2861697
Descrição
FlashCards por Natalia Djohari, atualizado more than 1 year ago
|
Criado por Natalia Djohari
mais de 9 anos atrás
|
|
| Questão | Responda |
| Domestic Price | the equilibrium price that would occur in a country if no international trade is allowed |
| World Price | the equilibrium price on the international market |
| Small Open Economy | an economy that participates in international markets for goods and services, but its production or consumption is small enough compared to the rest of the world that its supply or demand does not affect the world price |
| Closed Economy (autarky) | an economy that does not engage in international trade |
| Open Economy | an economy that engages in international trade |
| Gains from Trade | the extra total surplus available in an open economy situation compared to a closed economy |
| Benefits of engaging in trade | 1. more goods for consumer 2. producer can sell to a larger market 3. monopolies or oligopolies might face international competition 4. flow of ideas and technology is faster and easier |
| Import Tariff | a tax on imported goods or services |
| Import Quota | a quantity limit on the amount of goods or services permitted to be imported |
Quer criar seus próprios Flashcards gratuitos com GoConqr? Saiba mais.