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Ch 6 Bus498
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Free Trade
Absence of barriers to the free flow of goods and services between countires
New Trade Theory
The observed patter of trade in the world economy may be due in part to the ability of firms in a given market to capture first-mover advantages
Mercantilism
An economic philosophy advocating that counties should simultaneously encourage exports and discourage imports
Zero-Sum Game
A situation in which an economic gain by one country results in an economic loss by another
Absolute Advantage
A country has an absolute advantage in the production of a product when it is more efficient than any other country at producing it
Constant Returns to Specialization
The units of resources required to produce a good are assumed to remain constant no matter where one is on a country's production possibility frontier
Factor Endowments
A country's endowment with resources such as land, labor, and capital
Economies of Scale
Cost advantages associated with large-scale production
First-Mover Advantages
Advantages accruing to the first to enter a market
Author
shesddeevl
ID
328796
Card Set
Ch 6 Bus498
Description
bus498 Exam 2 Terms
Updated
2017-02-23T02:45:49Z
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