Editing International Trade Theory (section)

== <span style="color: #FFFFFF;">Remembering</span> ==
* '''International Trade''' — The exchange of goods and services between people or entities in different countries.
* '''Comparative Advantage''' — The ability to produce a good at a lower "Opportunity Cost" than another country.
* '''Absolute Advantage''' — The ability to produce "More" of a good using the same amount of resources.
* '''Exports''' — Goods and services produced locally and sold to other countries.
* '''Imports''' — Goods and services bought from other countries.
* '''Trade Balance''' — The difference between a country's exports and imports (Surplus vs. Deficit).
* '''Tariff''' — A tax on imported goods, used to protect local businesses.
* '''Quota''' — A limit on the "Amount" of a specific good that can be imported.
* '''Free Trade''' — A policy where governments do not restrict imports or exports (e.g., NAFTA/USMCA).
* '''Protectionism''' — Policies designed to protect local industries from foreign competition.
* '''David Ricardo''' — The 19th-century economist who discovered the law of Comparative Advantage.
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