FOREIGN TRADE: Exchange of goods and services between countries. The inclination for one country to trade with another is based in large part on the idea of comparative advantage--which says that any country, no matter how technologically disadvantaged it might be, can always find some sort of good that will let it enter the game of foreign trade. In this sense, foreign trade is just an extension of the production, exchange, and consumption that's a fundamental part of life. The only difference with foreign trade is that producers and consumers reside in separate countries.

     See also | foreign | comparative advantage | absolute advantage | production | consumption | exchange | efficiency | exchange rate | import | export | trade barriers | balance of trade | trading bloc |

FOREIGN TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 1, 2023].

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The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.

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