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Production Possibility Frontier（生产可能性边界）
Production Possibility Frontier shows various alternative combinations of two goods that a nation can produce when all of its factor inputs are used in their most efficient manner.
8.Terms of Trade（贸易条件）
Terms of trade of a nation are defined as the ratio of the price of its export commodity to the price of its import commodity.
9.An improvement in a nation’s terms of trade（贸易条件改善）
An improvement in a nation’s terms of trade requires that the prices of its exports rise relative to the prices of its imports over the given time period. A smaller quantity of export goods sold abroad is required to obtain a given quantity of imports.
10.A deterioration in a nation’s terms of trade（贸易条件恶化）
A deterioration in a nation’s terms of trade is due to a rise in its import prices relative to its export prices over a time period. The purchase of a given quantity of imports would require the sacrifice of greater quantity of exports.
11.Mercantilism（重商主义）
If a country could achieve a favourable trade balance, it would enjoy payments received fr
om the rest of the world in the form of gold and silver. Such revenues would contribute to increased spending and a rise in domestic output and employment. To promote favourable trade balance, the mercantilists advocated government regulation of trade. Tariffs、quotas and other commercial policies were proposed by the mercantilists to minimize imports in order to protect a nation, s trade position. In short, mercantilists maintained that trade is a zero-sum activity and preached economic nationalism.
12.Price-Specie-Flow Doctrineabsolute relative（价格-铸币-流动学说）
A favourable trade balance was possible only in the short run, for over time it would automatically be eliminated. To illustrate, suppose England were to achieve a trade surplus that resulted in an inflow of gold and silver. Because these precious metals would constitute part of England’s money supply, their inflow would increase the amount of money in circulations. This would lead to a rise in England’s price level relative to that of its trading partners. English residents would therefore be encouraged to purchase foreign-produced goods, while England, s export would decline. As a result, the country’s trade surplus would eventually be eliminated.
13.Principle of Absolute Advantage（绝对优势）
In a two-nation、two-product world, international trade and specialization will beneficial when one nation has an absolute cost advantage in one commodity and the other nation has an absolute cost advantage in the other commodity. For the world to benefit from international division of labour, each nation must have a commodity that it is absolutely more efficient in producing than its trading partner. A nation will import those commodities in which it has an absolute cost disadvantage; it will export those commodities in which it has an absolute cost advantage.
14.Principle of Comparative Advantage （比较优势）
Even if a nation has an absolute cost disadvantage in the production of both commodities, a basis for mutually beneficial trade may still exist. The less efficient nation should specialize in and export the commodity in which it is relatively less inefficient（where its absolute disadvantage is least）. The more efficient nation should specialize in and export that commodity in which it is relatively more efficient（where its absolute ad
vantage is greater）
15.Trade Triangle（贸易三角）
A nation’s Trade Triangle denotes its exports, imports, and terms of trade. In a two-nation, two-product world, the trade triangle of one nation equals that of the other nation; one nation’s exports equal the other nation’s imports, and there is a equilibrium terms of trade.
16. H-O Theorem（H-O定理）
Given identical demand conditions and input productivities, differences in the relative abundance of resources determine relative price levels and the pattern of trade. Capital is relatively cheaper in the capital-abundant country, and labour is relatively cheaper in the labour-abundant country. The capital-abundant country thus exports the capital-intensive product, and the labour-abundant country exports the labour-intensive product. In other words，according to the factor-endowment theory, relative price levels differ among nations because the nations have different relative endowments of factor inputs and differ
ent commodities require that the factor inputs be used with different intensities in their production. Given these circumstances, a nation will export that commodity for which a large amount of the relatively abundance input is used. It will import that commodity in the production of which the relatively scarce input is used. That is why labour-abundant nations export labour-intensive goods, while capital-abundant nations export capital-intensive goods.

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