INTERNATIONAL TRADE

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Across
  1. 1. these consist of imported and exported physical goods
  2. 3. this is the amount one currency must sacrifice for another currency
  3. 10. this factor influences international trade in that at higher levels consumers are able to purchase more
  4. 11. this is a reduction in the official value of a currency
  5. 12. international trade is this because countries can cheaply produce what they have the resources to produce and import what they cannot
  6. 13. a country has this if it able to produce more goods and services than other countries with the same quantity of resources
  7. 14. a change in the value of a countries currency whereby one unit buys fewer units of a foreign currency
  8. 15. this is a financial statement that records economic transaction between a resident of a country and the citizens around the world
  9. 20. this is the difference between the values of exports and imports of visible and invisible trade
  10. 22. this is the exchange of goods and services across international borders
  11. 24. an economy that does not engage in international trade
  12. 25. these are the advantages countries obtain as a result of trade economies of scale this occurs when countries specialize and increase production
  13. 28. this occurs when a country's total exports are higher than its imports
  14. 29. an import is recorded as this in the balance of payment account
  15. 30. in this period the value of both export price and import price index is 100
  16. 31. an export is recorded as this in the balance of payment account
  17. 32. an international body that oversees trade between countries
Down
  1. 2. this occurs when a country can produce a good or service at the lowest opportunity cost
  2. 4. this account shows inflows and outflows in relation to capital movement in a country
  3. 5. this exchange rate is fixed by law
  4. 6. the exchange rate of a country is allowed to vary up or down based on demand and supply of that currency
  5. 7. this account is used to record transactions in services as well as income from investments
  6. 8. regulations that protect home industries from foreign competition
  7. 9. this is the increase in the official value of a currency
  8. 16. this is a component of a country's balance of payments that outlines the net increases and decreases in ownership of a country's assets.
  9. 17. a policy of no restrictions on the movement of goods and services
  10. 18. this means the country imports more goods, services, and capital than they export.
  11. 19. this account measures the flow of expenditures on goods and services
  12. 21. this is the result of countries or regions enjoying different types of economies of scale
  13. 23. this a change whereby one unit of a currency can buy more units of a foreign currency
  14. 26. the government allows the market to set the exchange rate but intervenes to prevent any sudden changes
  15. 27. this is the ratio of export prices to import prices