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18 Cards in this Set
- Front
- Back
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Balance of payments
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A measure of all flows of money into and out of a country including payments for goods and services and capital flows; The systematic record of such transactions
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Capital account
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The portion of a balance of payments statement that shows a record of direct investment, portfolio investment, and short-tern capital movements to and from countries.
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Comparative advantage
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A situation where a country, individual, company, or region can produce a good at a lower opportunity cost than that of a competitor.
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Current Account
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the net value of monetary flows associated with transactions in goods and services, investment income, employee compensation, and unilateral transfers
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Debit
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An entry signifying an increase in an asset or expense account or a decrease in a liability, revenue or equity account.
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Embargo
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A government order prohibiting the entry or departure of commercial vessels or goods at its ports.
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EU (European Union)
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an economic and political union of 27 member states, located primarily in Europe
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Foreign Exchange
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The exchange of currency from one country for currency from another country
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GATT (Global Agreement on Tariffs and Trade)
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an international treaty and organisation designed to promote mutual reductions in tariffs and other trade barriers among countries
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NAFTA
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North American Free Trade Agreement: an agreement for free trade between the United States and Canada and Mexico
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Quotas
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A government-imposed restriction on quantity, or sometimes on total value
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Tariffs
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A tax imposed on commodity imports by a government
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Terms of trade
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The relationship over time between the price of a country's exports to the price of its imports. If export prices are higher than import prices, the terms of trade are said to be favorable
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Trade deficit
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an excess of imports over exports
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Trade surplus
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A positive balance of trade
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WTO (World Trade Organization)
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an international organization based in Geneva that monitors and enforces rules governing global trade
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Debit
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An accounting entry which results in either an increase in assets or a decrease in liabilities or net worth
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Credit
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A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date
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