Unit 3-1

________ is the balance between exports and imports in an economy.

Balance of Trade

_______ showing trade in goods and services, income and unrequited transfers (e.g. foreign aid payments, workers remittances, etc.) over a specified period.

Current Account

_________ types of behavior of governing interests or private corporations that seeks to regulate certain.

Code of Conduct

_______ records currency inflows and outflows due to international dealings in financial assets, such as investments and loans.

Capital Account

_______ a statistical summary of a country's total trade, other economic transactions and financial flows at a given time.

Balance of Payment

________ laws are designed to protect domestic producers and sellers of goods, whereas _______ are meant to protect consumers and importers.

Anti-dumping/ Competition laws

The theory of __________ states that the success of a firm or an industry is based on cost advantages in the production of a relatively standardized product or product-based advantages related to the development of differentiated products.

Competitive advantage

________ means approaches of governments to the promotion and protection of competition. ______________ is often seen as promoting especially the interests of the consumer.

Competition policy

_________ describes the increasing integration of national economic systems through growth in international trade, investment and capital flows.

Globalization

________ covers governmental acts, policies and practices which influence trade in goods and services.

Commercial Policy

_______ is the extension of economic activity across national borders to harness the benefits of lower costs in other economies, with countries specializing in a particular stage of production.

Internationalization

________ preventing the exposure of domestic producers to the rigors of the international market.

Protectionism

_______ the free movement across borders of goods, services, capital and people.

Free Trade

________ is a general term for the gradual or complete removal of existing impediments to trade in goods and services.

Trade liberalization

_______ is an agreement between two countries setting out the conditions under which trade between them will be conducted.

Bilateral Trade Agreement

________ the complete framework of laws, regulations, international agreements and negotiating stances adopted by government to achieve legally binding market access for domestic firms.

Trade Policy

An approach to the conduct of international trade based on cooperation, equal rights and obligations, non-discrimination and the participation as equals of many countries regardless of their size or share of international trade is called __________.

Multilateralism

________ is an intergovernmental agreement aimed at expanding and liberalizing international trade under non-discriminatory, predictable and transparent conditions set out in an array of rights and obligations.

Multilateral Trade Agreement