Economics- Edexcel 2.1.4
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| Balance of payments | records all financial transactions made between consumers, businesses and the government in one country with other nations
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| Inflows of foreign currency to the BOP | a positive entry
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| Inflows of foreign currency | exports sold overseas which causes money to come into a country
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| BOP | balance of payments
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| Outflows of foreign currency | imported goods and services cause money to leave the circular flow of income and spending
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| Outflows of foreign currency to the BOP | a negative entry
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| Current account of the balance of payments | main measure of a country’s external trade performance(difference between money and credit going in and out of an economy through exports, imports and income paid on assets at home and abroad)
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| 2020 UK exports nd imports of goods and services total | exports = £574 billion , imports = £586 billion
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| Trade deficit | amount by which the cost of a country's imports exceeds the value of its exports and usually the main part of the current account deficit
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| Current account deficit | the value of imports of goods/services / investment incomes is greater than the value of exports, so the country is running an external deficit and there is a net outflow of income from the economy’s circular flow
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| Trade balance in goods include | manufactured goods, components, raw materials, energy like oil and gas / capital technology
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| Trade balance in services | banking, insurance and consultancy / tourism, transport, logistics / shipping, education, health / research and cultural arts
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| Net primary income from overseas assets | flow of profits, interest and dividends from investments in other countries / net remittance flow from migrant workers
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| Net remittance | total funds transfer from one bank account to another as a gift or payment
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| Migrant worker’s remittance | When migrants send home part of their earnings in the form of either cash or goods to support their families
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| Net secondary income | overseas aid or debt relief / UK payments to the European Union
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| Debtor countries | current account deficit nations, e.g. US and UK
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| Current account surplus | a country has more exports than imports of goods and services so a country is operating an external surplus and there is a net inflow into the economy
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| Creditor nations | current account surplus nations, e.g. Germany, Norway, South Korea
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| Short-term (cyclical) causes of a current account deficit | Fast “above-trend” growth/Cyclical rise in global commodity prices/Rising real incomes & consumer spending increasing import demand/strong exchange rate= imports cheaper and exports expensive/recession in the economy of a country's major trade partner
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| Medium-term (structural) causes of a current account deficit | Low levels of business investment and relative labour productivity/high unit labour costs/long term decline in the world price of a country’s major export/weaknesses in design, branding, performance & other non-price factors
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| Bilateral trade | the exchange of goods between two nations promoting trade and investment
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| Unilateral trade | one-sided, non-reciprocal trade preferences granted by developed countries to developing ones, with the goal of helping them to increase exports and spur economic development
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