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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

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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 |


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FOREIGN TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 27, 2022].


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DATA

Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.

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