Review of terms and concepts from Unit 4 of AICE Econ AS Level
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Export | show 🗑
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| Import | show 🗑
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| Balance of Payments | show 🗑
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| Multilateral Trade | show 🗑
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| Bilateral Trade | show 🗑
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| show | A situation where, for a given set of resources, one country can produce more of a particular good than another country.
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| show | The reason for trade. Even with an absolute advantage in production, another country may have a lower opportunity cost of production.
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| Protectionism | show 🗑
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| show | A tax that is imposed on imports and exports.
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| show | A physical restriction on imports.
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| show | A policy designed to make a nation's exports more competative on the international market.
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| show | Selling goods in an overseas market at below their cost of production.
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| show | A newly created industry within an economy.
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| show | The case for protecting new firms in a developing economy.
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| Globalisation | show 🗑
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| show | The process whereby individual economies get together to form a single unit.
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| show | Where member states agree to remove any restrictions on trade among themselves.
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| Customs Union | show 🗑
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| Economic Union | show 🗑
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| show | A numerical measure of the relationship between export prices and import prices.
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| show | A representation of what trade is possible for given terms of trade.
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| show | The difference between exports of goods and services and imports of goods and services.
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| Current Account | show 🗑
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| show | Part of the balance of payments. Shows the transfer of financial assets between a country and the rest of the world.
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| Trade Creation | show 🗑
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| show | Where trade with a low cost country outside a customs union is replaced by higher cost products supplied from within.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
M.Brock
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