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Definition
| The value of exports minus the value of imports |
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| Repeatedly performing the same task and becoming more productive at producing a particular good or service |
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| Dynamic Comparative Advantage |
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Definition
| A comparative advantage that a person or country obtains by specializing in an activity, resulting from learning-by-doing |
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Definition
| A tax on a good that is imposed by the importing countryu when an imported good crosses its international boundary |
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| Any action other than a tariff that restricts international trade |
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Definition
| A specified maximum amount of a good that may be imported in a given period of time |
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Definition
| The argument that it is necessary to protect a new industry to enable it to grow into a mature industry that can compete in world markets |
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Definition
| When a foreign firm sells its exports at a lower price than the price in the foreign firm's domestic market |
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Definition
| Lobbying and other political activity that seeks to capture gains from trade |
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| Describe the patters and trends in international trade |
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Definition
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| Explain why nations engage in international trade and why trade benefits all nations |
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| Explain how trade barriers reduces trade |
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Definition
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Term
| Explain the arguments used to justify trade barriers and show why they are incorrect but also why some barriers are hard to remove |
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