economics thingy

What are the impacts and are impacted by global events?

• supply and demand

• global economy

• prices

• all the above

a product that is sold to the global market

• export

• import

• specialization

• global economy

is a product brought from the global market

• specialization

• supply

• import

• export

an international trade

• demand

• specialization

• supply

• export

economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners

• absolute advanatge

• comparative advantage

• global economy

• supply and demand

leads to unambiguous gains from specialization and trade only in cases wherein each producer has an absolute advantage in producing some good

• consumers

• comparative advantage

• imports and exports

• absolute advantage

is simpler between the two theories

• free trade

• protectionism

• none of the above

sometimes referred to as laissez-faire economics; there are no restrictions on trade. Main idea is that supply and demand factors, operating on a global scale, will ensure that production happens efficiently

• global trade

• import and exports

• protectionism

• free trade

holds that regulation of international trade is important to ensure that markets function properly

• free trade

• protectionism

• comparative advantage

• absolute advantage

What Are the Benefits of International Trade for a Business?

• larger potential customer base

• possibly less competition in a foreign market

• diversification

• all the above