Term
|
Definition
| voluntary exchange of goods and services between individuals, businesses, and countries |
|
|
Term
|
Definition
| when you produce something where the opportunity cost is least. This is the force that causes us to let others do things for us, while we focus on other things |
|
|
Term
|
Definition
| when you are better at something that somebody else |
|
|
Term
|
Definition
| when you focus on doing a particular task. One of the effects of comparative advantage |
|
|
Term
|
Definition
| an effect of specialization. When you produce something with little waste |
|
|
Term
| Less or least developed country |
|
Definition
| the lowest level of economic development. Typically lack resources, infrastructure, stability |
|
|
Term
| developing/transitional country |
|
Definition
| the middle level of economic development. These countries are well-off in some areas and worse off in others. |
|
|
Term
| developed/industrialized country |
|
Definition
| The top level of economic development. |
|
|
Term
|
Definition
| Trade between countries that have no restrictions. Typically has the effect of lower prices for consumers. As always there are costs that go with this policy like job loss, possible bad products, relying on others |
|
|
Term
|
Definition
| a trade policy where you restrict imports coming into a country from other places. This is usually done to protect new/infant domestic businesses. However, this policy likely increases prices for consumers |
|
|
Term
|
Definition
| goods/services produced in a foreign country |
|
|
Term
|
Definition
| goods/services produced in your country and sent elsewhere |
|
|
Term
|
Definition
| part of protectionist policy. Is a ban on imports from another country |
|
|
Term
|
Definition
| part of protectionist policy. Is a limit to the number of imports from another country |
|
|
Term
|
Definition
| part of a protectionist policy. Is a tax on imports from another country |
|
|
Term
|
Definition
| It is when your currency gains value. Is a result of increased demand for your currency. Results in decreased exports and increased exports |
|
|
Term
|
Definition
| When the demand for your currency goes down. Is a result of decreased demand for your currency. Results in increased exports and decrease exports |
|
|
Term
|
Definition
| shows the value of one currency in relation to another. |
|
|
