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Explain the following as it relates to International Trade (SHORT ANSWER) Protectionism Economy Goods Imports Comparative Advantage Subsidy Import Quota Free Trade Globalization Trade Deficit

Explain the following as it relates to International Trade (SHORT ANSWER)

  1. Protectionism
  2. Economy
  3. Goods
  4. Imports
  5. Comparative Advantage
  6. Subsidy
  7. Import Quota
  8. Free Trade
  9. Globalization
  10. Trade Deficit
  11. Absolute advantage
  12. Efficiency
  13. National Competitive Advantage
  14. Factor Proportion Theory
  15. Mercantilism
  16. Developing Nations
  17. Trade Sanctions
  18. Outsourcing
  19. Exports
  20. World Trade Organization (WTO)

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