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Study sets matching "ib economics sl international"

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Study sets matching "ib economics sl international"

35 terms
IB Economics SL - International Economics
anti-dumping
appreciation
balance of payments
barriers to trade
Legislation to protect an economy against the importing of a…
An increase in the value of a country's currency in a floatin…
The accounting record of all transactions (debits and credits…
Anything which prevents free trade between two countries, e.g…
anti-dumping
Legislation to protect an economy against the importing of a…
appreciation
An increase in the value of a country's currency in a floatin…
55 terms
IB Economics SL: International
Free Trade
Benefits of Free Trade
The World Trade Organization (WTO)
Criticisms of the WTO
It occurs in an environment where buyers and sellers can inte…
- Lower Prices... - Taking advantage of a comparative advantage…
It is an an international organization that aims to promote f…
- Inconsiderate to the needs of developing countries... - Biase…
Free Trade
It occurs in an environment where buyers and sellers can inte…
Benefits of Free Trade
- Lower Prices... - Taking advantage of a comparative advantage…
29 terms
IB SL International economics
Free Trade
Protectionism
Infant industry argument
Dumping
Trade between countries without government intervention or re…
When a government restricts trade
When a new industry is established it must be protected from…
Act of selling a good in foreign market at a price below the…
Free Trade
Trade between countries without government intervention or re…
Protectionism
When a government restricts trade
31 terms
IB economics international economics SL
free trade
WTO (World Trade Organisation)
protectionism
tariff
trade between countries that has no protectionist policies
the organisation facilitates and governs international trade…
any policy aimed at protecting domestic producers from imports
a tax on imports
free trade
trade between countries that has no protectionist policies
WTO (World Trade Organisation)
the organisation facilitates and governs international trade…
26 terms
International Economics IB SL
Economic Integration
Preferential Trade Agreements
bilateral agreement
multilateral agreement
economic cooperation between states
lowest level of economic integration; agreement between 2 or…
between two states
between more than two states
Economic Integration
economic cooperation between states
Preferential Trade Agreements
lowest level of economic integration; agreement between 2 or…
36 terms
IB Economics SL: International
free trade
exports
imports
absolute advantage
allows nations to exchange good with the absence of trade bar…
goods and services sold to overseas buyers
goods and services purchased by domestic households and firms
occurs when one country can produce more of a good or service…
free trade
allows nations to exchange good with the absence of trade bar…
exports
goods and services sold to overseas buyers
IB Economics SL: International Economics
benefits of trade
objectives of the WTO
functions of the WTO
administrative barriers
lower prices for consumers... greater choice for consumers... produ…
increase international trade by lowering trade barriers and p…
sets rules for global trading... administer trade agreements... be…
any administrative requirement that might prevent or reduce t…
benefits of trade
lower prices for consumers... greater choice for consumers... produ…
objectives of the WTO
increase international trade by lowering trade barriers and p…
44 terms
IB Economics SL: International Economics
lower prices for consumers... greater cho…
increase international trade by loweri…
sets rules for global trading... administ…
any administrative requirement that mi…
benefits of trade
objectives of the WTO
functions of the WTO
administrative barriers
lower prices for consumers... greater cho…
benefits of trade
increase international trade by loweri…
objectives of the WTO
41 terms
IB SL Economics: International
Trade
Factor Endowments
Foreign Exchange
World Trade Organisation
The buying and selling of goods and services across internati…
Differences in quantities and qualities of factors of product…
When countries sell goods and services to other countries, th…
An international organisation that provides the institutional…
Trade
The buying and selling of goods and services across internati…
Factor Endowments
Differences in quantities and qualities of factors of product…
25 terms
IB Economics SL International Economics
Specialization
Free Trade
Trade Balance
Trade Surplus
occurs when a firm or nation concentrates many of its factor…
when resources are exchanged between nations without any form…
Net export revenue calculated by the equation of a nation's e…
when a nation's export revenue exceeds that of import spending
Specialization
occurs when a firm or nation concentrates many of its factor…
