{"id":2465,"date":"2015-06-23T23:06:27","date_gmt":"2015-06-23T23:06:27","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&p=2465"},"modified":"2015-12-03T23:46:27","modified_gmt":"2015-12-03T23:46:27","slug":"glossary-international-trade","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/glossary-international-trade\/","title":{"raw":"Glossary: International Trade","rendered":"Glossary: International Trade"},"content":{"raw":"
absolute advantage<\/dt>
when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country<\/dd>
common market<\/dt>
economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy<\/dd>
comparative advantage<\/dt>
when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production<\/dd>
economic union<\/dt>
economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies<\/dd>
free trade agreement<\/dt>
economic agreement between countries to allow free trade between members<\/dd>
gain from trade<\/dt>
a country that can consume more than it can produce as a result of specialization and trade<\/dd>
General Agreement on Tariffs and Trade (GATT)<\/dt>
forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade; the precursor to the World Trade Organization<\/dd>
<\/dt>
import quotas<\/dt>
numerical limits on the quantity of products that can be imported<\/dd>
intra-industry trade<\/dt>
international trade of goods within the same industry<\/dd>
national interest argument<\/dt>
the argument that there are compelling national interests against depending on key imports from other nations<\/dd>
nontariff barriers<\/dt>
ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products<\/dd>
protectionism<\/dt>
government policies to reduce or block imports<\/dd>
splitting up the value chain<\/dt>
many of the different stages of producing a good happen in different geographic locations<\/dd>
tariffs<\/dt>
taxes that governments place on imported goods<\/dd>
value chain<\/dt>
how a good is produced in stages<\/dd>
World Trade Organization (WTO)<\/dt>
organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy; successor to the General Agreement on Tariffs and Trade (GATT)<\/dd><\/dl><\/div>","rendered":"
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absolute advantage<\/dt>\n
when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country<\/dd>\n
common market<\/dt>\n
economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy<\/dd>\n
comparative advantage<\/dt>\n
when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production<\/dd>\n
economic union<\/dt>\n
economic agreement between countries to allow free trade between members, a common external trade policy, and coordinated monetary and fiscal policies<\/dd>\n
free trade agreement<\/dt>\n
economic agreement between countries to allow free trade between members<\/dd>\n
gain from trade<\/dt>\n
a country that can consume more than it can produce as a result of specialization and trade<\/dd>\n
General Agreement on Tariffs and Trade (GATT)<\/dt>\n
forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade; the precursor to the World Trade Organization<\/dd>\n
<\/dt>\n
import quotas<\/dt>\n
numerical limits on the quantity of products that can be imported<\/dd>\n
intra-industry trade<\/dt>\n
international trade of goods within the same industry<\/dd>\n
national interest argument<\/dt>\n
the argument that there are compelling national interests against depending on key imports from other nations<\/dd>\n
nontariff barriers<\/dt>\n
ways a nation can draw up rules, regulations, inspections, and paperwork to make it more costly or difficult to import products<\/dd>\n
protectionism<\/dt>\n
government policies to reduce or block imports<\/dd>\n
splitting up the value chain<\/dt>\n
many of the different stages of producing a good happen in different geographic locations<\/dd>\n
tariffs<\/dt>\n
taxes that governments place on imported goods<\/dd>\n
value chain<\/dt>\n
how a good is produced in stages<\/dd>\n
World Trade Organization (WTO)<\/dt>\n
organization that seeks to negotiate reductions in barriers to trade and to adjudicate complaints about violations of international trade policy; successor to the General Agreement on Tariffs and Trade (GATT)<\/dd>\n<\/dl>\n<\/div>\n\n\t\t\t
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Candela Citations<\/h3>\n\t\t\t\t\t
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