Chapter 17: balance of payments on current account Flashcards
1
Q
Visibles
A
Exports or imports that are tangible, that you can see and touch as they cross international boundaries.
2
Q
Invisibles
A
Intangibles such as the provision of insurance or banking services.
3
Q
Balance of trade
A
Visible exports - visible imports
4
Q
Deindustrialisation
A
A fall in the proportion of national output accounted for by the manufacturing sector of the economy.
5
Q
Globalisation
A
The ability to produce goods anywhere in the world and sell them in any country.
6
Q
Current account equilibrium
A
Where the current account exercises no effect on the domestic macroeconomy.
