Flashcards
Economic Definitions
Cards in this deck (9)
- 1What does is GDPGross Domestic Product
The total value of goods produced and services provided in a country during one year. - 2International TradeThe exchange of capital goods, and services across international borders or territories.
- 3ExportsSending a commodity, article, goods or service to another country for sale.
- 4Export receiptsThese are the receipts gained from from export goods and services.
- 5ImportsBringing goods and services into a country to sell.
- 6Import paymentsWhen a country imports goods or services payments are made to the country who is exporting goods or services. These payments are known as import payments.
- 7Net exportsNet exports is the difference between the value of exports and imports of output in an economy over a certain period, measured in the currency of that economy.
- 8Economic growthEconomic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real GDP.
- 9CommoditiesA raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
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- NCEA level 3 Economics Flashcards on Economic Definitions, created by sophia.menzies9 on 05/10/2013.
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- sophia.menzies9
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