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AGR 110 (10)
Chapter 12

AGR 110 Chapter 12: Chapter 12 notes
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Department
Agriculture
Course
AGR 110
Professor
Michelle Kibler
Semester
Spring

Description
Chapter 12 Vocabulary - 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: o North American Free Trade Agreement (NAFTA) o 2011 free trade agreement between the US and South Korea o 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 - International trade allows the US population to be more productive and efficient, since specializing in the production of a limited number of goods brings advantages in the production process o Adam Smith, an early Scottish economist, stated this in his 1776 book - Concept of “do what you do best” Absolute Advantage • Lowe
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