AQA GCSE Economics Terms And Definitions - Macroeconomics - International

- Appreciation: When a currency's value strengthens.

- Balance of Payments: Record of a country's financial transactions with the world.

- Balance of Payments on the Current Account: Sum of trade, income, and transfers with the world.

- Currency: Money system used in a country or group.

- Current Account: Record of trade, income, and transfers with the world.

- Current Account Deficit: When imports exceed exports and income.

- Current Account Surplus: When exports and income exceed imports.

- Depreciation: When a currency's value weakens.

- Developed Country: High GDP per capita, developed industry, and services.

- Developing Country: Lower GDP per capita, less industrialization, weaker well-being indicators.

- Development: Process of improving people's living standards.

- European Union: Economic and political group with free trade among members.

- Exchange Rate: Price of one currency in terms of another.

- Exports: Goods and services sold abroad.

F - Z:

- Foreign Investment: Investment by foreign firms in a host country.

- Free Trade Agreement: Unrestricted movement of goods and services between countries.

- Globalization: Expansion of world trade and capital flows, leading to greater international interdependence.

- Human Development Index: Measure of development based on quality of life indicators.

- Imports: Goods and services bought from abroad.

- International Trade: Exchange of goods and services between countries.

- Protectionism: Policies to restrict global free trade.

- Tariff: Tax on imports.

- Trade Bloc: Group of countries with reduced trade barriers among them.