Prohibition

A detailed Summary of Prohibition


Absolute advantage-producer has this if they can produce more of a good or service than the other with the same amount of resources

Ex. Ecuador has a good source of climate and terrain for growing coffee, cocoa, and bananas, therefore if has an absolute advantage over the United States in producing those products

Comparative advantage-one can produce a good or service at a lower opportunity cost, but both produce the same product

Ex. The United States can produce coffee, but it is more expensive because we do not have the best resources for it, therefore Ecuador has a comparative advantage over the United States

Labored intensive- employ large amount of labor relative to the amount of capital (machines, tools, buildings)


Limited specialization-specialization in producing goods or services according to comparative advantage when specializations is not complete

MFN-most favored nation-this is a provision in a trade agreement that extends lower tariffs granted to one country over all other countries that accord to a similar agreement

nontariff barriers-these are restrictions on imports resulting from requirements for special marketing, testing, or standards on imported goods

-Countries improve the terms of trade to increase the purchasing power in the international marketplace

Protectionism-these are the measures taken by the government in order to limit or exclude the imports that compete with domestic production



Some common words found in the essay are:
Ex United, Foreign Trade, Ex Philippines, Ex Ecuador, United Labored, China Phillippines, Countries Absolute, Trade Multilateral, England Queen, foreign trade, export import, comparative advantage, ex united, advantage united, foreign labor, cheap foreign labor, produce service, cheap foreign,

Approximate Word count = 539
Approximate Pages = 2 (250 words per page double spaced)

Category: History

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