Exam (elaborations)
PLSC 117 Chapter 7 Questions answers latest update
- Course
- PLSC 117
- Institution
- Yale University
PLSC 117 Chapter 7 Questions answers latest update
[Show more]
Content preview
PLSC 117: Chapter 7comparative advantage - the ability of a country or firm to produce a particular
good or service more efficiently than the other goods or services that it can
produce, such that its resources are most efficiently employed in this activity. The
comparison is to the efficiency of other economic activities that the actor might
undertake, given all the products it can produce - not to the efficiency of other
countries or firms.
absolute advantage - the ability of a country or firm to produce more of a
particular good or service than other countries or firms do with the same amount
of effort and resources.
Heckscher-Ohlin trade theory - The theory that a country will export goods that
make intensive use of the factors of production in which it is well endowed. For
example, a labor rich country will export goods that make intensive use of labor.
protectionism - the imposition of barriers to restrict imports
trade barriers - Government limitations on the international exchange of goods.
Examples include tariffs, quantitative restrictions (quotas), import licenses,
requirements that governments only buy domestically produced goods, and
health and safety standards that discriminate against foreign goods.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52928 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now