| sell products to other countries | | |
| purchase products from abroad | | |
| the ability of a country to produce a good at a lower cost than another country can | | |
| customs duty | | |
| limits on the amount of foreign goods imported | | |
| to convince other countries not to pass laws that block or limit trade | | |
| organization of Europen nations whose goal is to encourage economic integration into a single market in Europe | | |
| a pact signed by the USA, Canada, and Mexico to eventually eliminate all barriers to trade among the three countries | | |
| an international body that oversees trade among nations | | |
| what the price of your nation's currency is in terms of another nation's currency | | |
| the difference between the value of a nation's exports and its imports | | |
| when the value of the products it imports exceeds the value of the products it exports | | |
| whenever the value of its exports exceeds the values of its imports | | |