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24問 • 1年前

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refer to direct financial assistance provided by a government to its domestic industries .These aim to boost the competitiveness of local businesses by reducing their production costs.

cash grants

refer to financial assistance provided by a government to its domestic industries in the form of loans with favorable interest rates

low-interest loans

also known as tax incentives or tax deductions, refer to reductions in the amount of taxes that individuals or businesses owe to the government.

tax breaks

it is when the government intentionally buys goods or services from domestic industries to support and stimulate the local economy.

government purchases

he found that U.S. exports were less capital intensive than U.S. imports since this result was at variance with the predictions of trade theory, it became known as the _____

Leontief Paradox

he found that U.S. exports were less capital intensive than U.S. imports since this result was at variance with the predictions of trade theory, it became known as the Leontief Paradox.

Wassily Leontief

theorized that since the U.S. was relatively abundant in capital compared to other nations, the U.S. would be an exporter of capital-intensive goods and an importer of labor-intensive goods.

Wassily Leontief

This theory explains why countries trade goods and services with each other, the emphasis being on the difference of resources between countries

Heckschers-Ohlin Theory (H-O theory)

also known as the resources and trade theory, which was developed in the 1920s

Heckschers-Ohlin Theory (H-O theory)

Comparative advantage focuses on the relative productivity differences, whereas absolute advantage looks at the absolute productivity.

David Ricardo

he reasoned that even if a country had the absolute advantage in the production of several products, specialization and trade can still happen between two countries.

David Ricardo

English economist, introduced the theory of comparative advantage in 1817.

David Ricardo

Through his book, Wealth of Nations, he illustrated that a freely conducted trade (free trade) was much better than the mercantile doctrine as it would benefit most parties

Adam Smith

He viewed mercantilism as not freely initiated and did not bring benefits to all parties.

Adam Smith

mercantilism was rather a political movement mostly motivated by economic gains of states.

Adam Smith

Father of Modern Economics

Adam Smith

a concept that involves the reduction or elimination of barriers to international trade, such as tariffs, quotas, subsidies, and prohibitions.

Free trade

based on the principle of minimizing restrictions on international trade to foster economic efficiency and global collaboration.

Free trade

increased access to higher-quality, lower-priced goods, leading to greater overall economic efficiency and innovation in production.

Free trade

to a specific region wherein a group of countries signs a trade agreement that seals the economic cooperation among them.

Free Trade Area

to bring down barriers in trading, specifically tariffs and import quotas, and encourage the free trade of goods and services among its member countries.

Free Trade Area

supports the idea that engaging in international trade is advantageous for a country, even for products it can manufacture domestically.

Trade theory

a key aspect, where trade blocs aim to eliminate tariffs and other obstacles, fostering increased commerce and economic integration

Free Trade

characterized by the elimination or substantial reduction of tariffs and trade barriers between participating countries while allowing them to maintain individual external trade policies.

Free Trade Area

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Lydster Joy Baquero Alonzo · 24問 · 1年前

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