chapter 18 economics
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9 terms
Terms | Definitions |
|---|---|
 Imports | goods bought from other countries for domestic use |
| Exports | Goods sold to other countries |
| Absolute Adv | when a country can produce a product more efficiently than another country |
| Specialization | limited assortment of goods for which it is particularly suited. |
| Comparative Adv | ability of a country to produce at a lower opportunity cost than another country |
| exchange rate | what the price of one countries currency is worth in another |
| FEM (foreign exchange Market) | markets dealing in buying and selling foreign currency for businesses that want to import goods from other countries |
| IMF (international monetary fund) | Agency that offers monetary advice and provides loans to developing nations |
| Devaluation | lowering a currency's value in relation to other currencies by gov order. |
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