which emphasizes the trading and bartering of products and services.
Import To buy goods from other countries.
Export To sell goods to other countries.
Trade Surplus When the value of a country’s exports is greater than its imports.
Trade Deficit When the value of a country’s imports is greater than its exports.
Developed Nation A nation with a higher GDP that is able to meet its country’s needs by engaging in international trade.
Developing Nation A nation with a lower GDP that struggles to meet its country’s needs; typically engages in agriculture as a primary economic activity.
Created by: dmcsorley13
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