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Economic_Concepts

Horizontales
Having a higher level of productivity or cost-effectiveness in comparison to another country (in terms of general goods)
The condition in which there are no restrictions or interventions imposed by governments or other authorities to impede the free flow of goods and services across borders
An inefficiency in the allocation of resources that can arise when the equilibrium point of a product or service is not reached or is unattainable. This can lead to either overproduction or underproduction, resulting in a loss of economic efficiency for the society.
When the amount of goods or services that producers are willing to supply is the same as the amount that consumers are willing to buy
The advantage that an economy enjoys when it is able to produce a good or service at a lower opportunity cost compared to other entities
Any effort to limit or regulate the exchange of goods and services across borders, commonly referred to as 'trade barriers'
Verticales
An expense incurred by a third party as a result of either the consumption or production of a particular good or service, which is not reflected in the price of that product or service.
When a person, company or country concentrates their efforts on developing specific skills or creating particular goods or services
The worth or benefit of the most favorable option that must be given up or foregone when making a particular decision.
The _____________ Commission is an organization established in Australia to investigate claims of 'dumping',