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Chapter 6 Business

Global Business Today Chapter 6 International Trade Theory

TermDefinition
gains from trade The benefits countries get when they focus on making what they're best at and trade for what they aren't as good at making.
free trade Trade between countries without barriers like tariffs or restrictions.
new trade theory Trade patterns can happen because some companies gain an advantage by being the first to enter a market.
factor endowments The resources a country has, like land, workers, and money.
mercantilism The belief that countries should sell (export) more than they buy (import).
zero-sum game When one country's gain is another country's loss.
absolute advantage When a country can produce something more efficiently than all others.
constant returns to specialization Making more of a good always requires the same amount of resources.
economies of scale Producing on a larger scale lowers costs per unit.
first-mover advantages Benefits for the first business to enter a market.
balance-of-payments accounts Records of all money going in and out of a country.
current account Tracks imports and exports of goods and services.
current account deficit When a country buys (imports) more than it sells (exports).
current account surplus When a country sells (exports) more than it buys (imports).
capital account Records one-time asset changes (like debt forgiveness or transfers).
financial account Tracks buying and selling of assets like stocks, bonds, or property.
Created by: user-1986044
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