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13 Cards in this Set
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Standard trade model
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is build on four key relationships 1, the relationship between the production possibility frontier and relative supply curve 2, the relationship between relative prices and relative demand3, the determination of world equilibrium by world relative supply and world relative demand 4, the world effect of terms of trade
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terms of trade
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the price of a country's exports divided by the price of its imports
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isovalue lines
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that is line along which the value of output is constant
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Indifference curves
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the tastes of an individual represented graphically.
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Bias growth
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takes place when the production possibility frontier shifts out more in one direction than in the other.
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export bias growth
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growth that disproportionately expands a country's production possibilites in the direction of the good it exports.
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Impost bias growth
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growth bias toward the good a country imports.
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immiserizing growth
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The argument that export biased growth by poor nations would worsen their terms of trade so much that they would be be worse off than if they had not grown at all
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Import Tariffs
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taxes levied on imports
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Export subsides
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payments given to domestic producers who sell a good abroad
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External Prices
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prices internationally
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Internal Prices
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price at which they are traded within a country
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Intertemporal production possibility frontier
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a country can trade current consumption for future consumption in the same way that it can produce more of one good by producing less of another.
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