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Flashcards in WT Deck (35):
1

Comparative advantage, partial specialization, export

The theory of comparative advantage it is possible to have imperfect specialization and exportation of an product

2

Factor abundance, comparative advantage, intensive use of input

Hecksher-Ohlin explain comparative advantage by focusing on the differences in the factor abundance and emphasizing the intensive opposition/application of common and cheap factors of production in a country

3

Two countries, two products, use of all inputs of production

The theories on foreign trade presume that trade involves tro countries, two products, and the application of all factors of production

4

Trade deficit, balance of trade, trade surplus

In the analysis of foreign trade, it is better to raise trade surplus than trade deficit

5

Protectionism

Trade barriers

6

Regional organizations

APEC

7

Asia pacific Region

APEC

8

Liberalization

Dismantling trade barriers

9

Deregulation

Oil industry

10

Limit on quantities traded

Quota restrictions

11

Cultural

Homogenization

12

Social safety nets

Liberalization

13

Tariffs

Tax

14

ASEAN

Association of southeast asian nation

15

WTO

World trade organization

16

RU

European Union

17

IMF

International Monetary Fund

18

APEC

Asia-Pacific Economic Corporation

19

Liberalization

Refers to the relation of government restrictions in the economy

20

Privatization

Refers to the transfer of assets or service functions from public-private ownership

21

Deregulation

Refers to the government promotions of greater competition in an industry

22

Safety net

Refer to the financial and social support from the government when prevent the the poor from being affected by economic crisis

23

Protectionism

Aims to protect local industries from foreign competition

24

Trade barriers

Government imposed restrictions that raise the prices of the traded products and reduce overall trade

25

An economic activity involving the processing of raw materials to produce new items

Industry

26

Changing the method of production from manual to chemical

Industrialization

27

Production of new items from raw materials

Manufacturing

28

Industry involving the building or repair of structures and infrastructure

Construction

29

The practice of extracting minerals from the mines

Mining

30

Economic activity that involves extraction of building stone, slate, or lime stone from open excavation

Quarrying

31

Lack of workers with sufficient knowledge and experience that meet job requirements in industries

Skills gap

32

Any economic activity or business that earns at most P100,000 and employs at most 200 workers

Micro small and medium enterprises
MSME

33

A program of the DTI that promotes entreneurship and employment generation in the philippines

OTOP

34

Intellectual property right invention

Patent

69

Specialization, efficient, absolute adventage

The specialization in manufacturing a product where a country is more efficient is the important part of smith's theory on absolute advantage