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Definition
| an economy that does not interact with other economies around the worls |
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Term
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Definition
| an economy that interacts freely with other economies around the world |
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Term
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Definition
| goods and services that are produced domestically and sold abroad |
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Term
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Definition
| goods and services that are produced abroad and sold domestically |
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Term
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Definition
| The value of a nation's exports minus the value of its imports; also called trade balance |
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Term
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Definition
| the value of a nation's exports minus the value of its imports; also called net exports |
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Term
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Definition
| an excess exports over imports |
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Term
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Definition
| an excess of imports over exports |
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Term
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Definition
| a situation in which exports equal imports |
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Term
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Definition
| the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners |
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Term
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Definition
| the rate at which a person can trade the currency of one country for the currency of another |
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Term
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Definition
| an increase in the value of a currency as measured by the amount of foreign currency it can buy |
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Term
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Definition
| a decrease in the value of a currency as measured by the amount of foreign currency it can buy |
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Term
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Definition
the rate at which a person can trade the goods and services of one country for the goods and services of another
Nominal exchange rate x Domestic price
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Foreign price
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Term
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Definition
| a theory of exchange rates wherby a unit of any given currency should be able to buy the same quantity of goods in all countries |
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