global trade/international trade - the import and export of goods and services across international boundaries, imports - goods and services that enter into a country for sale, exports - goods and services that leave a country for sale in another country, comparative advantage - a country is able to produce a specific good or service at a lower opportunity cost than others, opportunity cost - the benefit one gives up in making an economic choice, trade barrier - anything that hinders trade, protectionism - government policy of protecting domestic industries against foreign competition through tariffs, import quotas and subsidies, tariffs - special taxes imposed on imported goods, quotas - barriers that limit the amount of imported goods that can enter a country within a certain period of time, subsidies - when a government provides financial assistance to its companies to produce or export goods at artificially low prices,

Global Trade

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