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Definition
| A tax imposed by government on imports. |
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| Goods and services bought domestically but sold to other countries. |
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Term
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Definition
| Goods and services produced domestically but sold to other countries. |
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Term
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Definition
| The ability of an individual, a firm, or country to produce a good or service at a lower opportunity cost than competitors. |
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Definition
| The highest-valued alternative that must be given up to engage in an activity. |
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Definition
| The ability to produce more of a good or service than competitors when using the same amount of resources. |
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Definition
| A situation in which a country does not trade with other countries. |
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Definition
| The ratio at which a country can trade its exports for imports from other countries. |
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Term
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Definition
| Reductions in a firm's costs that result from an increase in the size of an industry. |
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