Economic Terms Flashcards

Front

Administrative barriers

Back

Obstacles that governments impose to restrict international trade.

Front

Appreciation

Back

An increase in the value of a currency in relation to others.

Front

Common market

Back

A group of countries that have eliminated tariffs and allow free movement of goods and services and factors of production

Front

Customs union

Back

A type of trade bloc which is composed of a free trade area with a common external tariff.

Front

Depreciation

Back

A decrease in the value of a currency in relation to others.

Front

Dumping

Back

Selling goods in a foreign market at a price lower than their costs of production

Front

Free trade area

Back

A region where a group of countries have agreed to reduce or eliminate trade barriers.

Front

Human Development Index (HDI)

Back

A composite statistic of life expectancy, education, and per capita income indicators.

Front

Infant industries

Back

Newly established industries that may require protection from international competition.

Front

Monetary union

Back

A group of countries that share a common currency.