- Absolute advantage: the ability of an individual or region to produce goods and services more efficiently.
- Comparative advantage: the ability of an individual or region to produce goods and services at a lower cost.
- Exports: products produced in a domestic market and sold in a foreign market; products and services flowing out of a region.
- Free trade: trade between countries that is free of tariffs, duties and taxes, and other non-tariff barriers.
- Gains from trade: the net increase in welfare that accrues to producers or consumers depending on whether the country is importing or exporting.
- Imports: products produced in a foreign market and sold in a domestic market; products and services flowing into a region.
- Lobby groups: groups or individuals that intend to sway policy decisions in their favour.
- Non-tariff barriers: restrictive regulations that reduce trade that generally take the form of quotas, regulations, licences, etc.
- Protectionism: actions taken by a country to protect domestic industries from competition from foreign goods.
- Specialization: when an individual or country focuses production on a limited scope of products and services such that there are gains in efficiency.
- Tariffs: fees or duties imposed on imports or exports.
- Trade: exchange of goods and services for currency or other goods and services.
- Trade policy: rules and regulations surrounding the exchange in goods and services between regions.
Global Affairs Canada. (2016). Notice to importers. Government of Canada. Retrieved from: http://www.international.gc.ca/controls-controles/prod/agri/eggs-oeufs/notices-avis/887.aspx?lang=eng
Sorensen, C. (2016, November 4). Why looming trade troubles are bad news for Canada. Macleans. Retrieved from: http://www.macleans.ca/economy/why-looming-trade-troubles-are-bad-news-for-canada/
Mankiw, G. (2015, April 24). Economists actually agree on this: The wisdom of free trade. New York Times. Retrieved from: http://www.nytimes.com/2015/04/26/upshot/economists-actually-agree-on-this-point-the-wisdom-of-free-trade.html?smid=pl-share&_r=0
Radcliffe, B. (2015, December 28). The basics of tariffs and trade barriers. Investopedia.. Retrieved from: http://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp