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INTERNATIONAL TRADE - Coggle Diagram
INTERNATIONAL TRADE
Trade barriers
Tariff: a tax on imported goods/ services →generate revenue, protect domestic producers, and balance trade https://s.net.vn/Qd4P
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Import quota: is the case when the government imposes a limit to the amount of a goods that a country might import during a certain period https://s.net.vn/6J6d
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Non-tariff barriers
Technical barriers to trade: limit trade by regarding hygiene, health and safety
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Basic concepts
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Absolute advantage: The ability of a person/ country to produce a good using less input than other person/ country.
Comparative advantage: The ability of a person/ country to produce a good with lower opportunity cost than other person/ country.
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Export policies
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Export quota: The government imposes a limit to the amount of a good/ service that might be export during a certain period.
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