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Chapter 8 Political

TermDefinition
Mercantilism Generally shares with realism the belief that each state must protect its own interests at the expense of others.
Economic Liberalism Generally shares with liberal internationalism a belief in the possibility of cooperation to realize common gains.
Ideologies Shape state policies.
Bargaining Space The difference between the lowest price a seller would accept and the highest price a buyer would pay.
Demand Curve If the price rises, fewer people are willing to buy it, and if the price drops, more people are willing to buy it.
Supply Curve If the price rises, more sellers are willing to supply the item to buyers; if the price drops, fewer sellers are willing to supply the item.
Equilibrium Price The price at which the supply and demand curve cross.
Free Trade The flow of goods and services across national boundaries unimpeded by tariffs or other restrictions.
Positive Balance of Trade/ Trade Surplus A state that exports more than it imports .
Balance of Trade The value's of a state's imports relative to its exports.
Negative Balance of Trade/ Trade Deficit A state imports more than it exports.
Transaction Costs The costs of transportation and of processing the information in the trade.
Comparative Advantage The principle that says states should specialize in trading goods that they produce with the greatest relative efficiency and at the lowest relative cost.
Monopoly When there is just one supplier of an item and the supplier can set the price quite high.
Oligopoly A monopoly that is shared by just a few large sellers often allowing for tacit or explicit coordination for force the price up.
Created by: mamack22203
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