International economics Flashcards by An Le

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What is Free Trade?

Trade of goods and services between countries without any restrictions or government intervention

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What is Protectionism?

Barriers that prevent the free trade of goods and services

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What is Absolute advantage?

A country has an absolute advantage over another when it is able to produce a good at lower cost/with fewer resources

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What is Comparative advantage?

A country has a comparative advantage over another when it is able to produce a good at lower opportunity cost

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International economics Flashcards

(4 cards)