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Economics Today: The Micro View (15th Edition)
Economics Today: The Micro View plus MyEconLab 1-semester Student Access Kit (15th Edition)
Balance of Trade
The difference between exports and imports of goods
Balance of Payments
A system of accounts that measures transactions between domestic households, businesses, and governments and residents of the rest of the world during a specific time period
Values that are equivalent by definition
A category of balance of payments transactions that measure the exchange of merchandise, the exchange of services and unilateral transfers
Current Account Surplus
Net exports plus unilateral transfers plus net investment income exceeds zero
Current Account Deficit
Net exports plus unilateral transfers plus net investment income is negative
A category of balance of payments transactions that measures flows of real and financial assets
Special Drawing Rights
Reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations
International Monetary Fund
An agency founded to administer an international foreign exchange system and to lend to member countries that had balance of payments problems
Foreign Exchange Market
A market in which households, firms, and governments buy and sell national currencies
The price of one nation's currency in terms of another
Flexible Exchange Rates
Exchange rates that allowed to fluctuate in the open market in response to changes in supply and demand
An increase in the exchange value of one nation's currency in terms of the currency of another nation
An decrease in the exchange value of one nation's currency in terms of the currency of another nation
The officially determined value of another currency
Foreign Exchange Risk
The possibility that changes in the value of a nation's currency will result in variations in market value of assets
A financial strategy that reduces the change of suffereing lossses arising from foreign exchange risk
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