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Macro Chapter 19

TermDefinition
Net exports total exports of final goods and services minus total imports of final goods and services
Trade balance the difference between a nation's total exports and total imports
Trade deficit condition occurring when imports exceed exports, indicating a negative trade balance
Trade surplus condition occurring when exports exceed imports, indicating a positive trade balance
Comparative advantage the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can
Protectionism a blanket term for government actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition
Tariffs taxes levied on imported goods and services
Import quotas limits on the quantity of products that can be imported into a country
Infant industry argument the idea that domestic industries need trade protection until they are established and able to compete internationally
Dumping behavior occurring when a foreign supplier sells a good below the price it charges in its home country
Created by: v.virgil
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