Tariff - A tax imposed by one country on the goods and services imported from another country., import quota - A limit on the amount of imports that can be brought into a particular country., export subsidy - A government policy to encourage export of goods and discourage sale of goods on the domestic market., quarantine - Restrict imports through quarantine controls to reduce the risks and expected costs of pest and disease incursions., trade deficit - The cost of a country's imports exceeds the value of its exports., trade surplus - The value of a country's exports exceeds the cost of its imports., import - The purchases of foreign goods and service., export - Produced in Australia and sold in overseas countries., opportunity cost - The value of the next-best alternative when a decision is made; it's what is given up., comparative advantage - Economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.,

Global Trade Terms

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