Term
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Definition
| A tax levied by the Govt on the import or export of Goods or Services |
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Term
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Definition
| A nation which is an exporter of manufactured goods, services, and capital which it trades with other economies for raw materials and semi-finished products |
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Definition
| a physical or virtual place where people meet for the purpose of trade (exchange) where people meet for voluntary and private sales and purchases (transactions) |
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Definition
| A market in which there are many buyers but only one seller |
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Definition
| A market in which there are many sellers but only one buyer |
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Definition
| A tightly knit group of people who share a common culture |
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Definition
| A Nation which has the same boundaries as a State. A state in which of the residents are of the same nationality group. |
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| Non-Tarriff Trade Barriers |
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Definition
| Any Mechanism the restricts goods or services entering or leaving a company, including local content requirements, government regulations, access to markets or distributions and other similar activities. |
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Term
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Definition
| A relationship formed by authority or other kind of governance. |
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Term
| Principle of Factor Endowment |
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Definition
| An advantage due to factors that are not common to all countries such as physical geography |
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Term
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Definition
| The deliberate use or encouragement of restrictions on imports to enable relatively inefficient domestic producersto compete successfully with foreign producers to, or to protect and preserve those firms of critical national importance. |
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Term
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Definition
| A duty of Tax (generally high) on imported products to make them more expensive in comparison to domestic products. |
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Definition
| a limitation on the quantity of goods (by type) that may be imported into ( exported from) a country from all countries or from specific countries during a set period of time. |
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Term
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Definition
| a duty or tax (generally low) on imported products to generate income for govt |
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Term
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Definition
| An economy in which the vast majority of people engage in simple agriculture, consuming most of their output and barter the rest for simple goods and services |
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Term
| Theory of Absolute Advantage |
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Definition
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Term
| Theory of Competitive advantage |
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Definition
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