Chapter 20 International Trade
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Last updated 2:17 AM on 12/12/23
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6 Terms
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Absolute Advantage
when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
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Gain From Trade
a country that can consume more than it can produce as a result of specialization and trade
3
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Intra-Industry Trade
international trade of goods within the same industry
4
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Splitting up the Value Chain
many of the different stages or producing a good happen in different geographic locations
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Tariffs
taxes that governments place on imported goods
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Value Chain
how a good is produced in stages
Note 
Flashcards (47)