Definition
The exchange of goods and services
Trade
Tariff
Is a tax on imports or exports
ROGSS TOEDICSM OUPCDRT
Gross Domestic Product
What a country is good at producing, or its ability to produce a product than another country.
Comparative Advantage
Free Trade
The removal of trade barriers
CTIITOUYPRVD
Productivity
This trade involves producers and consumers located in the same country.
Domestic
Development
Is economic growth or an increase in living standards
This trade is when the producer and the consumer are international
Foreigh
Developed Country
Is a country with a strong economy and a high standard of living
A government policy or restriction that limits international trade
Trade barrir
Developing Countries
Countries that have less productive economies and low living standards