Economics Chapter 16-18 Vocab.

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BA-110 w/ Perez

16 Terms

1

antitrust policy

Policy by which government attempts to prevent the acquisition and exercise of monopoly power and to encourage competition in the marketplace.

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2

illegal per se

Actions taken by firms that are illegal in and of themselves without regard to the circumstances under which they occur.

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3

rule of reason

Rule stating that whether or not a particular business practice is illegal depends on the circumstances surrounding the action.

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4

horizontal merger

The consolidation of two or more producers of the same good or service.

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5

vertical merger

Mergers between firms at different stages in the production and distribution of a product.

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6

regulation

Government power to control the choices of private firms or individuals.

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7

absolute advantage

Situation in which an economy or individual can produce more of any good per unit of labor than another country or individual.

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8

terms of trade

The rate at which a country can trade domestic products for imported products.

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9

one way trade

Situation in which countries specialize in producing the goods in which they have a comparative advantage and then export those goods so they can import the goods in which they do not have a comparative advantage.

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10

two way trade

International trade in which countries both import and export the same or similar goods.

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11

protectionist policy

Policy that restricts the importation of goods and services produced in foreign countries.

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12

tariff

A tax on imported goods and services.

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13

dumping

The practice of a foreign firm charging a price in other countries that is below the price it charges in its home country.

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14

strategic trade policy

A policy aimed at promoting the development of key industries that may increase a countrys domestic well-being through trade with the rest of the world.

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15

outsourcing

Situation in which firms in a developed country transfer some of their activities abroad in order to take advantage of lower labor costs in other countries.

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16

pollution

Situation that exists when human activity produces a sufficient concentration of a substance in the environment to cause harm to people or to resources valued by people.

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