Exchange of goods and services among nations.

Goods and services purchased from other countries.

Goods and services sold to other countries

Occurs when a country has economic resources that allow it to produce a product at a lower unit cost than any other country.

When a country has an absolute advantage in more than one product.

Who benefits from international trade?

Difference in value between exports and imports

Imports > Exports

Exports > Imports

The following are trade barriers except:

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