1. EPF9 The student will demonstrate knowledge of the
global economy

2. Trade Deficit/Surplus
 A trade deficit occurs when one country buys more
foreign goods than it sells to other countries.
 A trade surplus occurs when one country sells more
goods to other countries than it buys.

4. Imports
 Imports are foreign goods and services that are
purchased from sellers in other nations.

6. Exports
Exports are domestic goods and services that are
sold to buyers in other nations.

8. Trade Deficit
 When imports exceed exports, the result is a trade
deficit.

10. Trade Surplus
 When exports exceed imports, the result is a trade
surplus.