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IA2
Trade Policy
| Question | Answer |
|---|---|
| Globalization | integration of national economies to form a single integrated economy |
| comparative advantage | ability of a nation to produce a product at a lower opportunity costs than another nation |
| competitive advantage (firm) | characteristic of a firm that makes it competitive (low cost, innovation, brand name, etc.) |
| multinational corporation (MNC) | an enterprise in many countries |
| Competitive advantage (nation) | trade advantage through a nation's capacity to innovate and upgrade |
| Export Promotion | assistance provided to domestic firms enabling them to find foreign markets to sell to |
| fair trade | government intervenes to offset unfair competitive practices of foreigners |
| free trade | little government intervention of exports and imports |
| protection | policy implemented by government to provide an advantage for domestic producers over foreign competitors |
| embargo | ban on import or export of a commodity |
| foreign exchange control | limit on imports by restricting foreign exchange or changing prices |
| government procurement policies | policies that give preference to local producers |
| import license | limits the number of importers |
| import quota | specifies how much of a commodity can be imported |
| non-tariff barrier | halts trade, but isn't a tariff (licenses or tech specs) |
| quarantine regulations | controls the entry of commodities that could pose a risk |
| subsidy | a grant from the government to domestic producers |
| tariff | a tax on imported goods |
| technical specifications | quality standards for a country, protects against imports |
| voluntary export restraints (ver) | set an amount that is willingly excluded from exports |
| Free trade agreement | agreement between 2 nations that allow unimpeded goods between themselves |
| trade creation | relocation from high-cost countries to lower cost countries within a trading bloc. efficient use of global resources |
| trade deflection | re-route of exports from one country to another to avoid tariffs |
| trade diversion | production is moved from a low-cost country to a high-cost country |
| trade policy | increases economic activity, job creation and fair deals in the international market place |
| bilateral trade agreement | trade negotiated between 2 countries |
| Consumption effect | effect of protection on a nation's consumption patterns |
| Effective rate of protection | actual protection given to import-competing industries |
| nominal tariff rate | tariff applied to imported commodities as quoted by tariff schedules |
| Production effect | effect of protection on a nation's production patterns |
| Infant industry | industry in early stages of development |
| Redistribution of income and wealth | reallocation of income wealth using taxes to transfer money and assets to another group |
| restricted choice | limited range of commodities for consumers to choose |
| self sufficiency | ability of a nation to produce sufficient products from domestic sources |
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