Free Trade - -The absence of barriers to the free flow of goods and services btw countries. -Benefits of trade - -Common sense suggests that some international trade is beneficial. Theories of Smith, Ricardo and Heckscher-Ohlin show why it is beneficial for a country to engage in international tra...
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-Difference between outsourcing and offshoring - -Outsourcing: Outsourcing is a practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally. Source: Investopedia Foreign Outsourcing: - This is the same thing a...
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Add to cart-Difference between outsourcing and offshoring - -Outsourcing: Outsourcing is a practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally. Source: Investopedia Foreign Outsourcing: - This is the same thing a...
Economic Liberalism - -approach that generally shares the assumption of anarchy but does not see this condition as precluding extensive. Cooperation to realize common gains from economic exchanges. Emphasizes absolute over relative gains and in practice, a commitment to free trade, free capital flow...
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Add to cartEconomic Liberalism - -approach that generally shares the assumption of anarchy but does not see this condition as precluding extensive. Cooperation to realize common gains from economic exchanges. Emphasizes absolute over relative gains and in practice, a commitment to free trade, free capital flow...
Ad valorem tax - -Indirect tax where a given percentage is added to price of a good or service -Administrative barriers - -Administrative requirements that prevent or reduce amount of imports -Aggregate demand - -Total amount of spending of spending in the economy, made up of household consump...
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Add to cartAd valorem tax - -Indirect tax where a given percentage is added to price of a good or service -Administrative barriers - -Administrative requirements that prevent or reduce amount of imports -Aggregate demand - -Total amount of spending of spending in the economy, made up of household consump...
Comparative Advantage - -the ability to produce a good at a lower opportunity cost than another producer -Terms of Trade - -The amount of an exported good that must given up to obtain an imported good - measured by the ratio of a country's export prices to its import prices. -Protective Tarif...
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Add to cartComparative Advantage - -the ability to produce a good at a lower opportunity cost than another producer -Terms of Trade - -The amount of an exported good that must given up to obtain an imported good - measured by the ratio of a country's export prices to its import prices. -Protective Tarif...
Exports - -the sale of goods and service created by domestic producers and sold to foreigners -Imports - -the purchase of goods and service created by foreigners -Net exports - -exports - imports -Trade deficit - -exporting less than you are importing -Trade surplus - -exporting more tha...
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Add to cartExports - -the sale of goods and service created by domestic producers and sold to foreigners -Imports - -the purchase of goods and service created by foreigners -Net exports - -exports - imports -Trade deficit - -exporting less than you are importing -Trade surplus - -exporting more tha...
Specialization - -when countries produce the things they do best in exchange for the things that other people do best -Exports - -Goods and services that a country produces and sells to other nations -Imports - -Good and services that a country buys from another country -Absolute Advantage ...
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Add to cartSpecialization - -when countries produce the things they do best in exchange for the things that other people do best -Exports - -Goods and services that a country produces and sells to other nations -Imports - -Good and services that a country buys from another country -Absolute Advantage ...
The Benefits of Trade - -1. increases in domestic production and consumption as a result of specialization 2. economies of scale in production 3. greater choice for consumers 4. increased competition and greater efficiency in production 5. lower prices for consumers 6. acquiring neede...
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Add to cartThe Benefits of Trade - -1. increases in domestic production and consumption as a result of specialization 2. economies of scale in production 3. greater choice for consumers 4. increased competition and greater efficiency in production 5. lower prices for consumers 6. acquiring neede...
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