The Comparative Advantage Theory, proposed by David Ricardo, argues that countries should specialize in producing and exporting goods in which they have a lower opportunity cost, even if they have an absolute advantage in producing other goods.

Tariffs are taxes imposed on imported goods, primarily aimed at protecting domestic industries from foreign competition by increasing the price of imported goods and making them less attractive to consumers.

Mercantilism, a historical economic theory, emphasizes the importance of exports and a favorable balance of trade for economic growth and national wealth.

Gross Domestic Product (GDP) is the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

Monetarism, proposed by Milton Friedman, emphasizes the role of money supply in determining the level of economic activity, arguing that changes in the money supply can significantly impact inflation, output, and employment.

Exchange Rate is the rate at which one currency can be exchanged for another, determining the relative value of currencies and affecting international trade and investment.

New Classical Economics, associated with Robert Lucas, emphasizes the importance of flexible wages and prices in achieving economic equilibrium, arguing that markets can self-correct without government intervention.

International Trade refers to the exchange of goods and services between countries, involving the import and export of products and services.

Keynesian Economics, proposed by John Maynard Keynes, emphasizes the importance of government intervention, such as fiscal and monetary policies, to stimulate economic growth and address economic downturns.

Balance of Trade refers to the difference between a country's exports and imports, indicating whether a country has a trade surplus or deficit.

Austrian Economics, associated with Friedrich Hayek and Ludwig von Mises, emphasizes the importance of free markets, individual liberty, and limited government intervention in economic affairs.

International Capital Flows refer to the movement of capital, such as investments and loans, across national borders, affecting exchange rates, economic growth, and global financial markets.

Endogenous Growth Theory, proposed by Robert Lucas and Paul Romer, emphasizes the importance of technological innovation and entrepreneurship in driving economic growth, arguing that these factors are not exogenous but rather determined within the economic system.

Dollarization refers to the process of a country adopting the U.S. dollar as its official currency, often done to stabilize the economy and reduce inflation.