Unit 33: International Trade

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Last updated 9:51 PM on 7/29/26
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6 Terms

1
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absolute advantage

When a country can produce more of a good compared to another country.

2
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gain from trade

Consuming more than a country can produce through 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

Producing a good in different stages across multiple 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.