Chapter 20 International Trade

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6 Terms

1

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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2

Gain From Trade

a country that can consume more than it can produce as a result of specialization and trade

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3

Intra-Industry Trade

international trade of goods within the same industry

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4

Splitting up the Value Chain

many of the different stages or producing a good happen in different geographic locations

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5

Tariffs

taxes that governments place on imported goods

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6

Value Chain

how a good is produced in stages

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