Absolute Advantage:
An absolute advantage exists when a nation or economic region is able to produce a good or service more efficiently (using the same amount of resources) than a second nation or region.
Air Waybill:
A nonnegotiable instrument of domestic and international air transport that functions as a bill of lading.
Arbitrage:
The process of purchasing and selling the identical products, such as foreign exchange, stocks, bonds and other commodities, in several markets intending to make profit from the difference in price. Arbitrage is generally seen as a "risk-less" transaction.
Autarky:
In models of international trade, a situation in which there is no cross-border trade.
