Studied by 0 people
Free trade
________ in textiles could cause the price of textiles to fall, which would reduce the quantity of the textiles produced in Isoland.
Trade
________ allows production to be allocated and raises the living standard, whether it be at home or abroad.
International trade
________ allows productive firms to expand their markets.
small fire economy assumption
The ________ says that one country has little effect on the world's markets.
Tariffs
________ raise the prices of imported textiles above the world price and because of this, textiles are often priced depending upon the amount of the ________.
Economies of scale
________ are when some goods can be produced at lower costs only if they can be produced in large quantities.
infant industry
Economics are typically skeptical about the ________ argument.
Domestic producers consumers of a good
________ are better off, unlike domestic producers, who 're worse off.
Domestic prices
________ often rise when trading, in order to reach the world price.
International
________ increases the variety of goods, lowers the costs through economies of scale, increases competition, increases productivity, and enhances flows of ideas.
Tariff
________: a tax on goods produced abroad and sold domestically.
Tariffs
________ reduce the rate of consumption because of increased prices.
