Review of terms and concepts from Unit 4 of AICE Econ AS Level
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| Export | Goods and services sold to another country.
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| Import | Goods and services purchased from another country.
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| Balance of Payments | The record of a country's economic transations with the rest of the world, usually over the course of a year.
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| Multilateral Trade | Trade between a number of countries.
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| Bilateral Trade | Trade between two countries.
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| Absolute Advantage | 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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| Comparative Advantage | 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 | Policies used to protect an economy from foreign competition.
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| Tariff | A tax that is imposed on imports and exports.
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| Quota | A physical restriction on imports.
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| Export Subsidies | A policy designed to make a nation's exports more competative on the international market.
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| Dumping | Selling goods in an overseas market at below their cost of production.
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| Sunrise Industry | A newly created industry within an economy.
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| Infant Industry Argument | The case for protecting new firms in a developing economy.
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| Globalisation | The process by which the world's economies are becoming increasingly dependant upon each other.
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| Economic Integration | The process whereby individual economies get together to form a single unit.
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| Free Trade Area | Where member states agree to remove any restrictions on trade among themselves.
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| Customs Union | Free trade among members and common external terrif on imports.
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| Economic Union | Member states agree to common economic policies and, sometimes, a common currency.
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| Terms of Trade | A numerical measure of the relationship between export prices and import prices.
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| Trading Possibility Curve | A representation of what trade is possible for given terms of trade.
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| Balance of Trade | The difference between exports of goods and services and imports of goods and services.
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| Current Account | Part of the balance of payments. A record of the trade in goods and services, investment income and current transfers.
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| Financial (Capital) Account | 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 | The high cost of domestic production is replaced by more efficiently produced imports from within a customs union.
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| Trade Diversion | Where trade with a low cost country outside a customs union is replaced by higher cost products supplied from within.
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