International Economics

Front

the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources

Back

Absolute Advantage

Front

NOT argument for free trade: domestic job security, national economic security, infant industries, open competition

Back

open competition

Front

NOT an argument for free trade: improved products, export industries, specialization & comparative advantage, reduced competition

Back

reduced competition

Front

What is ASEAN?

Back

Association of Southeast Asian Nations

Front

A record of all transactions between the residents of a country and the residents of all other countries, over a period of time.

Back

balance of payments

Front

the difference between a country's total exports and total imports

Back

Balance of Trade

Front

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

Back

Comparative Advantage

Front

Which is NOT a benefit of Trade Barriers: make imports more expensive to buy, causes higher demand for domestic goods, protects domestic jobs, lowers demand for domestic goods?

Back

lowers demand for domestic goods

Front

Which is NOT a cost of Trade Barriers: lower demand for goods, Increased prices on imports, fewer product choices & less competition, increased demand for domestic goods?

Back

increased demand for domestic goods

Front

Coins and paper bills used as money

Back

currency, tender, mediums of exchange