eUnit 4: International Economics
Réviser ces flashcardsGratuit · répétition espacée · iPhone, Android, Mac et web
Toutes les cartes
1
Why do nations trade?
because of unequal distribution of resources
2
Why do US businesses tend to produce supplies in other countries?
cheaper
3
absolute advantage
what is the most in terms of time or product
4
comparative advantage
ability to produce products more efficiently
5
What is comparative advantage based on?
opportunity cost
6
What is an example of comparative advantage?
doctor vs artist making art
7
balance of trade
when export = import
8
trade surplus
when import more than export
9
How does trade surplus affect currency value?
value decreases
10
trade deficit
export more than import
11
How does trade deficit affect currency value?
increases
12
trade barrier
anything preventing good/services from freely entering a territory
13
import quota
limit on amount of good imported
14
tariff
tax on imported goods
15
What is a pro of quota?
domestic businesses gain more revenue
16
What are cons of quota?
easy to manipulate the domestic prices and leads to lead of domestic quality
17
What is a pro of tariff?
easy to use
18
What is con of tariff?
domestic prices rise to meet foreign
19
embargo
ban on trade with a country
20
What is a con of embargo?
goods/services could become more scarce and expensive
21
standards
regulation for imported good
22
What are trade standards usually used for?
produce
23
subsidies
government support for a domestic business
24
What are pros of subsidies?
decrease domestic prices and make it more difficult for foreign competitors
25
What is a con of subsidy?
increased taxes || notes:the money has to come from somewhere in order for the government to give out subsidies
26
international free trade agreement (IFTA)
cooperation between two countries to reduce trade barriers and tariffs between each other
27
What are 3 examples of international free trade agreements (IFTA)?
EU, NAFTA, and ASEAN
28
balance of payments
summary of a country's transactions with another country
29
current accounts
include all transactions that do not create liability
30
What are examples of current accounts?
income, transfer payments, and good/service exchange
31
financial/capital accoounts
sale of assets to and from foreigners
32
credit
money going in
33
debit
money going out
34
exchange rates
value of a currency compared to another
35
depreciate
if the dollar loses value compared to another currency
36
What is an example of depreciating dollar?
one dollar that could get 10 pesos now gets 9 pesos
37
appreciates
value of the dollar increases in compared to another currency
38
globalization
greater access to good/service at lower prices
39
What country is the world's largest importer?
US
40
For how long has the US had a trade deficit?
decades
41
protectionism
protecting domestic business, usually through trade barriers
Plus de flashcards : Économie et gestion
Accounting: Financial Statements and Cash FlowÉconomie et gestion · AnglaisAlexandraBUSN 101: Financial Management and SecuritiesÉconomie et gestion · Anglaisnoahboatinsurance chapter 1Économie et gestion · AnglaisBOSSofbestbuyAccountingÉconomie et gestion · AnglaisJayeF2 The Consolidated SPLOCIÉconomie et gestion · AnglaisEllaBIR FORMSÉconomie et gestion · AnglaisKylaH4 DistributieÉconomie et gestion · NéerlandaisDemiBLabour Markets & UnemploymentÉconomie et gestion · AnglaisrikishakennedyMGTM 339 Final Exam PrepÉconomie et gestion · AnglaisEthanIAS 7 Statement of CashflowsÉconomie et gestion · AnglaisEllaIFRS 5 Assets held for sale and discontinued operationsÉconomie et gestion · AnglaisEllaEconomics Unit 3 AOS 1Économie et gestion · AnglaisRex.
Tous les decks : Économie et gestion
Révise ces decks dans l’app
Gratuit sur iPhone, Android, Mac et le web. Ajoute n’importe quel deck à ton compte en un tap.
