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AICE Econ AS Unit 4

Review of terms and concepts from Unit 4 of AICE Econ AS Level

TermDefinition
Export Goods and services sold to another country.
Import Goods and services purchased from another country.
Balance of Payments The record of a country's economic transations with the rest of the world, usually over the course of a year.
Multilateral Trade Trade between a number of countries.
Bilateral Trade Trade between two countries.
Absolute Advantage A situation where, for a given set of resources, one country can produce more of a particular good than another country.
Comparative Advantage The reason for trade. Even with an absolute advantage in production, another country may have a lower opportunity cost of production.
Protectionism Policies used to protect an economy from foreign competition.
Tariff A tax that is imposed on imports and exports.
Quota A physical restriction on imports.
Export Subsidies A policy designed to make a nation's exports more competative on the international market.
Dumping Selling goods in an overseas market at below their cost of production.
Sunrise Industry A newly created industry within an economy.
Infant Industry Argument The case for protecting new firms in a developing economy.
Globalisation The process by which the world's economies are becoming increasingly dependant upon each other.
Economic Integration The process whereby individual economies get together to form a single unit.
Free Trade Area Where member states agree to remove any restrictions on trade among themselves.
Customs Union Free trade among members and common external terrif on imports.
Economic Union Member states agree to common economic policies and, sometimes, a common currency.
Terms of Trade A numerical measure of the relationship between export prices and import prices.
Trading Possibility Curve A representation of what trade is possible for given terms of trade.
Balance of Trade The difference between exports of goods and services and imports of goods and services.
Current Account Part of the balance of payments. A record of the trade in goods and services, investment income and current transfers.
Financial (Capital) Account Part of the balance of payments. Shows the transfer of financial assets between a country and the rest of the world.
Trade Creation The high cost of domestic production is replaced by more efficiently produced imports from within a customs union.
Trade Diversion Where trade with a low cost country outside a customs union is replaced by higher cost products supplied from within.
Created by: M.Brock
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