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International Trade
International Trade
Infant industry: is one that’s in an early stage of development and which cannot survive competition from foreign companies.
Ex: Information technology is the infant industry in Vietnam because it has only recently grown strongly
Comparative advantage: means a country’s ability to produce particular goods more efficiently (using fewer resources and at a
lower cost) than some other countries.
Ex: Vietnam's processed crustacean products have a superior comparative advantage compared to other countries in the world
Domestic products: are goods produced for consumption only in that country, exclusively for the
people of that country.
Ex: Perfect Diary Beauty is a famous cosmetic brand of Chinese domestic products