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BA 404 Global Business

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Global Business Questions & Answers

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  • 34 terms

    Term:

    The Mercantilists

    Definition:

    - European writers between 1500-1800 concerned with nation building - Central question: How a nation could regulate its domestic and international affairs to promote its own interests - Solution: favorable trade balance to increase domestic output and employment - Advocated government regulation of trade - Tariffs, quotas and other commercial policies proposed to minimize imports to protect nation's trade position

    • Chapter 2 - Foundations of Modern Trade Theory: Comparative Advantage
    • 34 terms
    • Vocabulary for Chapter 2 - Foundations of Modern Trade Theory: Comparative Advantage. Find, create, and access flashcards with Course Hero.
  • 24 terms

    Term:

    Factor-Endowment/Heckscher-Ohlin Theory

    Definition:

    Asserts that the immediate basis for trade is the difference between pre-trade relative product prices of trading nations - depend on the production possibilities curves and tastes and preferences (demand conditions) in the trading countries. Emphasizes the role of relative differences in resource endowments as the ultimate comparative advantage

    • Chapter 3 - Sources of Comparative Advantage
    • 24 terms
    • Vocabulary for Chapter 3 - Sources of Comparative Advantage. Find, create, and access flashcards with Course Hero.
  • 21 terms

    Term:

    Tariff

    Definition:

    -A tax levied on a product when it crosses national boundaries -Most widespread is the import tariff (custom duty) -Less common is the export tariff (promote scarcity and increase world price) - not allowed in U.S. per Consitution

    • Chapter 4 - Tariffs
    • 21 terms
    • Vocabulary for Chapter 4 - Tariffs. Find, create, and access flashcards with Course Hero.
  • 13 terms

    Term:

    Economic interdependence

    Definition:

    - Reflects the historical evolution of the worlds economic and political order - Is complex and uneven and requires international cooperation

    • Chapter 1 - The Int'l Economy & Globalization
    • 13 terms
    • Vocabulary for Chapter 1 - The Int'l Economy & Globalization. Find, create, and access flashcards with Course Hero.

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