The document defines key economic terms including economy, entrepreneur, NAFTA, imports, exports, domestic trade, international trade, tourism, trade surplus, and trade deficit. It explains that an economy is the wealth and resources of a country, an entrepreneur starts their own business, NAFTA eliminates trade taxes between North American countries, imports enter a country while exports leave it, and domestic trade is within one country versus international trade between countries, with a trade surplus occurring when exports exceed imports and vice versa for a trade deficit.