Georgia Tech

Card Set Information

Author:
sberninghaus3
ID:
20108
Filename:
Georgia Tech
Updated:
2010-05-20 20:48:26
Tags:
Economics Macroeconomics
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Description:
Chapter 1,2,3,5 test 1
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  1. exports
    • goods and services sold to
    • other countries
  2. imports
    • Goods and services purchased
    • from other countries are
  3. Globalization
    • phenomenon of growing economic
    • linkages among countries
  4. Ricardian model of international trade
    • assumption that opportunity costs
    • are constant within a country, but
    • different between countries.
  5. Autarky
    • situation in which a country
    • cannot trade with other countries.
  6. Heckscher-Ohlin model
    • country has a comparative advantage
    • in a good whose production is
    • intensive in the factors that are
    • abundantly available in that country.
  7. factor intensity
    • production of a good is a measure
    • of which factor is used in relatively
    • greater quantities than other factors in
    • production
  8. competitive market
    • Many buyers and sellers
    • Same good or service from the point
    • of view of the consumer
    • No artificial barriers to entry or exit
  9. demand schedule
    • shows how much of a good or
    • service consumers will want to
    • buy at different prices.
  10. quantity demanded
    • actual amount consumers are
    • willing to buy at some specific price
  11. law of demand
    • higher price for a good, other things
    • equal, leads people to demand a
    • smaller quantity of the good

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