CWC4 The Globalization of Economic Relations Flashcards
1
Q
Exports more than imports
A
Trade surplus
2
Q
Imports more than exports
A
Imports more than exports trade deficit
3
Q
Goods enjoyed by one country over another when that good can be produced at lower cost in terms of other goods thab it could be in the other country
A
Comparative advantage
4
Q
The fewer resources to produce that good than the other country does
A
absolute advantage
5
Q
A
6
Q
A
7
Q
A
8
Q
A
9
Q
A
10
Q
A
11
Q
A
12
Q
A
13
Q
A
14
Q
A
15
Q
A
