OpenStax Principles of Microeconomics - Ch. 19 Key Terms: International Trade
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Last updated 9:39 PM on 12/9/25
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6 Terms
1
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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
2
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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 of producing a good happen in different geographic locations
5
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tariffs
taxes that governments place on imported goods
6
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value chain
how a good is produced in stages
Note 
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