topic 5: International trade

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5 Terms

1
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world price

price of a good that prevails in the world market for that good

2
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absolute advantage

a person can produce more of something than another person or nation using the same amount of resources

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comparative advantage

a person or nation can produce something most efficiently given all the products it could potentially produce (lower opportunity cost)

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tariff

a tax the government imposes on imports, usually with the aim of boosting domestic production and demand

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quota

a limit on the number of imports may enter a country