| A | B |
|---|
| import | A product brought in for sale from a foreign country. |
| export | A product sent to a foreign country for sale. |
| exchange rate | The cost of one currency expressed in terms of another currency. |
| balance of trade | The difference between the value of anation's exports and its imports. |
| trade deficit | A negative balance of trade, which occurs if a country spends more on imports than it receives for exports. |
| balance of payments | An accounting of all of a nation's financial transactions that involve other countries during a particular time period. |
| tariff | A tax on imports. |
| import quota | A government limit on the quanitity or value of a certain imported product. |
| embargo | A government order prohibiting trade. |
| protectionism | A policy of using trade restrictions to protect domestic businesses from foreign competition. |
| free trade | A government policy of minimizing trade restictions. |
| WTO (World Trade Organization) | An organization that governs over 140 member nations. |
| NAFTA (North American Free Trade Agreement) | A wideranging regional trade agreement between the United States, Canada, and Mexico. |
