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Cards In This Set
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Organization established in 1995 that oversees GATT and other international trade agreements reseolves trade disputes and holds forums for further rounds of trade organization
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World trade organization
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Curve showing the combinations of two goods that can be consumed when a nation specialized in a particular good and trades with another nation
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Consumption possibilities curve
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Situation in which the price a firm charges in a foreign market is lower than either the price it chargers in its home markets or the production costs
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Dumping
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International agreement established in 1947 that has lowered trade barriers between the U.S. and other nations
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General Agreement on Tariffs and Trade (GATT)
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Rights issued by government to import goods
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Import liscense
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Government imposed limit on the quantity of a good that can be imported
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Import Quota
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Industries that are at an early stage of development
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Infant industries
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Knowledge and skills workers gain during production that increase productivity and lower cost
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Learning by doing
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Firms producing components of their goods and services in other countries
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Outsourcing
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A pricing scheme under which a firm decreases the price to drive rival firms out of business and increase the price when rival firms leave the market
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Predatory pricing
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Process under which a firm divides consumers into two or more groups and charges a different price when rival firms leave the market
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Price discrimination
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A tax on imported goods
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Tariff
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The rate at which units od one product can be exchangeed for units of another product
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Terms of trade
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A scheme under which an exporting country voluntarily decreases its exports
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Voluntary export restraint
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Profits investors earn when they sell stocks, bonds, real estate and other assets
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Capital gains
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