AP Macro Word Scramble
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| Term | Definition |
| human capital | the improvement in labor created by the education and knowledge of members of the workforce |
| physical capital | has human-made goods like buildings and machines used to produce other goods and services |
| depreciation | when a currency becomes more valuable with other currencies |
| appreciation | when a currency becomes less valuable with other currencies |
| Balance of payments | a summary of a country's transaction with other countries |
| current account | records a nation's exports and imports of goods and services (includes net investments income and transfers) |
| capital account | records difference between a country's sale of assets to foreigners and its purchase of assets from foreigners |
| Exchange Rate | prices which currencies trade |
| comparative advantage | An individual/country that's able to produce a good/service at a lower opportunity than that of another person/conutry |
| absolute advantage | An individual/country is able to produce more total outputs of a good/service with a given amount of time/resources |
| devaluation | a reduction in the value of a currency that's set under a fixed exchange rate regime |
| revaluation | an increase in the value of a currency thats set under a fixed exchange rate regime |
| labor productivity | (or productivity) output per worker |
| infrastructure | roads, power lines, ports, information networks, and other underpinnings for economic activity |
| terms of trade | The price of a good or service (the amount of one good or service which must be given up to obtain one unit of another good or service) |
| FOREX (Foreign Exchange Market) | international transactions where currencies can be exchanged |
| Factors of Growth (Supply, Demand, Growth) | Supply- prices/availability, # of sellers, gov action, tech, opport. cost of alternative production, expect of future profit. Demand- taste/preference, # of consumers, prices of related goods, income Growth- physical & human capital, & technology |
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