Glossary

absolute advantage	The ability to produce a good better, faster, or more quickly than a competitor.



comparative advantage	The ability to produce a good at a lower opportunity cost of the resources used.



dumping	The exporting of goods below cost to drive competitors out of business.



nontariff barriers	Barriers to trade resulting from regulatory actions.



quota	A legal restriction on the amount of a good coming into the country.



tariff	A tax on imports.



terms of trade	The amount of a good one country must give up to obtain another good from the other country, usually expressed as a ratio.

2003 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Policy.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.