Trade DefinitionsSelect a letter to browse the items in the glossary: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
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Return to top Are goods and services that are made in one country and sold to other countries?What Is an Export? Exports are goods and services that are produced in one country and sold to buyers in another. Exports, along with imports, make up international trade.
What is the name given to the sale of a product for a price below its cost of production?If a company exports a product at a price lower than the price it normally charges on its own home market, it is said to be “dumping” the product.
Is the ability of an individual a firm or a country to produce a good or service at a lower opportunity cost than competitors?Comparative advantage The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.
When nations specialize in their comparative advantage?Specialization according to comparative advantage results in a more efficient allocation of world resources. Larger outputs of both products become available to both nations.
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