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IB Econs international trade and development definitions
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  • Course
  • IB Economics SL/HL
  • Institution
  • Anglo Chinese School , Singapore
  • Book
  • IB Economics Course Book

A comprehensive list of definitions for IB economics HL/SL, for chapter 3 (international trade) and chapter 4 (economic development). Compiled by a 45 pointer from Singapore, who took the November 2019 IB examinations.

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  • June 7, 2020
  • 9
  • 2018/2019
  • Class notes
  • Unknown
  • All classes

Subjects

  • ib econs
  • ib economics
  • ib economic definitions
  • economic definitions
  • ib international trade
  • ib economic development
  • international baccalaureate

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3: INTERNATIONAL TRADE


3.1 Trade

Free Trade

Exchange of capital, goods, and services across international borders without any trade
barriers such as tariffs or quotas.

Comparative Advantage (in the production of the good)

The situation when a country can produce a particular good at a lower opportunity cost
than another country.

World Trade Organization

Promote free trade by reducing tariffs and other trade barriers and settling disputes
between governments

Roles include:

- Reduce trade barriers

- Settle Trade Disputes, organize trade negotiations

- Administer and monitor application of WTO rules for trade

- Ensure trade agreements are clear

Trade Protection

Restrictions to free international trade imposed by governments, thus the partial or
complete protection of domestic industries from foreign competition in domestic markets

Tariffs

Taxes imposed on imports, decreasing world supply curve

Dumping

Firm selling a good in international markets at a price below its COP

Quotas

Restrictions on the maximum quantity of imports.

, Administrative Trade Barriers

Government regulations including product, sanitary and pollution standards that result in
lower level of imports into a country, often set to protect domestic producers

Infant industry

A new domestic industry that has not had time to establish itself and achieve
efficiencies in production, therefore unable to compete with mature competitor firms
abroad

Diversification

Increasing variety of goods and services produced



3.2 Exchange Rates

Exchange Rate

Price of one currency in terms of another currency, measuring the external value of a
currency

Freely Floating Exchange Rate System

Exchange rate is determined solely through interaction of demand and supply for the
currency with no government intervention.

Fixed Exchange Rate System

Exchange rate set at a level by the government and maintained through central bank
intervention.

Appreciation

Increase in value of one currency in terms of another currency in a floating exchange
rate system.

Depreciation

Decrease in value of one currency in terms of another currency in a floating exchange
rate system.

Devaluation

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