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Unit 5:Growth LTran

Macroeconomics

QuestionAnswer
Human Capital The knowledge and skills that make a productive worker.
Physical Capital Tangible asset that is created by humans and used production.
Balance of Trade (Balance on Goods and Services) The difference between U.S exports of goods and services and U.S imports of goods and services.
Balance of Payments The sum of all the payments a nation receives from foreign countries and all the payments it makes to them.
Current Account The section in a nation's 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 nation's international balance-of-payments statement that records the foreign purchases of assets in the United States (creating monetary inflows) and U.S. purchases of assets abroad.
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.
Comparative Advantage A lower relative or comparative cost than that of another producer.
Absolute Advantage The ability of an economic actor (an individual, a household or a firm) to produce some particular good or service with a smaller total input of economic resources (labor, capital, land, etc.) per unit of output than other economic actors.
Currency Appreciation An increase in the value of a nation's currency in foreign exchange markets.
Currency Depreciation A decrease in the value of a nation's currency in foreign exchange markets.
Capital Flows AKA resource flows; U.S firms establish production facilities in foreign countries and labor flows between nations.
Factors of Growth (Supply, Demand, Efficiency) Supply: increases in natural and human resources, increase of capital, improvements in technology. Demand: govt purchase economy's output of goods Efficiency: Use resources cost efficiently to maximize peoples' happiness.
Labor Productivity Real GDP/ hours of work
Infrastructure A system of public works in a city, state, nation e.g. freeways, schools, water systems
Terms of Trade Determined by value of trading nation's currency
Trade Barriers (Tariffs and Import Quotas) Tariffs: excise taxes on imported goods. Import Quota: specific max amount of a commodity that may be imported in any period.
Trade Barriers (NTB and VER) Non-tariff barrier: licensing requirement that specifies standards pertaining to product quality and safety. Voluntary Export Restriction: foreign firms "voluntarily" limit the amount of their exports to a particular country.
Created by: lanngoctran
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