Being more proficient than others in doing a given thing.
A form of protection that subjects competitive imports to burdensome,
idiosyncratic, costly, and time - consuming specifications or
inspection procedures.
An agreement between countries dealing with economic and trade relations.
The principle that states that a product whose pretrade or restricted
trade price is relatively higher in a country than in the rest
of the world will likely be imported by that country and that a
product whose pretrade or restricted-trade price is relatively
lower will likely be exported.
The benefit to consumers from being able to buy at a uniform price rather
than at the sum of the amounts they would have been willing to
pay for each unit separately.
A form of economic integration in which there is free trade among members
and a common tariff for nonmembers.
The sale of a product below what authorities consider average total cost
plus a fair markup.
The net tariff advantage to a producer taking account not only of the
tariff on the final product but also any tariffs on inputs used
in producing the product.
The amount by which the quantity demanded exceeds the quantity supplied
at a specified price.
The amount by which the quantity supplied exceeds the quantity demanded
at a specified price.
A theorem that states that free trade of goods and services across
countries not only tends to equalize output prices but also
input prices.
A form of economic integration in which there are no tariffs or other
trade restrictions among member countries but each member
country has its own set of tariffs, quotas, etc. for nonmember
countries.
An organization of First World nations that attempts to regulate tariffs,
quotas, and other forms of nontariff protection.
An argument for protection based on the proposition that an industry
should be sheltered from foreign competition while it develops
needed skills and production techniques.
A proposed organization to regulate quotas and other forms of nontariff
protection; the forerunner of GATT.
A system of guaranteed minimum quotas for American goods in foreign
markets, intended to counteract foreign protectionism.
The rate of the tariff imposed on the importation of foreign supplies of
an industry's product.
Multilateral agreements that try to prevent price cutting in importing
countries.
The sequence of situations beginning with production for the domestic
market and then for the export market, but ultimately becoming
an import-competing industry.
The general term applied to efforts to shelter domestic producers from
foreign competition.
Limitations on the quantity of imports.
An argument for protection that states that, if a country's market is
important, tariffs and quotas set to keep out foreign goods will
induce foreign capitalists to invest in that country and employ
that country's labor to avoid the tariff.
Taxes on imports.
An average of a country's export prices divided by an average of its
import prices.
A price assigned to a given import below which the product is considered
to be dumped.
Bilateral arrangements under which an exporting country agrees to lower
its exports to an importing country to a certain level or in
accordance with a certain formula .
