UNIT 2: INTERNATIONAL TRADE

The purchase, sale, or exchange of goods and services across national borders is called (a)  

A trade theory which holds that a government can improve the economic well-being of the country by encouraging exports and stifling imports to accumulate wealth in the form of precious metals

(a)  

(a)   is the condition that results when the value of a nation's exports is greater than the value of imports

A condition that results when the value of a country's imports is greater than the value of its exports is called (a)  

Sendings goods to another country for sale or trade is called a (a)  

A trade theory which holds that nations can increase their economic well-being by specialising in goods that they can produce more efficiently than anyone else is called (a)  

Bringing in goods from another country for sale or trade is called (a)  

(a)   is a trade theory which holds that nations should produce those goods for which they have the greatest relative advantage.

A trade theory which holds that nations will produce and export products that use large amounts of production factors that they have in abundance and will import products requiring a large amount of production factors that they lack

(a)  

Financial assistance to domestic producer in the form of cash payments, low-interest loans, tax breaks, product price supports, or some other form is called (a)