>  Term: terms of trade
terms of trade

Allocation of inputs into two or more economies that take advantage of differences in comparative advantages and, through specialization, improve the production of the economies. Note that a change in the terms of trade should cause all domestic production to change (that is, reallocates all inputs), rather than just imports.

0 0

작성자

  • Levi Taylor
  •  (Bronze) 316 포인트
  • 100% positive feedback
© 2024 CSOFT International, Ltd.