| Two-Country Trade Model | no attested term | 两国贸易模型 (liǎngguó màoyì móxíng) | 양국 무역 모형 (yangguk muyeok mohyeong) | An international trade model demonstrating how two countries settle on a single trade equilibrium price. |
| Exporting Country | no attested term | 出口国 (chūkǒu guó) | 수출국 (suchulguk) | The nation with a lower domestic local equilibrium price that produces an excess supply for export to international markets. |
| Importing Country | no attested term | 进口国 (jìnkǒu guó) | 수입국 (suipguk) | The nation with a higher domestic local equilibrium price that experiences excess demand and imports goods from foreign suppliers. |
| Local Equilibrium (No-Trade) Price | no attested term | 本地均衡价格 (běndì jūnhéng jiàgé) | 국내 균형 가격 (gungnae gyunhyeong gagyeok) | The domestic equilibrium price in a country before opening its borders to international trade. |
| Trade Price (P_trade) | no attested term | 贸易均衡价格 (màoyì jūnhéng jiàgé) | 무역 균형 가격 (muyeok gyunhyeong gagyeok) | The single international price both countries trade at, where the exporting country's exports exactly equal the importing country's imports. |
| Gains from Trade | no attested term | 贸易获益 (màoyì huòyì) | 무역 이득 (muyeok ideuk) | The net increase in total combined economic welfare (consumer + producer surplus) when nations engage in free trade. |
| Comparative Advantage | no attested term | 比较优势 (bǐjiào yōushì) | 비교 우위 (bigyo uwi) | The ability of a country to produce a specific good at a lower opportunity cost than another country. |
| Trade Volume (Q_trade) | no attested term | 贸易量 (màoyì liàng) | 무역 거래량 (muyeok georaeryang) | The physical volume of goods transferred from the exporting country to the importing country at the trade price. |
| Exporter Surplus Gain | no attested term | 出口国生产者收益 | 수출국 생산자 잉여 증가 | The significant increase in producer surplus enjoyed by exporters when the trade price exceeds their domestic local equilibrium price. |
| Importer Surplus Gain | no attested term | 进口国消费者收益 | 수입국 소비자 잉여 증가 | The significant increase in consumer surplus enjoyed by importing households when the trade price is below their domestic local equilibrium price. |
| Consumer Surplus | no attested term | 消费者剩余 (xiāofèizhě shèngyú) | 소비자잉여 (sobija ingyeo) | The difference between what consumers are willing to pay for a good and what they actually pay. |
| Producer Surplus | no attested term | 生产者剩余 (shēngchǎnzhě shèngyú) | 생산자잉여 (saengsanja ingyeo) | The difference between the price producers receive for a good and the minimum price they would be willing to accept. |
