Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
autarky imports exports absolute advantage comparative advantage terms of trade tariff quota infant industry dumping | One country can produce more of a good than another country A country that does not engage in international trade, also known as a closed economy An industry so underdeveloped that protection is needed for it to become competitive on the world stage or to ensure its survival The ratio of the price of exported goods to the price of imported goods (Px/Pm) Goods and services that are purchased from abroad A government set limit on the quantity of imports into a country Goods and services that are sold abroad Selling goods abroad at lower prices than in home markets, and often below cost A tax on imported products. When a country taxes imported products, it drives a wedge between the product’s domestic price and its price on the world market One country has a lower opportunity cost of producing a good than another country |