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unit 5 ap macro

for ap macroeconomics

human capital the accumulation of prior investments in education, training, health, and other factors that increase productivity
physical capital Physical capital refers to any manufactured asset that is applied production, such as machinery, buildings, or vehicles, which is one of the three primary factors of production (the other two are land and labor/workforce)
balance of trade The difference between a country's imports and its exports. Balance of trade is the largest component of a country's balance of payments
balance of payments a summary of all the transactions that took place between the individuals, firms, and government units of one nation and those of all other nations during a year.
current account the section in a nations international balance of payments that records its exports and imports of goods and services, its net investment income, and its net transfers
capital account the section of a nations international balance of payments statement that records foreign purchases of assets in the united states (creating monetary inflows) and U.S purchases of assets abroad (creating monetary flow)
foreign exchange market (AD/AS) a market in which the money (currency) of one nation can be used to purchase (can be exchanged for) the money of another nation
exchange rate the rate of exchange of ones nations currency of another nation currency
comparative advantage a lower relative or comparative cost that that of another producer
absolute advantage The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service.
currency appreciation an increase in the value of a nations currency in foreign exchange markets; an increase in the rate of exchange for foreign currencies
currency depreciation a decrease in the value of a nations currency in foreign exchange markets; a decrease in the rate of exchange for foreign currencies
capital flows the movement of money for the purpose of investment, trade or business or business production
supply a schedule showing the amounts of a good or service that sellers (or a seller will offer at various prices during some period.
demand a schedule showing the amounts of a good or service that buyers (or buyer) wish to purchase at various prices during some time period
efficiency a wage that minimizes wage costs per unit of output by encouraging greater effort or reducing turnover
infrastructure the capital goods usually provided by the public sector for the use of its citizens and firms ( for example, highways, bridges, transit systems, waste water treatment facilities, municipal water systems, and airports)
terms of trade the rate at which units of one product can be exchanged for units of another product; the price of a good or service; the amount of one good or service that must be given up to obtain 1 unit of another good or service
trade barriers government imposed restriction on the free international exchange of goods and services
Created by: edgargfhs