Macro Chapter 19 Word Scramble
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| Term | Definition |
| Net exports | total exports of final goods and services minus total imports of final goods and services |
| Trade balance | the difference between a nation's total exports and total imports |
| Trade deficit | condition occurring when imports exceed exports, indicating a negative trade balance |
| Trade surplus | condition occurring when exports exceed imports, indicating a positive trade balance |
| Comparative advantage | the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can |
| Protectionism | a blanket term for government actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition |
| Tariffs | taxes levied on imported goods and services |
| Import quotas | limits on the quantity of products that can be imported into a country |
| Infant industry argument | the idea that domestic industries need trade protection until they are established and able to compete internationally |
| Dumping | behavior occurring when a foreign supplier sells a good below the price it charges in its home country |
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v.virgil
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