Unit 11 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 oversea
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
Commission
A
Extra amount of money that is paid to a person or organisation according to the value of goods they have sold or the services they have provided
