AGR 110 Chapter Notes - Chapter 12: Comparative Advantage, Opportunity Cost, North American Free Trade Agreement
51 views2 pages
Document Summary
Free trade carries many of the same implications as perfect competition: it is a hard-to-reach objective that can make many individuals better off. Economic examples of globalization: north american free trade agreement (nafta, 2011 free trade agreement between the us and south korea, adoption of the euro as the official currency of 17 european nations. Trade barriers: laws and regulations to restrict the flow of goods and services across international borders, including tariffs, duties, quotas, and import and export subsidies. Tariff: a tax on imports of a good. Import quota: a trade restriction that sets a physical limit on the quantity of a good that can be imported during a given time period. Concept of do what you do best . Absolute advantage: lower costs of production for a specific good or service. Opportunity cost: the real cost of an item.
Get access
Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers