Edexcel Economics 9. International Economics

Description

Term

That which government might try to increase via privatisation, deregulation, cuts to direct taxes (partly to attract multinational companies), transport and infrastructure investment, education and training investment, and exchange rate manipulation

A measure of output per worker or per hour worked, useful for comparing the relative costs of production between countries

That which is often worsened in the least developed countries as there is large scale corruption while state institutions are not sophisticated enough to intervene effectively

An account identifying transactions in financial assets between the residents of a country and the rest of the world, such as investment flows and central government transactions in foreign exchange reserves

Gross income minus direct taxed, being £33,778 on average in the UK in 2016, but £13,149 for the poorest quintile and £67,486 for the richest

Countries defined by the World Bank as those with an annual per capita GNI between $1,026 and $12,475

Trade among members of a trading bloc or within a specific region

The replacement of cheaper imported goods by goods from a less efficient trading partner within a bloc

The population arranged into hierarchies of ten equally sized groups as opposed to quintiles which arrange it into five, quartiles into four, etc.

A group of countries that agree to trade without barriers between themselves, and with a common tariff barrier against the world such as the East African Community (EAC) or Mercosur

Description

Term

That attribute of a country's products, a decrease in which would be likely to result in a fall in the value of the country's currency as domestic and foreign demand for the currency to buy that country's products would decrease, causing firms and households to sell the currency for another, ceteris paribus

That the position of which is determined by supply and demand, marketing, competition, price elasticity of demand (such as for oil), tariffs, development, and factor endowments

That the effects of which are that educational attainment falls (not having books, a computer, access to school trips of university, etc.), mental and physical health deteriorate (healthy foods are unaffordable, while some turn to addictive substances for comfort), and there is decreased access to entertainment and transport services, etc.

That word used to describe the increasing reliance of markets on one another by lieu of their increasing integration

The income of the individual in the middle of the income distribution (i.e. 30 of 60), much better as a measure of such as it takes into account the number of people earning very high and very low incomes

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

That which arises from wages, welfare benefits, profits, dividends, rents, and interest

They which benefit from international/external trade due to access to larger markets allowing for increased production and economies of scale, technology transfer, easier and cheaper access to raw materials, and the potential for greater revenue and profit and thus investment

A system set up by a group of European countries in 1979 to keep member countries' currencies relatively stable against each other, being a managed exchange rate, with eleven realignments between 1979 and 1987

Post-tax income plus notional value such as NHS services and state education, being £34,605 on average in the UK in 2016, but £17,178 for the poorest quintile and £63,279 for the richest