History Chapter 15-16-17-18

Chapters 15-16-17-18

39 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Organization established in 1995 that oversees GATT and other international trade agreements reseolves trade disputes and holds forums for further rounds of trade organization
World trade organization
Curve showing the combinations of two goods that can be consumed when a nation specialized in a particular good and trades with another nation
Consumption possibilities curve
Situation in which the price a firm charges in a foreign market is lower than either the price it chargers in its home markets or the production costs
Dumping
International agreement established in 1947 that has lowered trade barriers between the U.S. and other nations
General Agreement on Tariffs and Trade (GATT)
Rights issued by government to import goods
Import liscense
Government imposed limit on the quantity of a good that can be imported
Import Quota
Industries that are at an early stage of development
Infant industries
Knowledge and skills workers gain during production that increase productivity and lower cost
Learning by doing
Firms producing components of their goods and services in other countries
Outsourcing
A pricing scheme under which a firm decreases the price to drive rival firms out of business and increase the price when rival firms leave the market
Predatory pricing
Process under which a firm divides consumers into two or more groups and charges a different price when rival firms leave the market
Price discrimination
A tax on imported goods
Tariff
The rate at which units od one product can be exchangeed for units of another product
Terms of trade
A scheme under which an exporting country voluntarily decreases its exports
Voluntary export restraint
Profits investors earn when they sell stocks, bonds, real estate and other assets
Capital gains