Free Trade
when resources are exchanged between nations without any form…
35 terms
IB Economics SL - International Economics
anti-dumping
appreciation
balance of payments
barriers to trade
Legislation to protect an economy against the importing of a…
An increase in the value of a country's currency in a floatin…
The accounting record of all transactions (debits and credits…
Anything which prevents free trade between two countries, e.g…
anti-dumping
Legislation to protect an economy against the importing of a…
appreciation
An increase in the value of a country's currency in a floatin…
41 terms
International Economics Definitions IB SL
Trade
WTO
Protectionism
Tariff
buy and selling of goods and services from other countries
World Trade Organisation - sets rules for global trading:... han…
means by which trade between countries is restricted in some…
tax on imported goods - increase prices and make it less comp…
Trade
buy and selling of goods and services from other countries
WTO
World Trade Organisation - sets rules for global trading:... han…
44 terms
IB Economics SL: International Economics
benefits of trade
objectives of the WTO
functions of the WTO
administrative barriers
lower prices for consumers... greater choice for consumers... produ…
to increase international trade by lowering trade barriers an…
sets rules for global trading... administer trade agreements... pro…
any administrative requirement that might prevent or reduce t…
benefits of trade
lower prices for consumers... greater choice for consumers... produ…
objectives of the WTO
to increase international trade by lowering trade barriers an…
71 terms
IB Economics International & Development SL
Specialization
Exchange Rate
Foreign exchange
Trade protection
occurs when a country or a firm concentrates production on on…
the rate at which one currency can be exchanged for another,…
refers to foreign national currency
government intervention in international trade through the im…
Specialization
occurs when a country or a firm concentrates production on on…
Exchange Rate
the rate at which one currency can be exchanged for another,…
35 terms
IB Economics SL - International Economics
anti-dumping
appreciation
balance of payments
barriers to trade
Legislation to protect an economy against the importing of a…
An increase in the value of a country's currency in a floatin…
The accounting record of all transactions (debits and credits…
Anything which prevents free trade between two countries, e.g…
anti-dumping
Legislation to protect an economy against the importing of a…
appreciation
An increase in the value of a country's currency in a floatin…
44 terms
IB Economics SL: International Economics
benefits of trade
objectives of the WTO
functions of the WTO
administrative barriers
lower prices for consumers... greater choice for consumers... produ…
to increase international trade by lowering trade barriers an…
sets rules for global trading... administer trade agreements... pro…
any administrative requirement that might prevent or reduce t…
benefits of trade
lower prices for consumers... greater choice for consumers... produ…
objectives of the WTO
to increase international trade by lowering trade barriers an…
71 terms
IB Economics International & Development SL
Specialization
Exchange Rate
Foreign exchange
Trade protection
occurs when a country or a firm concentrates production on on…
the rate at which one currency can be exchanged for another,…
refers to foreign national currency
government intervention in international trade through the im…
Specialization
occurs when a country or a firm concentrates production on on…
Exchange Rate
the rate at which one currency can be exchanged for another,…
18 terms
IB Economics SL (International Trade)
Absolute Advantage
Comparative Advantage
Free Trade
Protectionism
An individual, firm or country uses less resources to produce…
A country has a comparative advantage in producing a good ove…
Trade in which goods can be imported and exported without any…
The strategy where governments impose trade barriers to prote…
Absolute Advantage
An individual, firm or country uses less resources to produce…
Comparative Advantage
A country has a comparative advantage in producing a good ove…
71 terms
IB Economics International & Development SL
Specialization
Exchange Rate
Foreign exchange
Trade protection
occurs when a country or a firm concentrates production on on…
the rate at which one currency can be exchanged for another,…
refers to foreign national currency
government intervention in international trade through the im…
Specialization
occurs when a country or a firm concentrates production on on…
Exchange Rate
the rate at which one currency can be exchanged for another,…
53 terms
IB SL Economics (International and Development)
Factor Endowments
Specialization
Free trade
Tariff
factors of production that a country has available to produce…
exists when a country specializes in the production of goods…
