BUSN 110 Study Guide - Midterm Guide: Protectionism, Strategic Alliance, General Agreement On Tariffs And Trade
Document Summary
The benefit a country has in a given a basic measure of the difference in value between a shortfall that occurs when the total value of a nation"s overage that occurs when the total value of a nation"s. Opportunity cost the opportunity of giving up the second best choice when making a decision. Absolute advantage the benefit a country has in a given industry when it can produce more of a product than other nations using the same amount of resources. Comparative advantage industry if it can make products at a lower opportunity cost than other countries. Balance trade nation"s exports and imports, including both goods and services. Trade surplus exports is higher than the total value of its imports. Trade deficit imports is higher than the total value of its exports. Balance of payments a measure of the total flow of money into or out of a country.
