Term
| What are the 2 types of business advantages and define? |
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Definition
- Absolute Advantage - Monopoly exists when a country is the only source
- Comparative Advantage - Basis of most international trade, Country provides supply more efficiently or at a lower cost than others
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Term
| What is balance of trade? |
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Definition
| Difference between amount being imported and exported |
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Term
| Name the 4 trade barriers: |
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Definition
- Economic
- Social/cultural
- Ethical/legal/political
- Technological
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Term
| Name 3 exchange controls: |
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Definition
1. Tariff
2. quota
3. Embargo |
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