Chap 20 Flashcards
1
Q
when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
A
absolute advantage
2
Q
a country that can consume more than it can produces as a result of specialization and trade
A
gain from trade
3
Q
international trade of goods within the same industry
A
intra-industry trade
4
Q
many of the different stages of producing a good happen in different geographic locations
A
splitting up the value chain
5
Q
taxes that governments place on imported goods
A
tariffs
6
Q
how a good is produced in stages
A
value chain