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Wills econ
Term Sheet 10
| Question | Answer |
|---|---|
| Export | the goods and services produced in one country and purchased by residents of another country. |
| Import | purchases of good or services by a domestic economy from a foreign economy. |
| Absolute Advantage | to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors. |
| Comparative Advantage | an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. |
| Law of Comparative Advantage | describes how, under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. |
| Interdependence | a consequence of specialization or the division of labour The participants in any economic system must belong to a trading network to obtain the products they cannot produce efficiently for themselves. |
| Trade Barrier | import policies reflected in tariffs and other import charges, quotas, import licensing, customs practices, standards, testing, labeling, and various types of certification. |
| Tariff | used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers. |
| Import Quotas | a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. |
| Sanctions | ommercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. |
| Embargo | he partial or complete prohibition of commerce and trade with a particular country, in order to isolate it. |
| Trade War | when a nation imposes tariffs or quotas on imports and foreign countries retaliate with similar forms of trade protectionism. |
| Protectionism | An intervention in the markets to protect domestic industries by restricting international trade. |
| Infant Industries | The supposition that emerging domestic industries need protection against international competition until they become mature and stable. |
| Free Trade | the unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas. |
| World Trade Organizaions | global organization made up of 164 member countries that deals with the rules of trade between nations. |
| Free Trade Zones | area within a country where goods may be landed, stored, handled, manufactured, or reconfigured, and re-exported under specific customs regulation and generally not subject to customs duty |
| Globalizations | The worldwide movement towards economic, financial, trade and community integration, as well as social cultural and political. |
| Offshoring | relocation of a business process from one country to another |
| Remittances | funds transferred from migrants to their home country |
| "Brain Drain" | the movement of skilled individuals from a less developed area to a more developed area. |
| Sustainable | meeting the needs of the present without compromising the ability of future generations to meet their needs. |
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