1. Most commonly in economics, the relative price, on world markets, of a country's exports compared to its imports. Also called the net barter terms of trade. See improve the terms of trade.* Introduced by Marshall (1923). 2. Any of several other related concepts: gross barter terms of trade, income terms of trade, single factoral terms of trade, double factoral terms of trade, and commodity terms of trade. 3. Outside of the economics of international trade, this expression often refers more broadly to the policies, facilities, and other arrangements that characterize the trade between one country or group of countries and another.