11 International trade and exchange rates Flashcards
1
Q
surplus
A
amount of something that is more than what is needed or used
2
Q
exports
A
goods and services sold overseas
3
Q
imports
A
goods and services bought from overseas
4
Q
visible trade
A
trade in physical goods
5
Q
invisible trade
A
trade in services
6
Q
balance of trade (or visible balance)
A
difference between visible exports and visible imports
7
Q
transactions
A
business deals or actions, such as buying or selling something
8
Q
exchange rate
A
value of one currency in terms of another
9
Q
A
