Trade Policy and Interventionist Strategies (Edexcel A-Level Economics A): Flashcards
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Interventionist strategies
Interventionist strategies
Govt actions beyond market forces to support economic growth
Positive externality effects
Positive externality effects
Social benefits exceed private benefits to individuals
Import substitution strategy
Import substitution strategy
Producing goods at home that were previously imported
Infant industries argument
Infant industries argument
Protect new industries until efficient to compete globally
Export promotion approach
Export promotion approach
Dynamic, outward-looking strategy competing in world markets
Buffer stock scheme
Buffer stock scheme
Stabilise prices by buying excess supply & selling when low
Lewis model's surplus labour
Lewis model's surplus labour
Hidden unemployment in agriculture; can transfer to industry
Tourism income elasticity
Tourism income elasticity
Strongly positive - demand rises as real incomes increase
Fair trade schemes purpose
Fair trade schemes purpose
Give small producers in developing countries a 'fair' price
ODA (Official Development Assistance)
ODA (Official Development Assistance)
Official aid; UN target is 0.7% of GNP