Flashcard: Global Trade Fundamentals — 10 carte

International Trade — definition?

Exchange of goods/services across borders.

International Trade — definition?

Exchange of goods and services across borders.

Trade Milestones — example?

Silk Road connected East and West.

Goods — example?

Cars, clothing, machinery.

Absolute Advantage — role?

Indicates higher efficiency in production.

Services — example?

Healthcare, education, tourism.

Absolute Advantage — definition?

More efficient production using fewer resources.

Comparative Advantage — definition?

Lower opportunity cost in production.

Trade Barriers — examples?

Tariffs, quotas, subsidies.

Trade Agreements — purpose?

Reduce barriers, promote economic integration.