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VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.

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INTERNATIONAL TRADE: The economic interaction among different nations involving the exchange of goods and services, that is, exports and imports. The guiding principle of international trade is comparative advantage, which indicates that every country, no matter their level of development, can find something that it can produce cheaper than another country. International finance, the study of payments between nations, is a related area of international economics. A summary of international trade undertaken by a particular nation is given with the balance of trade.

     See also | international economics | international finance | balance of trade | comparative advantage | foreign trade | export | import |


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INTERNATIONAL TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: August 9, 2022].


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INEFFICIENT

The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.

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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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