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Microeconomics Ch. 8
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Comparative Advantage
can produce a good with a lower opportunity costs – basis of al trade. (can’t have in both products)
Absolute Advantage
can produce more with the same amount of resources. (can have in both products)
External Economies
reductions in a firm’s costs that result from an expansion in the size of an industry.
Quantity Imported
Qd-Qs
Protectionism
the use of trade barriers to shield domestic companies from foreign competition. (saving jobs, protecting high wages, national security)
Quota
limit imposed by gov’t on the quantity of a good that can be imported into a country.
Globalization
when countries become more open to foreign trade and investment.
Terms of Trade
the ratio at which a country can trade its exports for imports from other countries.
Author:
Anonymous
ID:
11877
Card Set:
Microeconomics Ch. 8
Updated:
2010-03-24 23:59:04
Tags:
Trade
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Description:
Equations and Definitions
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