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Description
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Term
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That country the average terms of trade of which in the year April 2017 to April 2018 were 101.86, above the average of 99.02 from 1970 to 2018
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United Kingdom
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Measures besides tariffs imposed by government that have the effect of inhibiting international trade such as quality controls, especially where set very high with the intention of deterring foreign imports
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Non-tariff barriers
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An increase in the value of a currency/the exchange rate, such as due to higher interest rates or the inflow of hot money
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Appreciation
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That which is caused by trade liberalisation as encouraged by the World Trade Organisation, technological and communications improvements, the growth of multinational companies, increased capital (financial, human, etc.) mobility, and increased skill levels globally (English, IT, etc.)
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Globalisation
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The former term used to describe trade in goods in which the UK has been in deficit since 1982
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Visible Trade
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The five countries which comprised the UK's top import origins in 2017 in descending order
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Germany, China, Netherlands, USA, and France
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A set of trading arrangements the same as for a common market, though also having a common monetary policy and currency (or permanently fixed exchange rate)
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Economic Union
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That which the demand for and supply of are described as an inflow and an outflow of respectively
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Currency
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A group of countries that have signed some type of formal agreement about their trading relationship with one another
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Trade Bloc
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An account identifying transactions in goods and services between the residents of a country and the rest of the world, together with income payments and international transfers (such as EU contributions)
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Current Account of the Balance of Payments
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That a prime example of which is a tobacco tax as more unskilled workers smoke, with cigarettes absorbing a higher proportion of their income than those higher earners that do
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Regressive Tax
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That external shock not of economic origin that began in China in December 2019
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Coronavirus
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A percentage value taken from the Gini Coefficient to calculate income inequality by measuring the ratio of the area between a country's Lorenz Curve and the equality line to the whole area under the equality line, a higher percentage corresponding to greater inequality
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Gini Index
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That energy related construction project that is a recent example (beginning December 2018) of a positive item on the UK's financial account, being funded by French and Chinese investment
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Hinkley Point C Nuclear Power Station
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An area of production that has just emerged in an economy, often being temporarily protected and subsidised by government while it remains too small to reap the benefits of economies of scale, with the risk of causing dependency and x-inefficiency
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Infant Industries
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Countries defined by the World Bank as those with an annual per capita GNI between $1,026 and $12,475
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Middle Income Countries (MICs)
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An area of production that is coming to an end, sometimes protected and subsidised by government to prevent a sudden rise in unemployment
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Declining Industries
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That country which has tried to improve its terms of trade by developing its diamond cutting and finishing industries so it can export diamonds it mines at higher prices
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Botswana
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Those which are affected by globalisation in that they have access to a wider range of products at lower prices (though where large multinational companies markedly increase market concentration the opposite may occur)
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Consumers
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Money entering or leaving an economy for purposes of speculation, sometimes greatly affecting the exchange rate
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Hot Money
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