Comparative Advantage - ability to produce a particular good or service at a lower opportunity cost than its trading partners, Absolute Advantage - naturally occurring ability to produce a good or resource more efficiently , Imports - a commodity, article, or service brought in from abroad for sale, Exports - a commodity, article, or service sold abroad, Trade Deficit - occurs when a country's imports exceed its exports during a given time period, Trade Surplus - occurs when a country's exports exceed its imports, Trade Barriers - government-induced restrictions on international trade, Trade Wars - happens when one country retaliates against another by raising import tariffs or placing other restrictions on the other country's imports, Sanctions - coercive interventions to retaliate against a threatening country or a country infringing on human rights, Globalization - the interdependence of the world's economies, cultures, and populations through cross-border trade and exchange of goods, services, ideas, and technology,

Globalization Key Terms

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