ch 11 international trade and exchange rates Flashcards
1
Q
surplus
A
amount of something that is more than what is needed
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
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
commission
A
extra amount of money that is paid to a person or organisation according to the value of the goods they have sold or the services they have provided