international trade that takes place without any barriers suc…
a duty that is placed upon imports to protect domestic indust…
Factor Endowments
factors of production that a country has available to produce…
Specialization
exists when a country specializes in the production of goods…
37 terms
IB Economics SL Vocabulary: International Economics
specialization
factor endowments
free trade
protectionism
occurs when an individual, a firm or a country concentrates p…
factors of production that a country is 'endowed with' or pos…
the absence of government intervention of any kind in interna…
involves government intervention in international trade throu…
specialization
occurs when an individual, a firm or a country concentrates p…
factor endowments
factors of production that a country is 'endowed with' or pos…
21 terms
IB SL Economics (international + development)
Free trade
Protectionism
Dumping
Tariff
a market environment where buyers and sellers can make transa…
the placement of legal restrictions on international trade, i…
the selling of goods to another country below the original do…
an import tax placed on a good produced abroad
Free trade
a market environment where buyers and sellers can make transa…
Protectionism
the placement of legal restrictions on international trade, i…
71 terms
IB Economics International & Development SL
Specialization
Exchange Rate
Foreign exchange
Trade protection
occurs when a country or a firm concentrates production on on…
the rate at which one currency can be exchanged for another,…
refers to foreign national currency
government intervention in international trade through the im…
Specialization
occurs when a country or a firm concentrates production on on…
Exchange Rate
the rate at which one currency can be exchanged for another,…
34 terms
IB Economics SL International Terms
International Trade
Free Trade
Exports
Imports
The buying and selling of goods and services across country b…
A market environment where buyers and sellers can make transa…
The selling of goods and services to buyers outside the country
The buying of goods from sellers outside the country
International Trade
The buying and selling of goods and services across country b…
Free Trade
A market environment where buyers and sellers can make transa…
27 terms
IB International/Development Economics SL
Benefits of trade (4)
Absolute advantage v. Comparative adva…
Aims of WTO (5)
Criticism of WTO (3)
1. Lower prices... 2. Increased variety/choice... 3. Acquisition of…
1. One country can produce more of a given product with the l…
1. Trade without discrimination... 2. Freer trade through negoti…
1. Poor nations are misrepresented... 2. Not everyone benefits e…
Benefits of trade (4)
1. Lower prices... 2. Increased variety/choice... 3. Acquisition of…
Absolute advantage v. Comparative adva…
1. One country can produce more of a given product with the l…
91 terms
IB Economics SL International & Development
Specialization
Exchange Rate
Foreign exchange
Trade protection
occurs when a country or a firm concentrates production on on…
the rate at which one currency can be exchanged for another,…
refers to foreign national currency
government intervention in international trade through the im…
Specialization
occurs when a country or a firm concentrates production on on…
Exchange Rate
the rate at which one currency can be exchanged for another,…
53 terms
IB SL Economics (International and Development)
Factor Endowments
Specialization
Free trade
Tariff
factors of production that a country has available to produce…
exists when a country specializes in the production of goods…
international trade that takes place without any barriers suc…
a duty that is placed upon imports to protect domestic indust…
Factor Endowments
factors of production that a country has available to produce…
Specialization
exists when a country specializes in the production of goods…
35 terms
IB Economics (HL & SL) - International Economics
Free Trade
Specialization
Absolute Advantage
Comparative Advantage
When there are no trade barriers between countries
When an individual, firm, or country concentrations productio…
When a country can use fewer resources to produce a G+S than…
When a country can produce a good at a lower opportunity cost…
Free Trade
When there are no trade barriers between countries
Specialization
When an individual, firm, or country concentrations productio…
33 terms
International & Development Definitions, IB Economics SL
Current account surplus
Current account
Current account deficit
Balance of payments
When a country has more exports than imports and they can use…
The flow of imports and exports in and out of a macro economy.
When a country has more imports than exports so they have to…
The measure of the flow of money in and out of the macro econ…
Current account surplus
When a country has more exports than imports and they can use…
Current account
The flow of imports and exports in and out of a macro economy.
