Chapter 5
Free deal out The absence of governing barriers to the degage flow of goods and services between countries.
New Trade Theory Theory that sometimes countries specialize in the issue and export of particular products not because of underlying differences in reckon endowments, but because inn certain industries the world market disregard support only a limited number of firms.
mercantile system An economic philosophy advocating that countries should simultaneously encourage export and disapprove imports.
Zero-sum game A situation in which an economic polish off by unitary nation results in an economic impairment by another.
Absolute Advantage A area has an domineering advantage in the production of a product when it is more than efficient than any other country in producing it.
continual returns to Specialization The units of resources required to produce a good argon assumed to remain constant no matter where one is on a countrys production misfortune frontier.
Factor Endowments The extent to which a country is endowed with such resources as land, labor, and capitol.
Economies of Scale Costs advantages associated with large-scale production.
First-Mover Advantages Advantages accruing to the first to inscribe a market.
Balance-of-payments accounts National accounts that track both payments to and receipts from foreigners.
trustworthy Account In the balance of payments, records transactions involving the export or import of goods and services.
Current Account Deficit Occurs when a country imports more good, services, and income than it exports.
Current Account Surplus Occurs when a country exports more goods, services, and income than it imports.
Capital Account Records onetime changes in the pullulate of assets.
Financial Account Records transactions that involve the purchase or sale of assets.
Chapter 6
Free Trade The absence of government barriers to the free flow of goods and services...If you want to get a full essay, orderliness it on our website: Ordercustompaper.com
If you want to get a full essay, wisit our page: write my paper
No comments:
Post a Comment