International Economics

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Across
  1. 2. occurs when trade is diverted from a more efficient exporter towards a less efficient producer
  2. 8. refers to the difference between consumers' willingness to pay for a product and the market price
  3. 10. refers to costs to third parties who are not party to the transaction
  4. 14. measure the price of a country's exports relative to the price of its imports
  5. 18. measure the price of a country
  6. 22. measure the average cost of labour per unit of output and are calculated as the ratio of total labour costs to real output
  7. 24. methods of restricting free trade
  8. 26. describes the process by which a change in an injection causes a more than proportionate change in national income
  9. 27. sole suppliers of a product
Down
  1. 1. refers to the value of exports minus the value of imports
  2. 3. refers to falling in long-run average costs when output increases
  3. 4. refers to an imbalance in the 3 main sectors of the economy
  4. 5. occurs when trade is created as a result of the formation of a free trade agreement between a group of countries by the establishment of a trading bloc
  5. 6. limits on the quantity of a product imported
  6. 7. occurs when a company in one country establishes operations in another country or when it acquires physical assets or a stake in an overseas company
  7. 9. the next best alternative which has been foregone when a choice is made
  8. 11. refers to the increases integration between countries economically, socially and culturally
  9. 12. describes the situation in which a country's trade balance initially worsens following a devaluation or depreciation of its currency and only improves in the long run
  10. 13. refer to all the money moving between coutries as a consequence of investment flows into and out of countries around the world
  11. 15. refers to the price that has been charged by one part of a company for products and services it provides to another part of the same company
  12. 16. groups of countries that agree to reduce or eliminate trade barriers between themselves
  13. 17. occurs when a product is sold in a foreign country for less than the cost of making the product
  14. 19. exports relative to the price of its imports
  15. 20. refers to companies transferring manufacturing to a different country
  16. 21. refers to a situation where a number of nations seek to deliberately depreciate the value of their domestic currencies in order to stimulate their economies
  17. 23. taxes on imported goods
  18. 25. refers to a sole buyer of a product or service