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Trade keywords

Terms in this set (25)

Gross National Product
Total value of all goods and services produced within a year. Similar to GDP & GNI. All terms for national income
Real GNP (PPP)
GNP corrected for prices/cost of living in the country (purchasing power parity)
Human Development Index
Socio-economic index for the quality of life. 0-1 scale.
ACs
Advanced countries, high-income countries.
EDCs
Emerging and developing countries, middle income countries.
LIDCs
Low income developing countries; GNP per capita below approx. $1500 per capita. about 45 countries.
OPEC nations
Oil producing and exporting nations; a cartel.
Brandt line
Divides richer northern continents from poorer southern ones outdated.
Domestic trade
Trade within a nation
International trade
Trade across national borders
Inter-regional trade
Trade between continents/ major regions
Intra-regional trade
Trade within continents/ major regions
Merchandise
Goods
Trade in capital
Currency, stocks and shares, foreign direct investment
Visible trade
Trade in goods that can be measured through poets etc.
Invisible trade
Trade in services that cannot be measured through ports; intangible products
Trade volume
Amount of trade; value of trade flow
Balance of trade
Difference between value of exports and value of import can be surplus or deficit.
Employment structure
Relative proportion of people employed in different sectors of the economy.
New international division of labour
The growing importance of manufacturing in middle and lower income countries and services in advanced countries.
The global shift
The mechanism by which NIDL has come about; the transfer of manufacturing industry from advanced countries to EDCs and LIDCs.
Emerging economy
EDC with rapid economic growth
Emerging market
EDC with rapid economic growth and wealthier population to sell goods and services to.
Newly-industrialised country
NIC - countries with rapid economic growth based on manufacturing exports, from 1960s onwards; Hong Kong, Taiwan, South Korea and Singapore
Recently industrialised country
RIC - countries with rapid economic growth based on manufacturing exports, from 1980s onwards; China, Malaysia, Thailand, Brazil etc.
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