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Level 40

Political Economy of International Trade


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compaction
Form something by pressing or "packing" it's particles firmly together. The weight of the sediments on top squashes the sediments at the bottom.
Tariff
tax on imported or exported goods
Specific Tarffs
fixed charge per unit of imported good
Subsidy
A government payment that supports a business or market
Import Quota
A limit on the amount of a good that can be imported
Tariff Rate Quota
lower tariff to imports within the quota than those over
Voluntary Export Restraints
quota on trade at the request of country
Quota Rent
profit when supply is limited by import quota
Local Content Requirement
a requirement that some specific fraction of a good be produced domestically
Administrative Trade Policies
Bureaucratic rules designed to make it difficult for imports to enter a country
autotroph / primary producer
An organism that uses energy from the sun or chemicals and converts it into forms that living cells can use; first produces its own food, energy-rich compounds that are later used by other organisms
Anti-Dumping policies
or countervailing duties, are deigned to punish for dumping.
Why countries place barriers?
protect jobs, protect culture and identity, not have unfair competition, bettering goals of foreign policy, & considering best interests of countries
beggar-thy-neighbor
one country seeks a solution to its economic problems at the expense of other countries
strategic trade policy
use of trade barriers to reduce the risk inherent in product development by domestic firms, particularly that involving advanced technology
infant industry
Which argument for government intervention suggests that an industry should be protected until it can develop and be viable and competitive internationally?