Nations Ecomonies And Barries Faces Flashcards
What is trade balance
The difference between exports and imports
The balance should not be negative.
Explain consumer price index
This measures the change in prices of goods and services purchased for consumption
Explain per capita income
Indicates the average income level to determine how much an average consumer spends and how much they earn
What is unemployment rate
It’s indicates how many working age people are not working who otherwise want to work
What is work productivity
The amount of goods and services produced for each hour worked
What is international business
International business is the buying selling and trade of goods and services across national bounderies
What is the difference between competitive and absolute advantage
Competitive advantage is when a nation specialises in products or supplies more efficiently or at a lower cost
Absolute advantage is when a nation has a monopoly on the production of a particular resource
What is balance of payments
It is the difference between flow of money in and out a country
Explain protective tariffs
It’s allows more expensive local products to compete with them
What are fixed tariffs
When a specific amount is levied on each unit of product brought into a country
What is Ad valorem tariff
This is based on the value of an item
Explain exchange control
Is the restricted amount of currency that can be bought or sold
What is a Quota
It limits the number of units of a particular product that can be imported into a country
Explain embargo
Prohibit trade in a particular product
What is dumping
The act of a country or business selling products at less then market value to permit market entry or the product is no longer usable.
