Key Terms
Absolute advantage (HL)
Anti-dumping
Appreciation
Balance of payments (BoP)
Balance of trade (BoT)
Capital account
Capital account deficit
Capital account surplus
Common market
Comparative advantage (HL)
Current account
Current account deficit
Current account surplus
Customs union
Depreciation
Deteriorating terms of trade/adverse terms of trade
Devaluation
Dumping
Elasticity of demand for exports
Elasticity of demand for imports
Exchange rate
Expenditure-reducing policies
Expenditure-switching policies
Factor endowment
Fair trade
Fixed exchange rate
Floating exchange rate
Free trade
Free trade area (FTA)
Infant industry argument
Invisible balance
J-Curve (HL)
Marshall-Lerner condition (HL)
Protection
Purchasing power parity (PPP) (HL)
Quota
Revaluation
Specialization
Subsidy
Tariff
Terms of trade
Trade creation (HL)
Trade diversion (HL)
Voluntary export restraint (VER)
World Trade Organisation (WTO)