Unit 27 (additional material)

Interna




KEY

key - int




Find appropriate terms matching to these descriptions:


1)      An international trade philosophy/policy  that favors the creation of barriers against the
importing of goods to shelter domestic industries from foreign competition. / The restriction of
international trade = ……………………………..


2)      The practice of selling goods in foreign markets at prices below the cost of production,
usually with the aim of driving competitors out of the market. / The selling of goods or services
in a buying country at less than the production unit price in the selling country . = ……………………………..


3)      Concept in economics that a country should specialize in producing and exporting only those
goods and services which it can produce more efficiently (at lower opportunity-cost) than other
goods and services (which it should import). = ……………………………..



4)      Provision in a commercial treaty ensuring equal commercial opportunities, especially
concerning import duties and freedom of investment to promote free trade. I tis an idea of
non-discrimination. Countries achieving …………………………….. status are given specific trade advantages
such as reduced tariffs on imported goods. . =


5)      Establishment of the European Union as successor to the European Community. = ……………………………..


6)      The increase in efficiency of production as the number of goods being produced
increases. Typically, a company that achieves ……………………………..lowers the average cost per unit through
increased production since fixed costs are shared over an increased number of goods. =
……………………………..


7)      A particular type of specialisation where the production of a good is broken up into many
separate tasks each performed by one person The ……………………………..raises output, thereby reducing costs
per unit. = ……………………………..




KEY


1)       An international trade philosophy/policy  that favors the creation of barriers against the
importing of goods to shelter domestic industries from foreign competition. / The restriction of
international trade = protectionism


2)       The practice of selling goods in foreign markets at prices below the cost of production,
usually with the aim of driving competitors out of the market. / The selling of goods or services
in a buying country at less than the production unit price in the selling country . = dumping


3)       Concept in economics that a country should specialize in producing and exporting only
those goods and services which it can produce more efficiently (at lower opportunity-cost) than
other goods and services (which it should import). = comparative cost principle


4)       Provision in a commercial treaty ensuring equal commercial opportunities, especially
concerning import duties and freedom of investment to promote free trade. It is an idea of
non-discrimination. Countries achieving most favoured nation status are given specific trade
advantages such as reduced tariffs on imported goods.  = most favoured nation clause


5)       Establishment of the European Union as successor to the European Community. = Maastricht
Treaty / the Treaty of the European Union


6)       The increase in efficiency of production as the number of goods being produced
increases. Typically, a company that achieves economies of scale lowers the average cost per unit
through increased production since fixed costs are shared over an increased number of goods. =
economies of scale


7)       A particular type of specialisation where the production of a good is broken up into many
separate tasks each performed by one person The division of labour raises output, thereby reducing
costs per unit. = division of labour