Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/7

Click to flip

7 Cards in this Set

  • Front
  • Back
-Globalisation

-Multinational Corporation

-GATT

-WTO
-a process by which the world's economies are becomin more closely integrated.

-a company whose production activities are carried out in a number of countries.

-General Agreement on Tariffs and Trade, the precursor of the WTO, which organised a series of 'Rounds' of tariff reductions.

-a multilateral body responsible for overseeing the conduct of international trade.
-Comparative advantage

-Tariffs

-Quotas

-Export subsidies

-Regulations
-countries can gain from engaging in international trade by specialising in the production of goods & services in which they have a lower pportunity cost of production.

-taxes on imports

-quantity restrictions on imports.

-given to firms to givce them a competitive advantage which they export to foreign markets.

-e.g.specifying safety rules for the design of goods-can make it very difficult and expensive for foreign firms.
-VER
-Non-tariff barriers
-an agreement by a country to limit its exports to another country to a given quantity.
-measures imposed by a government that thave the effect of inhibiting international trade, often comprise rules and regulations that control the standard of products that can be sold in a country.
-Free trade areas
-Customs union
-a group of countries that agree to trade without barriers between themselves, but having their own individual barriers with countries outside the area.
ASEAN (Association of South East Asian Nations)
-a group of countries that agree to trade without barriers between them, and with a common tariff barrier against the rest of the world.
-FDI
-The balance of payments
-Current account
-investment undertaken in one country by companies based in other countries.
-a set of accounts that monitors the transactions that take place between UK residents and the rest of the world.
-account identifying transactions in goods and services between the residents of a country and the rest of the world.
-Financial account
-Capital account
-Visible trade
-Invisible trade
-account identifying transactions in financial assets between the residents of a country and the rest of the world.
-account identifying transactions in (physical) capital between the residents of a country and the rest of the world.
-trade in goods.
-trade in services
-Real exchange rate
-Terms of trade
-Import penetration ratio
-Export sales ratio
-the nominal exchange rate adjusted for differences in relative inflation rates between countries.
-the ratio of export prices to import prices.
-ratio of the % of imports of a product to home demand.
-ratio of the % of exports of a product to total manufacturers' sales.