12.6: Key Terms

Microeconomics 1e · LibreTexts

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    From LibreTexts, under CC BY-NC-SA 3.0, as the source states it; its equations are written in TeX, which the PDF shows typeset. This page at LibreTexts.

    Example and Directions
    Words (or words that have the same definition)The definition is case sensitive(Optional) Image to display with the definition [Not displayed in Glossary, only in pop-up on pages](Optional) Caption for Image(Optional) External or Internal Link(Optional) Source for Definition
    (Eg. "Genetic, Hereditary, DNA ...")(Eg. "Relating to genes or heredity")IllustrationThe infamous double helix https://bio.libretexts.org/CC-BY-SA; Delmar Larsen
    Glossary Entries
    Word(s)DefinitionImageCaptionLinkSource
    absolute advantagewhen one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country    
    gain from tradea country that can consume more than it can produce as a result of specialization and trade    
    intra-industry tradeinternational trade of goods within the same industry    
    splitting up the value chainmany of the different stages of producing a good happen in different geographic locations    
    tariffstaxes that governments place on imported goods    
    value chainhow a good is produced in stages    

    This page titled 12.6: Key Terms was last modified on Mon, 22 Jul 2024 17:23:31 GMT and is shared under a CC BY-NC-SA 3.0 license and was authored, remixed, and/or curated by Staff.