Trade Flashcards
1
Q
What is free trade?
A
2
Q
What is absolute advantage?
A
3
Q
What is comparative advantage?
A
4
Q
Pros of comparative advantage
A
5
Q
Cons of comparative advantage
A
6
Q
Assumptions of comparative advantage
A
7
Q
3 factors affecting patterns of trade
A
8
Q
Terms of trade
A
9
Q
Factors affecting terms of trade
A
10
Q
Impacts of terms of trade
A
11
Q
What are trading blocks?
A
12
Q
Free trade area
A
13
Q
Customs union
A
14
Q
Common market
A
15
Q
Full economic union
A
