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Export
A good or service sent to another country for sale
Import
A good or service brought in from another country for sale
Interdependence
the shared need of countries for the resources, goods, services, labor, and knowledge supplied by other countries
Protectionism
The use of trade barriers to shield domestic industries from foreign competition
World Trade Organization (WTO)
international organization founded to make global trade more free. works to ensure that countries comply with GATT, to negotiate new trade agreements, and to resolve trade disputes
Trade barrier
a means of preventing a foreign product or service from freely entering a nation's territory
Appreciation
An increase in the value of a currency
Trade Surplus
a situation in which a nation exports more goods and services than it imports (positive trade balance)
Trade deficit
a situation in which a nation imports more goods and services than it exports (negative trade balance)
Per Capita GDP
a nation's gross domestic product (GDP) divided by its population
Privatization
the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace
Offshoring
The movement of some of a company's operations or resources of production, to another country
Sustainable Development
the goal of meeting current development needs without using up resources needed by future generations
Absolute Advantage
The ability to produce more of a given product using a given amount of resources
Comparative Advantage
the ability to produce a product most efficiently given all the other products that could be produced
