Absolute advantageIn economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productiveness, it is possible for a party to have no absolute advantage in anything.
Timeline of international tradeThe history of international trade chronicles notable events that have affected the trade between various countries. In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort of movement in goods which would represent international trade in the modern world. The domestication of the horse around 4800 BCE allowed for the development of horse riding around 3700 BCE, and long distance travel across the Central Asian steppes.
History of moneyThe history of money is the development over time of systems for the exchange, storage, and measurement of wealth. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value (commodity money), or be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money).
Most favoured nationIn international economic relations and international politics, most favoured nation (MFN) is a status or level of treatment accorded by one state to another in international trade. The term means the country which is the recipient of this treatment must nominally receive equal trade advantages as the "most favoured nation" by the country granting such treatment (trade advantages include low tariffs or high import quotas). In effect, a country that has been accorded MFN status may not be treated less advantageously than any other country with MFN status by the promising country.
Free economic zoneFree economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones.
Dugout canoeA dugout canoe or simply dugout is a boat made from a hollowed-out tree. Other names for this type of boat are logboat and monoxylon. Monoxylon (μονόξυλον) (pl: monoxyla) is Greek – mono- (single) + ξύλον xylon (tree) – and is mostly used in classic Greek texts. In German, they are called Einbaum ("one tree" in English). Some, but not all, pirogues are also constructed in this manner. Dugouts are the oldest boat type archaeologists have found, dating back about 8,000 years to the Neolithic Stone Age.
Gains from tradeIn economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other. In technical terms, they are the increase of consumer surplus plus producer surplus from lower tariffs or otherwise liberalizing trade. Gains from trade are commonly described as resulting from: specialization in production from division of labor, economies of scale, scope, and agglomeration and relative availability of factor resources in types of output by farms, businesses, location and economies a resulting increase in total output possibilities trade through markets from sale of one type of output for other, more highly valued goods.
PaymentA payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation/philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: the use of money, cheque, or debit, credit, or bank transfers, whether through mobile payment or otherwise the transfer of anything of value, such as stock, or using barter, or personal data, the exchange of one good or service for another.
World Trade OrganizationThe World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948.
