International Trade and Market Regulation

These flashcards cover key vocabulary related to international trade, market regulation, and economic concepts discussed during the lecture.

Midterm Review Guide

Document provided to help students prepare for the midterm exam.

Imports

Goods and services purchased from foreign countries.

Exports

Goods and services sold to foreign countries.

Comparative Advantage

The ability of a nation to produce a good at a lower opportunity cost than another nation.

Opportunity Cost

The cost of the next best alternative forgone when a decision is made.

Tariff

A tax imposed by a government on imported goods.

Import Quota

A restriction that limits the maximum quantity of a good that may be imported.

Deadweight Loss

The loss of economic efficiency that occurs when equilibrium for a good or service is not achieved.

Rent Seeking

The activity of gaining or maintaining access to economic resources or profits through political means rather than through productive economic activities.

Learning-by-Doing

The concept that productivity increases as a result of experience and practice.

Dumping

Selling goods in a foreign market at a price below the cost of production.

Social Loss

The loss incurred by society when market inefficiencies or restrictions reduce total surplus.