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Ag Econ

Chapter 19: International Trade

Term/QuestionDefinition/Answer
Absolute Advantage when one country can use fewer resources to produce good compared to another country; when country is more productive vs. another country
Comparative Advantage when country can produce a good @ lower cost in terms of other goods
Gain from Trade country can consume more than can produce as result of specialization & trade
Intra-Industry trade international trade of goods w/in same industry
What are two reasons for intra-industry trade? 1) Division of Labor - learning, innovation/unique skills; 2) Economies of Scale
Splitting Up Value Chain many different stages producing good happen in different geographic locations
Value Chain how good is produced in stages; A - Vietnam B -Tiawan C - China
What are AFNR examples in internation trade when economies of scale relevent? wood, coal, bananas, soybeans
Tariffs tax that gov. place on imported goods
Opportunity Cost value of next best alternative that is given up when making a decision
Economies of Scale cost advantages that business experience when they increase production scale
Created by: horktera
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