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AP Macro

Unit #5: Economic Growth and International Trade

TermDefinition
human capital the improvement in labor created by the education and knowledge of members of the workforce
physical capital has human-made goods like buildings and machines used to produce other goods and services
depreciation when a currency becomes more valuable with other currencies
appreciation when a currency becomes less valuable with other currencies
Balance of payments a summary of a country's transaction with other countries
current account records a nation's exports and imports of goods and services (includes net investments income and transfers)
capital account records difference between a country's sale of assets to foreigners and its purchase of assets from foreigners
Exchange Rate prices which currencies trade
comparative advantage An individual/country that's able to produce a good/service at a lower opportunity than that of another person/conutry
absolute advantage An individual/country is able to produce more total outputs of a good/service with a given amount of time/resources
devaluation a reduction in the value of a currency that's set under a fixed exchange rate regime
revaluation an increase in the value of a currency thats set under a fixed exchange rate regime
labor productivity (or productivity) output per worker
infrastructure roads, power lines, ports, information networks, and other underpinnings for economic activity
terms of trade The price of a good or service (the amount of one good or service which must be given up to obtain one unit of another good or service)
FOREX (Foreign Exchange Market) international transactions where currencies can be exchanged
Factors of Growth (Supply, Demand, Growth) Supply- prices/availability, # of sellers, gov action, tech, opport. cost of alternative production, expect of future profit. Demand- taste/preference, # of consumers, prices of related goods, income Growth- physical & human capital, & technology
Created by: aly01
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