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Chapter 7

ECON1000 Chapter 7.doc

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Department
Economics
Course
ECON 1000
Professor
Ardeshir Noordeh
Semester
Fall

Description
Chapter 7: Global Markets in Action The goods and services that we buy from other countries are imports, and the goods and services that we sell to people are our exports. Comparative Advantage is the fundamental force that drives international trade. It is the situation in which a person can perform an activity or produce a good or service at a lower opportunity cost than anyone else. National Comparative Advantage is when a national c an perform an activity or produce a god or service at a lower opportunity cost than any other nation. Gains and losses from Imports: We measure the gains and losses from imports by examining their effects on consumer surplus, produce surplus, and total surplus. International Trade Restrictions: Governments use four sets of tools to influence international trade and protect domestic industries from foreign competition: -Tariffs -Import Quotas -Other import barriers -Export subsidies Tariffs: A tax on a good that is imposed by the importing country when an imported good crosses its international boundary. Impor
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