International Trade (Edexcel A-Level Economics A): Flashcards

Producing a good using fewer resources than another producer

Ability to produce at lower opportunity cost than another producer

Ratio of export price index to import price index

Export prices increased more than import prices

Weather conditions and climatic variations affecting supply

Demand fluctuates with economic cycle in developed countries

Brazil, Russia, India, China, South Africa

Rose from 1.04% (1982) to 12.13% (2020)

Comparative advantage depends on factor endowments

Singapore, South Korea, Taiwan, Hong Kong