International trade (OCR A-Level Economics): Flashcards
📚Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Financial Account
Financial Account
Records financial asset/liability transactions internationally
Capital Account
Capital Account
Tracks capital transfers & non-produced asset ownership changes
Absolute Advantage economist
Absolute Advantage economist
Adam Smith
Comparative Advantage economist
Comparative Advantage economist
David Ricardo
Comparative Advantage basis
Comparative Advantage basis
Lowest opportunity cost
Tariffs
Tariffs
Taxes imposed on imported goods
Quotas
Quotas
Limits on quantity of goods imported
Subsidies
Subsidies
Government financial support to domestic businesses
Trade benefit: Economies of scale
Trade benefit: Economies of scale
Lower average costs from larger market production
WTO role
WTO role
Regulates/facilitates trade, resolves disputes
FTA examples
FTA examples
NAFTA (USMCA), EU single market
Colonial era trade focus
Colonial era trade focus
Raw materials & precious metals
Post-WWII trade institution
Post-WWII trade institution
GATT (General Agreement on Tariffs & Trade)