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What is opportunity cost?

What is opportunity cost?

An opportunity cost is what you sacrifice in making an economic choice. In terms of foreign trade, it refers to the commercial profits accruing to product X that are sacrificed in deciding to produce and export product Y instead of X.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right.

International trade is a complicated area of law to research because there are numerous levels of trade organizations and interactions. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. Each of these agreements has its own history, policies and dispute settlement procedures.

Trade organizations established under the agreements have separate resources that can be searched. Furthermore, individual countries have their own policies and laws relating to international trade.

As an example, the United States Congress must pass legislation enacting international trade agreements before the United States can officially become a party. The national policies have to be researched individually and frequently separately from the resources relating to the international organizations.


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