Terms : Hide Images
| 9680892796 | closed economy | an economy that has no interactions in trade or finance with other countries; C + I + G=Y | 0 | |
| 9680901300 | open economy | an economy that trades goods and services with other countries; Y=C + G+ I + NX | 1 | |
| 9680906511 | exports | goods produced domestically and sold abroad | 2 | |
| 9680908433 | imports | goods produced abroad and sold domestically | 3 | |
| 9680910909 | net exports | exports - imports | 4 | |
| 9680914609 | trade balance | the value of a nation's exports minus the value of its imports; also called net exports | 5 | |
| 9680917911 | trade surplus | the amount by which the value of a country's exports exceeds the cost of its imports. | 6 | |
| 9680926573 | trade deficit | An imbalance in international trade in which the value of imports exceeds the value of exports. | 7 | |
| 9680933048 | balanced trade | a situation in which exports equal imports | 8 | |
| 9680935784 | net capital outflow (NCO) | domestic residents' purchases of foreign assets minus foreigners' purchases of domestic assets | 9 | |
| 9680941826 | nominal exchange rate | the rate at which a person can trade the currency of one country for the currency of another | 10 | |
| 9680945752 | appreciation | an increase in the value of a currency as measured by the amount of foreign currency it can buy | 11 | |
| 9680948470 | depreciation | a decrease in the value of a currency as measured by the amount of foreign currency it can buy | 12 | |
| 9680951424 | real exchange rate | the rate at which the goods and services of one country trade for the goods and services of another | 13 | |
| 9680955322 | purchasing power parity | "law of one price"; unit of currency in one country should buy the same goods and services in the currency of another country | 14 |
