the difference between a country's exports and imports over a specific time period

goods and services brought into a country from another country

goods and services produced in one country and sold to residents of another country

an economic concept that describes the ability of one producer to produce a good or service more efficiently than competitors

comparative advantage

the ability of an economic entity to produce a good or service at a lower opportunity cost than its competitors

companies that operate in multiple countries, managing their production and marketing facilities across borders

focuses on niche, high-margin, and specialized markets globally

taxes imposed by one country on goods imported from another country

a fixed number or amount, either a maximum or minimum, set by an authority

a government-imposed order that prohibits or restricts commerce, such as stopping trade with a particular country

a business alliance where two or more parties agree to share in the ownership, control, profits, and losses of a project

licensed individuals or firms that act as an intermediary between importers/exporters

a financial document issued by a bank that guarantees a buyer's payment to a seller

a preliminary version of a written document

a type of bill of exchange used in commercial transactions

to bring something under the control of the government, such as by making a privately owned industry

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Term	Definition
Balance of trade	the difference between a country's exports and imports over a specific time period
imports	goods and services brought into a country from another country
exports	goods and services produced in one country and sold to residents of another country
absolute advantage	an economic concept that describes the ability of one producer to produce a good or service more efficiently than competitors
comparative advantage	the ability of an economic entity to produce a good or service at a lower opportunity cost than its competitors
multinationals	companies that operate in multiple countries, managing their production and marketing facilities across borders
mini-nationals	focuses on niche, high-margin, and specialized markets globally
Tariff	taxes imposed by one country on goods imported from another country
quota	a fixed number or amount, either a maximum or minimum, set by an authority
embargo	a government-imposed order that prohibits or restricts commerce, such as stopping trade with a particular country
joint ventures	a business alliance where two or more parties agree to share in the ownership, control, profits, and losses of a project
customs brokers	licensed individuals or firms that act as an intermediary between importers/exporters
letter of credit	a financial document issued by a bank that guarantees a buyer's payment to a seller
draft	a preliminary version of a written document
time draft	a type of bill of exchange used in commercial transactions
nationalize	to bring something under the control of the government, such as by making a privately owned industry

Created by: Mshaw27

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