Export

Definition

Export refers to goods and services produced domestically that are sold and shipped to other countries. It contributes to a country's economic growth and can improve its balance of trade.

Related terms

Balance of Trade: Balance of trade measures the difference between a country's exports and imports. A positive balance indicates more exports than imports.

Comparative Advantage: Comparative advantage is when a country can produce a good at a lower opportunity cost compared to other countries.

Tariff: A tariff is a tax imposed on imported goods, making them more expensive and potentially reducing their demand.