Why Nations Trade
Define Export
good/services sent to another country.
Define Development
The process by which a nation improves the economic, political, and social well-being of its people.
What is the measure of how rapidly a country's popilation increases in a given year
Population Growth Rate
What is the increasingly tight interconnection of producers, consumers, and financial systems around the world?
Globalization
What is a good/service brought in from another country?
An Import
What is the organization of the economy for menufacturing?
Industrialization
What is a capital that starts in other countries?
Foregin investment
What is the movement of some of a company’s operations to another country
Offshoring
What's the law that states a nation is better off when it produces goods and services for which it has a comparative advantage
Law of Comparative Advantage
What is a nation with a relatively high average of material well-being
Developed Nation
What is captial moved from savings of citizens?
Internal Financing
What is a cash payments sent by workers who have migrated to a new country to family members in their home country
Remittances
what is the shared need of countries for the resources, goods, services, labor, and knowledge supplied by other countries
Interdependence
What is it called when a nations GDP is divided by its population?
Per capita GDP
What does it mean when people arrange a rescheduling?
Debt rescheduling
What is name of the goal of meeting current development needs without using up the resources needed by future generations
Sustainable Development
How does comparative advantage compare with absolute advantage?
The ability of a person to produce a good or service for a lower opportunity cost than a competitor
What is it called when raising only enough food to feed their families?
Subsistence argiculture
What does it mean to change economic policies to meet goals?
Stabilization program
What is a large-scale destruction of forests
Deforestation