Theme 4 Economics Edexcel
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Last updated 11:36 AM on 11/7/24
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7 Terms
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Absolute advantage
When a country can produce goods more cheaply in absolute terms than another country
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Absolute Poverty
When people are unable to purchase necessity goods needed to maintain life
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Aid
When a country Voluntarily transfers resources to another country in need
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Appreciation
Increase in Currency Value using Floating exchange rates
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Asymmetric Information
When one party of a transaction has more knowledge than the other causing market faliure
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Balance of Payments
Record of all financial dealings over a period of time between economic agents of one country and another
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Buffer stock systems
Maximu
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Flashcards (100)