unit 6: international trade and globalisation

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28 Terms

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tariff
a tax on imports
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globalisation
the process by which the world is becoming increasingly interconnected through trade and other links
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quota
a limit paced on imports or exports
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embargo
a ban on imports or exports
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exchange control
a limit on the amount of foreign currency that can be obtained
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voluntary exports restraints (VERs)
agreements with other governments to restrict their exports to the country
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infant industries
new industries with relatively low output and high cost
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declining industries
old industries which are going out of business
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strategic industries
industries that are considered important for the survival or the development of the country
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dumping
selling products in a foreign market at a price below the cost of production
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foreign exchange rate
the price of one currency in terms of another currency or currencies
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fixed exchange rate
an exchange rate whose value is set at a particular level in terms of another currency or currencies
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devaluation
a fall in the value of a fixed exchange rate
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revaluation
a rise in the value of a fixed exchange rate
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floating exchange rate
an exchange rate which can change frequently as it is determined by market forces
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appreciation
a rise in the value of a floating exchange rate
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depreciation
a fall in the value of a floating exchange rate
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foreign direct investment (FDI)
setting up production units or buying existing production units in another country
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hot money flows
the movement of money around the world to take advantage of differences in interest rates and exchange rates
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trade in goods
the value of exported goods and the value of imported goods
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trade in goods deficit
expenditure on imported goods exceeding revenue from exported goods
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trade in goods surplus
revenue from exported goods exceeding expenditure on imports
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trade in services
the value of exported services and the value of imported services
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trade in services surplus
revenue from exported services exceeding expenditure on imported services
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primary income
income earned by people working in different countries and investment income which comes into and goes out of the country
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secondary income
transfers between residents and non-residents of money, goods or services, not in return for anything else
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the balance of payments
a record for all economic transactions between the residents of a country and the rest of the world in a particular period
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current account balance
a record of the income received by the country and the expenditure made by it in its dealings with other countries