26. Exports and Imports Flashcards
1
Q
exports
A
goods and services produced in one country and sold in another
2
Q
imports
A
goods and services produced into one country then brought into another
3
Q
visible trade
A
trade in real tangible goods
4
Q
trade deficit
A
expenditure on imports is greater than revenue from exports
5
Q
trade surplus
A
revenue from exports is greater expenditure on imports
6
Q
balance of trade
A
the flow of income in and out of a country
7
Q
invisible trade
A
international trade of services
8
Q
capital account
A
capital transfers for the purchase of assets
9
Q
financial account
A
records the flow of money related to business investment
10
Q
current account
A
records visible, invisible and income received from the use of factors of production
