POLS1005 Study Guide - Final Guide: Proxy War, Asymmetric Warfare, Absolute Advantage
19 Jul 2018
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Chapter 7: comparative advantage: the ability of a country or firm to produce a particular good or service more efficiently than other goods or services such that its resources are most efficiently employed in this activity. Thus, a labor-rich country will export goods that make intensive use of labor: protectionism: the imposition of barriers to restrict imports, trade barriers: government limitations on the international exchange of goods. This view flows from the ho approach: if a country imports goods that make intensive use of its scarce factor, then limiting imports will help that factor. The wto encourages and polices the multilateral reduction of barriers to trade, and it oversees the resolution of trade disputes: general agreement on tariffs and trade (gatt): an international institution created in. 1947 in which member countries committed to reduce barriers trade and to provide similar trading conditions to all other members.
