Economics Review

a good that is sent to
another country for sale

export

a good that is brought in from
another country for sale

import

tax on imported goods

tariff

a cycle of increasing
trade restriction

trade
war

a new industry

infant
industry

the result of a nation exporting
more than it imports

trade
surplus

the result of a country importing
more than it exports

trade
deficit

the relationship between a
nation’s imports and exports

balance
of
trade