10 terms
IB Economics SL - International Economics - 24. Free Trade & Protectionism
Quota
Tariff
Subsidy
Voluntary Export Restaints (VERs)
a physical limit on the number or value of goods that can be…
a tax that is charged on imported goods
an amount of money paid by the government to a firm, per unit…
agreements between exporting and importing countries in which…
Quota
a physical limit on the number or value of goods that can be…
Tariff
a tax that is charged on imported goods
48 terms
IB Economics SL - Microeconomics
ad valorem tax
allocative efficiency
ceteris paribus
common access resources
An indirect tax where a given percentage is added to the pric…
Occurs where the marginal social cost of producing a good is…
A latin expression meaning 'let all other things remain equal…
Resources which have properties similar to public goods in th…
ad valorem tax
An indirect tax where a given percentage is added to the pric…
allocative efficiency
Occurs where the marginal social cost of producing a good is…
64 terms
IB Economics SL - Macroeconomics
aggregate demand
aggregate supply
automatic stabilisers
balanced budget
Total spending in the economy, made up of consumption, invest…
The total amount of domestic goods and services supplied by b…
Features of government fiscal policy, e.g. unemployment benef…
A situation that exists when planned government spending is e…
aggregate demand
Total spending in the economy, made up of consumption, invest…
aggregate supply
The total amount of domestic goods and services supplied by b…
48 terms
IB Economics SL - Microeconomics
ad valorem tax
allocative efficiency
ceteris paribus
common access resources
An indirect tax where a given percentage is added to the pric…
Occurs where the marginal social cost of producing a good is…
A latin expression meaning 'let all other things remain equal…
Resources which have properties similar to public goods in th…
ad valorem tax
An indirect tax where a given percentage is added to the pric…
allocative efficiency
Occurs where the marginal social cost of producing a good is…
IB Economics SL - International Economics - 24. Free Trade & Protectionism
Quota
Tariff
Subsidy
Voluntary Export Restaints (VERs)
a physical limit on the number or value of goods that can be…
a tax that is charged on imported goods
an amount of money paid by the government to a firm, per unit…
agreements between exporting and importing countries in which…
Quota
a physical limit on the number or value of goods that can be…
Tariff
a tax that is charged on imported goods
IB Economics SL - International Economics - 24. Free Trade & Protectionism
Quota
Tariff
Subsidy
Voluntary Export Restaints (VERs)
a physical limit on the number or value of goods that can be…
a tax that is charged on imported goods
an amount of money paid by the government to a firm, per unit…
agreements between exporting and importing countries in which…
Quota
a physical limit on the number or value of goods that can be…
Tariff
a tax that is charged on imported goods
77 terms
IB International Economics (HL)
Free Trade
Benefits of Free Trade
Economies of Scale
Absolute Advantage
No protection on goods from other nations (international trad…
1. Allows specialization of resources increasing output ... 2. I…
the idea of obtaining larger production returns through the u…
A country has an absolute advantage in the production of a go…
Free Trade
No protection on goods from other nations (international trad…
Benefits of Free Trade
1. Allows specialization of resources increasing output ... 2. I…
64 terms
IB Economics SL - Macroeconomics
aggregate demand
aggregate supply
automatic stabilisers
balanced budget
Total spending in the economy, made up of consumption, invest…
The total amount of domestic goods and services supplied by b…
Features of government fiscal policy, e.g. unemployment benef…
A situation that exists when planned government spending is e…
aggregate demand
Total spending in the economy, made up of consumption, invest…
aggregate supply
The total amount of domestic goods and services supplied by b…
159 terms
IB SL Economics Glossary
Scarcity
Land
Labour
Capital
A situation where unlimited wants exist but the resources ava…
All natural resources, including all land
Physical and mental effort that people contribute to the prod…
Physical capital, man-made factor of production used to produ…
Scarcity
A situation where unlimited wants exist but the resources ava…
Land
All natural resources, including all land
International IB SL
Free trade
Absolute advantage
Comparative advantage
Protectionism
a market environment where buyers and sellers can make transa…
the situation that occurs in comparative advantage theory, wh…
when a country produces a good at a lower domestic opportunit…
the placement of legal restrictions on international trade, a…
Free trade
a market environment where buyers and sellers can make transa…
Absolute advantage
the situation that occurs in comparative advantage theory, wh…
77 terms
IB International Economics (Revision)
Free Trade
Benefits of Free Trade
Economies of Scale
Absolute Advantage
No protection on goods from other nations (international trad…
1. Allows specialization of resources increasing output ... 2. I…
the idea of obtaining larger production returns through the u…
A country has an absolute advantage in the production of a go…
Free Trade
No protection on goods from other nations (international trad…
Benefits of Free Trade
1. Allows specialization of resources increasing output ... 2. I…
47 terms
Ib economics micro SL
Economics
Opportunity cost
Land
Labour
Allocation of resources to meet infinite wants
The difference between the best option and next best option o…
Any raw material used in production.
