Set: Comparative Advantage and the Open Economy

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All 5 terms

TermDefinition
Why do nations trade?Absolute Advantage
What is comparative advantage?the ability to produce a specific product more efficiently than any other product
What are reasons for free trade?lower prices; more choices; more jobs; efficiency to do what you do well
Arguments against free trade?hurts U.S. jobs; protect weak industry: infant industry argument; Lower U.S. standard of living -when we help a developing nation by trading with them so much that their standard of living goes up, ours goes down until we are equal.; national security; straighten out other nations
What does GATT stand for?General Agreement of Tariffs and Trade
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Set Information

Terms 5
Creator JujiG
Created December 2, 2008
Groups None
Subject Economics
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Most Missed Words

  1. Why do nations trade? Absolute Advantage - 2 misses
  2. Arguments against free trade? hurts U.S. jobs; protect weak industry: infant industry argument; Lower U.S. standard of living -when we help a developing nation by trading with them so much that their standard of living goes up, ours goes down until we are equal.; national security; straighten out other nations - 1 miss
  3. What are reasons for free trade? lower prices; more choices; more jobs; efficiency to do what you do well - 1 miss
  4. What is comparative advantage? the ability to produce a specific product more efficiently than any other product - 1 miss
  5. What does GATT stand for? General Agreement of Tariffs and Trade - 1 miss