Unit #5: Economic Growth and International Trade
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| human capital | the improvement in labor created by the education and knowledge of members of the workforce
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| physical capital | has human-made goods like buildings and machines used to produce other goods and services
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| depreciation | when a currency becomes more valuable with other currencies
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| appreciation | when a currency becomes less valuable with other currencies
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| Balance of payments | a summary of a country's transaction with other countries
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| current account | records a nation's exports and imports of goods and services (includes net investments income and transfers)
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| capital account | records difference between a country's sale of assets to foreigners and its purchase of assets from foreigners
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| Exchange Rate | prices which currencies trade
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| comparative advantage | An individual/country that's able to produce a good/service at a lower opportunity than that of another person/conutry
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| absolute advantage | An individual/country is able to produce more total outputs of a good/service with a given amount of time/resources
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| devaluation | a reduction in the value of a currency that's set under a fixed exchange rate regime
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| revaluation | an increase in the value of a currency thats set under a fixed exchange rate regime
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| labor productivity | (or productivity) output per worker
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| infrastructure | roads, power lines, ports, information networks, and other underpinnings for economic activity
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| 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)
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| FOREX (Foreign Exchange Market) | international transactions where currencies can be exchanged
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| 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
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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