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Global Economics

QuestionAnswer
exchange rate price of one country's currency in terms of another country's currency
flexible exchange rate exchange rates determined by supply and demand
depreciation decerease in the value of one currency relative to other currencies
appreciation increase in the value of one currency relative to other currencies
absolute advantage is the situation in which a country can produce more of a good than another country can produce with the same quality of resources
comparative advantage is the situation in which a country can produce a good at a lower opportunity cost than another country
less developed country a country with a relatively low per capita GDP
balance of trade exports=imports
Created by: nrhsecovit