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ECO3703 Test one
UCF test 1
| Term | Definition |
|---|---|
| international trade, | Which we mean the movement of goods (such as cargo) and services (such as the shipping of the cargo) across borders |
| migration | the flow of people across borders as they move from one country to another |
| foreign direct investment (FDI) | the flow of capital across borders when a firm owns a company in another country. |
| Trade openness | (exports+imports)/2 ---> derived that by GDP |
| export | is a product sold from one country to another |
| import | is a product bought by one country from another. |
| trade balance is: | the difference between its total value of exports and its total value of imports (usually including both goods and services) |
| trade surplus | Countries that export more than they import |
| trade deficit | countries that import more than they export such as the United States |
| bilateral trade balance | meaning the difference between exports and imports between two countries |
| value-added | in China; that is, the difference between the value of the iPhone when it leaves China and the cost of parts and materials purchased in China and imported from other countries. |
| import tariffs | (taxes on international trade) |
| trade is ______ because import tariffs are low | high |
| gross domestic product (GDP) | the value of all final goods produced in a year. |
| trade barriers | refers to all factors that influence the amount of goods and services shipped across international borders |
| import quotas | a limitation on the quantity of an imported good allowed into a country |
| when a firm from one industrial country owns a company in another industrial country. We refer to these flows between industrial countries as | horizontal FDI |
| The other form of FDI occurs when a firm from an industrial country owns a plant in a developing country, which we call | vertical FDI |
| standardized goods | raw materials and basic processed goods like steel |
| Many industrialized countries place restrictions on immigration because policy makers fear: | a negative impact of immigration on the wages of domestic low-skilled workers. |
| A T-shirt produced in China and sold in the United States is a(n) _____ for the United States and a(n) _____ for China. | import; export |
| In the 1950s and 1960s American auto manufacturers produced cars in Europe to: | take advantage of local expertise |
| The money spent by a Chinese visitor to New York adds to the US: | exports of services. |
| By far, most of the world foreign direct investment (FDI) stock is _____ FDI. | horizontal |
| For the world as a whole, the ratio of trade to GDP in 2010 was about _____ , up from _____ in 1970. | 30%; 12% |
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