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20 Cards in this Set
- Front
- Back
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Closed Economy |
An economy that does not interact with other economies in the world. |
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Depreciation |
A decrease in the value of a currency as measured by the amount of foreign currency it can buy. |
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Dumping |
The practice of selling a product in a foreign country for less than the price in the domestic country or the cost off making the product. |
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Exchange Rate |
The value of one country for the purpose of conversion to another. |
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Gold Standard |
The system by which the value of a currency was defined in terms of gold, for which the currency child be exchanged. |
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Import Quota |
A limit on the quantity of a good that can be produced abroad and sold domestically. |
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Import Tariff |
A tax imposed on imported goods and services. |
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Infant Industries |
A new industry in its early stages of development. |
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Intervention |
An action taken by a government or international institution in a market economy in an effort to impact the economy beyond the basic regulation of fraud and enforcement of contacts. |
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Managed Float |
The current international financial enforcement in which exchange rates fluctuate day to day. |
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Net Investment Income |
Income received from investments. |
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Net Transfers |
Output transfers minus tradable input transfer minus factor tractors. |
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Official Reserves |
Total of a nation's holding of tradable foreign currencies, gold reserves, and special drawing rights. |
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Open Economy |
An economy that interacts freely with other economies around the world. |
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Trade Deficit |
An excess of imports over exports. |
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Trade Surplus |
An excess of exports over imports. |
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Appreciation |
An increase in value of one currency based upon the amount of foreign currency. |
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Balance of Payments |
The relationship between money coming in and out of a country. |
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Balance of Trade |
The difference between the number of imports and exports. |
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Capital Account |
The result of public/private investments internationally flowing throughout a nation. |
