AQA GCSE Economics Terms And Definitions - Macroeconomics - International

Appreciation

Strengthening of a currency's value.

Balance of Payments

A country's financial transactions record with the world.

Balance of Payments on the Current Account

Total of trade, income, and transfers with the world.

Currency

Monetary system utilized in a country or region.

Current Account

Record of trade, income, and transfers with the world.

Current Account Deficit

Situation where imports surpass exports and income.

Current Account Surplus

Situation where exports and income exceed imports.

Depreciation

Weakening of a currency's value.

Developed Country

Nation with high GDP per capita, developed industry, and services.

Developing Country

Nation with lower GDP per capita, less industrialization, and weaker well-being indicators.

Development

Enhancing people's living standards process.

European Union

Economic and political group enabling free trade among members.

Exchange Rate

Value of one currency in relation to another.

Exports

Goods and services sold to foreign countries.

Foreign Investment

Investment by foreign companies in a host nation.

Free Trade Agreement

Agreement allowing unrestricted movement of goods and services between countries.

Globalization

Expansion of world trade and capital flows, fostering greater international interdependence.

Human Development Index

Indicator measuring development based on quality of life factors.

Imports

Goods and services purchased from foreign countries.

International Trade

Trading of goods and services between nations.

Protectionism

Policies aimed at limiting global free trade.

Tariff

Tax imposed on imports.

Trade Bloc

Group of countries with reduced trade barriers among themselves.