Ch. 9 Flashcards
1
Q
domestic demand curve
A
shows the quantity of a good that all domestic consumers added together plan to buy, at each price
2
Q
domestic supply curve
A
shows the quantity of a good that all domestic suppliers added together plan to sell, at each price
3
Q
export
A
to sell goods or services to foreign buyers
4
Q
globalization
A
the increasing economic, political and cultural integration of different countries
5
Q
import
A
To buy goods or services from foreign sellers
6
Q
import quota
A
A limit on the quantity of a good that can be imported
7
Q
tariff
A
A tax on imported products
8
Q
trade costs
A
The extra costs incurred as a result of buying or selling internationally, rather than domestically
9
Q
world price
A
