Micro
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| Imports | show 🗑
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| show | goods and services sold to other countries
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| show | situation in which a country cannot or does not trade with other countries
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| show | phenomenon of growing economic linkages among countries
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| show | country produces a good/service if the opportunity cost of producing the food or service is lower for that country than for other countries
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| show | analyzes international trade under the assumption that opportunity costs are constant (PPF's are linear)
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| show | 1. Differences in tech- able to produce a good at lower cost
2. International differences in climate
3. Differences in factor endowments
4.Increasing returns to scale
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| Heckscher-Ohlin model | show 🗑
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| show | -measure of which factors is used relatively greater quantities than other factors in production
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| Increasing Returns to Scale | show 🗑
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| Domestic Demand Curve | show 🗑
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| show | shows how the quantity of a good supplied by domestic producers depends on the price of that good
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| World Price | show 🗑
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| show | net economic value consumers get from consuming a good or service
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| show | net economic value of producing a good or service
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| show | increase, decrease
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| Exports ________ consumer surplus, but _________ producer surplus | show 🗑
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| If ______ is higher than the autarky price, trade leads to exports and a rise in the domestic price compared with the wp | show 🗑
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| Free Trade | show 🗑
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| show | policies that limit imports
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| show | tax on imports
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| show | legal limit on the quantity of a good that can be imported
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| Advocate of tariffs and import quotas offer a variety of arguments. 3 common ones are: | show 🗑
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| show | treaties in which a country promises to engage in less trade protection against the exports of other countries in return for a promise by other countries to do the same for its own exports-NAFTA
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| show | multinational organization as well as adjudicate trade disputes between member countries
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| show | customs union amonf 27 European nations
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| show | takes place when businesses hire people in another country to perform various tasks
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Created by:
kthomas96
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