Unit 5 (trade and the world economy *1) Flashcards
1
Q
Trade
A
Exporting and importing
2
Q
Comparative advantage
A
The ability for a country to produce a product better than another country
3
Q
Complementarity
A
The ability for countries who hold comparative advantages to link together to satisfy each others wants
4
Q
Neoliberalism
A
Economic ideology that promotes free trade
5
Q
Free trade
A
Trade between countries with lower tariffs
