International Economics

5. A country can produce a good at a lower opportunity cost than another country.
7. Increase in the value of a currency under a floating exchange rate system.
9. Investment from one country into another (e.g., building a factory).
10. A trading bloc with free trade internally and a common external tariff towards non-members.
11. A country can produce a good more cheaply in absolute terms than another country.

1. Decrease in the value of a currency under a floating exchange rate system.
2. When large amounts of money are taken out of a country.
3. Policies designed to restrict international trade, such as tariffs, quotas, and subsidies, to protect domestic industries.
4. A measure of welfare, including health (life expectancy), education, and standard of living (e.g., Human Development Index).
6. A record of all financial dealings over a period of time between economic agents of one country and another.
8. The ratio of an index of a country's export prices to an index of its import prices.