Examlex
Please discuss what is meant by adverse impact.
Export Supply Curve
An upward sloping curve that shows the amount of a product that domestic firms will export at each world price that is above the domestic price.
Import Demand Curve
A downsloping curve showing the amount of a product that an economy will import at each world price below the domestic price.
Terms of Trade
The ratio at which a country can trade its exports for imports from other countries, reflecting the relative prices of exports and imports.
Gains from Specialization
The increase in overall production and efficiency that occurs when individuals or entities focus on specific tasks or functions they perform best.
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