International Economics
Across
- 2. occurs when trade is diverted from a more efficient exporter towards a less efficient producer
- 8. refers to the difference between consumers' willingness to pay for a product and the market price
- 10. refers to costs to third parties who are not party to the transaction
- 14. measure the price of a country's exports relative to the price of its imports
- 18. measure the price of a country
- 22. measure the average cost of labour per unit of output and are calculated as the ratio of total labour costs to real output
- 24. methods of restricting free trade
- 26. describes the process by which a change in an injection causes a more than proportionate change in national income
- 27. sole suppliers of a product
Down
- 1. refers to the value of exports minus the value of imports
- 3. refers to falling in long-run average costs when output increases
- 4. refers to an imbalance in the 3 main sectors of the economy
- 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
- 6. limits on the quantity of a product imported
- 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
- 9. the next best alternative which has been foregone when a choice is made
- 11. refers to the increases integration between countries economically, socially and culturally
- 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
- 13. refer to all the money moving between coutries as a consequence of investment flows into and out of countries around the world
- 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
- 16. groups of countries that agree to reduce or eliminate trade barriers between themselves
- 17. occurs when a product is sold in a foreign country for less than the cost of making the product
- 19. exports relative to the price of its imports
- 20. refers to companies transferring manufacturing to a different country
- 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
- 23. taxes on imported goods
- 25. refers to a sole buyer of a product or service