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PLSC 117 Chapter 7 Questions answers latest update $14.49
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PLSC 117 Chapter 7 Questions answers latest update

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PLSC 117 Chapter 7 Questions answers latest update

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  • December 5, 2024
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PLSC 117: Chapter 7

comparative 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.

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