Economics
This is the point where supply and demand meet. This is what we pay for things.
What is the equilibrium/market price?
This is the measure of all goods and services produced by a country.
What is GDP?
These are taxes imposed by a local government on imports in order to protect local jobs.
What are tariffs?
Selling a good to another country at less than cost price?
What is dumping?
This is Canada's largest trading partner.
What is the United States?
When demand exceeds supply, prices go up. What is this called?
What is demand-pull inflation?
This is the term used when a country can produce a higher amount of a good than another country while using the same amount of resources.
What is absolute advantage?
When a country sets up trade barriers to protect their domestic companies, this is called...
What is protectionism?
Moving internal operations to a 3rd party is referred to as this?
What is outsourcing?
If a country has $5M in imports and $3M in exports, they are experiencing this:
What is a trade deficit?
This is the word used to describe the economic problem of limited resources for our unlimited needs and wants.
What is scarcity?
A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than a competitor.
What is comparative advantage?
A country limiting the number of cars that can be imported into their country in a given year is an example of this form of trade barrier.
What is a quota?
This type of investment usually occurs when a company in one country wishes to expand into another country. This can be done through either establishing a subsidiary operation or setting up a joint venture.
What is a foreign direct investment (FDI)?
GATT stands for this?
What is General Agreement on Tariffs and Trade?
The overall increase in prices is called this.
What is inflation?
In 1 hour, Evan can produce either 6 pencils or 12 pens. Evan's opportunity cost for producing 1 pen is this?
What is 0.5 pencils?
These are used to influence the political decisions and actions of other nations.
What are sanctions?
The amount of work that can be accomplished in a unit of time using the resources available?
What is productivity?
This practice takes advantage of cost differentials by relocating factories from costly countries to cheaper economies in order to sell the goods back at a hefty discount (and profit).
What is offshoring?
This is used to calculate inflation.
What is the consumer price index?
This is the term used to describe the cost of an alternative that must be forgone in order to pursue a certain action. It's an important concept when determining comparative advantage.
What is opportunity cost?
This is usually created as a result of unfavourable political or economic circumstances between nations.
What is an embargo? (Will accept boycotting)
The process by which international trade is made easier through a relaxation of the rules which govern it?
What is trade liberalization?
"Buying products may indirectly support governments or companies that violate human rights" is a result of which disadvantage to trade?
What are human rights violations?