国际贸易名词解释

International Economics ---- International Trade

1. Gravity Model: The value of trade between any two countries is proportional, other things equal, to the product of the two countries’ GDPs, and diminishes with the distance between the two countries.

2. Absolute advantage: One country can produced a unit of good with less labor than another country.

3. Comparative advantage: A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries.

4. Opportunity cost: The opportunity cost of good A in terms of good B is the number of good B that could be produced with the same resources as a given number of good A.

5. Production possibility frontier: The maximum amount of good A that can be produced for any given amount of another good B.

6. Relative supply curve: On the number of one unit of good A supplied divided by the number of one unit of good B.

7. Unit labor requirement: The number of hours of labor required to produce one unit of output.

8. The mercantilists: Countries enjoy payment from the rest of the world (like gold and silver).

9. The relative price: The relative price of good A is the amount of good B that can be exchanged for one unit of good A.

10. Abundant factor: The resource of which a country has a relatively large supply.

11. Scarce factor: The resource of which it has a relatively small supply.

12. Biased expansion of production possibilities: Which occurs when the production possibility frontier shifts out much more in one direction than in the other.

13. Equalization of factor prices: When trade occurs, the relative prices of goods converge, it causes convergence of the relative prices of factors.

14. Heckscher-ohlin theory:A country will export that commodity which uses intensively its abundant factor and import that commodity which uses intensively its scarce factor.

15. Leontief paradox: Found that U.S. exports were less capital-intensive than U.S. Imports.

16. Biased growth: Biased growth takes place when the production possibility frontier shifts out more in one direction than in the other.

17. Export-biased growth: Growth that disproportionately expands a country’s production possibilities in the direction of the good it exports.

18. Import-biased growth: Growth biased toward the good a country imports.

19. Import tariff: Taxes levied on imports.

20. Export subsidy: Payments given to domestic producers who sell a good abroad.

21. Terms of trade: The price of a country’s exports divided by the price of its imports----on a nation’s welfare.

22. Standard trade model: The price of exports relative to imports, a country’s terms of trade, is determined by the intersection of the world relative supply and demand curves.

23. Dumping: It is a pricing practice in which a firm charges a lower price for an exported good than it does for the same good sold domestically.

24. Reciprocal dumping: Is a situation in which dumping leads to two-way trade in the same product.