Human resources paid wages to work
Economics
Allocation of resources to meet infinite wants
Opportunity cost
The difference between the best option and next best option o…
65 terms
Economics SL - International
What is trade?
What are the benefits of trade?
What is the World Trade Organization (…
Functions of WTO?
Buying and selling goods/services across international borders.
-Specialization - concentrating on the production of a certai…
It is an international organization the provides the institut…
- Liberalizing trade... - Provides a forum for trade negotiation…
What is trade?
Buying and selling goods/services across international borders.
What are the benefits of trade?
-Specialization - concentrating on the production of a certai…
66 terms
IB Economics SL: Microeconomics
Market Economy
Command Economy
Mixed Economy
Production Possibility Curve (PPC)
One where households and firms, each acting in their own self…
One where the state, king, or the governing body determines w…
One where both individuals and firms, alongside the economies…
It refers to an economy with a fixed amount of resources that…
Market Economy
One where households and firms, each acting in their own self…
Command Economy
One where the state, king, or the governing body determines w…
23 terms
Economics SL International Economics
the exchange of goods and services bet…
When goods and services are allowed to…
1. Lower production costs and lower pr…
1. Consumer Choice - consumers value g…
International Trade
Free Trade
Economic Reasons on Why Countries Trade
Non-economic Reasons:
the exchange of goods and services bet…
International Trade
When goods and services are allowed to…
Free Trade
12 terms
IB SL Economics Key Terms - 3.1 International Trade
Free trade
WTO
Trade protection
Tariff
International trade between countries without tariffs, quotas…
World Trade Organisation is a global international organisati…
The deliberate attempt to limit imports or promote exports by…
A tax or duty paid on a particular class of imports or exports.
Free trade
International trade between countries without tariffs, quotas…
WTO
World Trade Organisation is a global international organisati…
57 terms
IB Economics SL: Microeconomics
Economics
Scarcity
Opportunity Cost
Services
the study of how individuals and groups make decisions regard…
little of something available, rare, limited quantity. Key Pr…
the value of the next best alternative that is foregone. What…
intangible products, such as a haircut or insurance and again…
Economics
the study of how individuals and groups make decisions regard…
Scarcity
little of something available, rare, limited quantity. Key Pr…
47 terms
IB Economic SL definitions
market
demand
Law of demand
market demand
any kind of arrangement where buyers and sellers of any parti…
the quantity of a good or service that consumers are willing…
As the price of a product falls, the quantity demanded of the…
sum of all individual consumers demands for a particular good…
market
any kind of arrangement where buyers and sellers of any parti…
demand
the quantity of a good or service that consumers are willing…
99 terms
IB Economics Vocabulary (SL)
Ad valorem tax
Administrative obstacles (regulatory b…
Aggregate Demand
Aggregate Supply
An indirect tax expressed as a percentage of the price of a p…
Government or administrative regulations or requirements that…
Total planned spending on domestic goods and services at vari…
The level of planned output of goods and services at various…
Ad valorem tax
An indirect tax expressed as a percentage of the price of a p…
Administrative obstacles (regulatory b…
Government or administrative regulations or requirements that…
35 terms
IB SL International Trade
Barrier to trade
Economies of scale
Free Trade
Over-specialization
Anything which prevents free trade between two countries, e.g…
A fall in average costs in the long run.
Takes place between countries when there are no barriers to t…
When a country becomes over dependent on the export sales of…
Barrier to trade
Anything which prevents free trade between two countries, e.g…
Economies of scale
A fall in average costs in the long run.
77 terms
IB International Economics
Free Trade
Benefits of Free Trade
Economies of Scale
Absolute Advantage
No protection on goods from other nations (international trad…
1. Allows specialization of resources increasing output ... 2. I…
the idea of obtaining larger production returns through the u…
A country has an absolute advantage in the production of a go…
Free Trade
No protection on goods from other nations (international trad…
Benefits of Free Trade
1. Allows specialization of resources increasing output ... 2. I…
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