| A | B |
|---|
| Imports | Goods & services purchases from other countries |
| Exports | Goods and services sold to other countries |
| Balance of Trade | The difference in value between exports and imports |
| Free Trade | Commercial exchange between nations that is conducted on free market principles, without regulations |
| Tariff | Tax on imports **also called: duty** |
| Quota | Limits either the quantity or monetary value of a product that may be imported |
| Embargo | A total ban on specific goods coming into and leaving a country |
| International Trade | The exchange of goods and services among nations |
| Trade deficit | The exchange of goods and services among nations |
| Protectionism | A government’s establishment of economic policies that systematically restrict imports in order to protect domestic industries |
| World Trade Organization | Global coalition of nations that make the rules governing international trade |
| North American Free Trade Agreement | International trade agreement among US. Canada & Mexico. |
