Flashcards

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Tyler Tucker Inglês 12 flashcards

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1—exports
2importsbrings (goods or services) into a country from abroad for sale.
3Net exportsrefer to the value of a country's total exports minus the value of its total imports.
4Balance of tradeis the difference between a country's imports and its exports for a given time period
5Balance of trade deficitrepresents an outflow of domestic currency to foreign markets
6Balance of trade surplusA trade surplus occurs when the value of a country's exports exceeds that of its imports
7Production possibilities frontieris a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors
8Opportunity Costthe loss of potential gain from other alternatives when one alternative is chosen
9Specializationis when a nation or individual concentrates its productive efforts on producing a limited variety of goods.
10Comparative Advantageis an economic law referring to the ability of any given economic actor to produce goods and services at a lower opportunity cost that other economic actors
11Absolute advantageRefers to the ability of a party to producee a greater quantity of a greater quantity of a good, product, or service that competitors, using that same amount of resources.
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Descrição: FlashCards sobre Sem título, criado por Tyler Tucker em 08-12-2017.
Criado por: Tyler Tucker
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