UCF test 1
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| international trade, | Which we mean the movement of goods (such as cargo) and services (such as the shipping of the cargo) across borders
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| migration | the flow of people across borders as they move from one country to another
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| foreign direct investment (FDI) | the flow of capital across borders when a firm owns a company in another country.
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| Trade openness | (exports+imports)/2 ---> derived that by GDP
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| export | is a product sold from one country to another
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| import | is a product bought by one country from another.
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| trade balance is: | the difference between its total value of exports and its total value of imports (usually including both goods and services)
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| trade surplus | Countries that export more than they import
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| trade deficit | countries that import more than they export
such as the United States
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| bilateral trade balance | meaning the difference between exports and imports between two countries
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| 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.
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| import tariffs | (taxes on international trade)
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| trade is ______ because import tariffs are low | high
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| gross domestic product (GDP) | the value of all final goods produced in a year.
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| trade barriers | refers to all factors that influence the amount of goods and services shipped across international borders
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| import quotas | a limitation on the quantity of an imported good allowed into a country
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| 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
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| 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
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| standardized goods | raw materials and basic processed goods like steel
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| Many industrialized countries place restrictions on immigration because policy makers fear: | a negative impact of immigration on the wages of domestic low-skilled workers.
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| 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
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| In the 1950s and 1960s American auto manufacturers produced cars in Europe to: | take advantage of local expertise
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| The money spent by a Chinese visitor to New York adds to the US: | exports of services.
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| By far, most of the world foreign direct investment (FDI) stock is _____ FDI. | horizontal
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| 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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