Absolute advantage

The ability to produce the same amount of units of a good or service as some other producer using quantity of resources (output).

A nation is better off when it produces goods and services for which it had a comparative advantage

A means of preventing a foreign product or service from freely entering a nations territory

A tax imposed on imported goods

A limit on the amount of goods that can be imported

A complete ban on trade with a particular country due to political disputes

Requirements that a good must meet before it can enter the country as an import

A transfer payment given by a government to their exporting companies allowing the company to compete with others

international trade left to its natural course without tariffs, quotas, or other restrictions.

The European Union is a politico-economic union of 28 member states that are located primarily in Europe. It has an area of 4,324,782 km², and an estimated population of over 510 million.

the amount by which the cost of a country's imports exceeds the value of its exports.

a method of production where a business, area or economy focuses on the production of a limited scope of products or services to gain greater degrees of productive efficiency within an overall system

the act of buyers and sellers freely and willingly engaging in market transactions.

a three-country accord negotiated by the governments of Canada, Mexico, and the United States that entered into force in January 1994.

bring (goods or services) into a country from abroad for sale

is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10-14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

is an intergovernmental organization which regulates international trade

is an organization of countries in southeast Asia set up to promote cultural, economic and political development in the region.

Where one country can produce goods at a lower opportunity cost than another product. It sacrifices less resource in production