Module 2 Review - Imports, Exports, etc
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11 Terms
Exports
goods produced domestically and sold abroad
Imports
goods produced abroad and sold domestically
World price
International price of a good/service
What happens when world price is above EQ price?
Country will export
What happens when world price is above EQ price to surplus?
Consumers are worse off, producers are better off
What happens when world price is below EQ price?
Country will import
What happens when world price is below EQ price to surplus?
Consumers are better off, producers are worse off
What happens to total surplus when world price is either below or above EQ price?
Total surplus increases, their are gains from trade
Tariffs
tax on imports
Why are tariffs a benefit?
Increases domestic production and government revenue
Why can international trade be hurtful?
Causes a decrease in domestic production and can lead to a reduction in domestic employment
