Constant cost: Equal average cost of production at all the levels of output
Opportunity cost: The based next alternative sacrificed
Diversification of industries: Establishment of industries producing different types of goods
Dumping: Method of selling products at the lower price in the foreign market but at the higher price in the domestic market
Export: Selling domestically produced goods and services to other countries
Foreign Trade: The exchange of goods and services across international borders or territories
Full employment: Situation of zero unemployment
Import: Consuming goods and services which have been brought from other countries
Infant industries: Recently established industries in the country
Interalia: Among other things
Internal trade: Trade between the people of a country
Invisible goods: Non-tangible goods and services which have no weight and volume
Key Industries: The industries like mining, electricity, agriculture, transportation, etc. which are important for the industrial development of the country
Net export: Total export minus total import (X-M)
Non-tariff barrier: Instead of imposing custom duty using the methods of licensing, quota on import, exchange control, etc to discourage import of foreign goods
Remittance: Money sent by the people to their home country from foreign employment
Specialization: Efficiency in the production of a commodity or doing a work
Subsidy: Amount granted by the government to the domestic producers to improve their trade competitiveness
Tariff barrier: Custom duty imposed discourage import of foreign goods
Trade Balance: The difference between export and import of physical goods
Trade Deficit: The situation in which import exceeds export
Trade Surplus: The situation in which export exceeds import
Trade: The exchange or buying and selling of goods and services
Visible goods: Physical goods which have weight and volume and can be seen
Volume of trade: The total sum of export and Import
