What economic condition occurs when a country sells more goods than it buys abroad?

The term that best describes a situation where a country sells more goods than it buys abroad is commonly known as a trade surplus. This condition indicates that the value of a country's exports exceeds the value of its imports, leading to a positive balance in trade.

A favorable balance of trade refers to the overall positive outcome of this situation, but the specific term "trade surplus" precisely conveys the difference in value between exports and imports. It is an essential indicator of a nation's economic health and strength in international trade.

The other terms presented do not directly apply to this specific economic condition. An economic boom describes a phase of rapid economic growth and does not focus specifically on trade balances. Deficit spending refers to a situation where a government spends more than it earns in revenue, which is unrelated to trade balances. Therefore, "trade surplus" is the most accurate term for the scenario described.