Th4: Definitions 5 Flashcards
1
Q
Trade liberalisation
A
reduction or removal of protectionist policies
2
Q
Trading bloc
A
a group of countries that reduce or remove trade barriers between them
3
Q
Transfer payments
A
government spending for which there is no corresponding output, where money is taken from one group and given to another
4
Q
Transfer pricing
A
where firms manipulate the price of their good so that profit is increased in areas of low tax
5
Q
Unit labour costs
A
the cost of employing workers for each unit of a good
total wages
—————-
real output
