Globalisation
the process by which the world is becoming increasingly interconnected through trade and other links
Quota
a limit placed on imports and exports
Embargo
a ban placed on imports and exports
Exchange control
a limit on the amount of foreign currency that can be obtained
Infant industries
new industries with relatively low output and high cost
Declining industries
old industries which are going out of business
Strategic industries
industries that are considered important for the survival or development of the country
Foreign exchange rate
the price of one currency in terms of another currency or currencies
Fixed exchange rate
an exchange rate whose value is set at a particular value in terms of another currency or currencies
Devaluation
a fall in the value of a fixed exchange rate
Revaluation
a rise in the value of a fixed exchange rate
Floating exchange rate
an exchange rate which can change frequently as it determined by market forces
Appreciation
a rise in the value of a floating exchange rate
Depreciation
a fall in the value of a floating exchange rate
Trade in goods
the value of exported goods and imported goods
Trade in goods deficit
expenditure on imported goods exceeding revenue from exported goods
Trade in goods surplus
revenue from exported goods exceeding expenditure on imported goods
Trade in services
the value of exported services and imported services
Trade in services deficit
expenditure on imported services exceeding revenue from exported services
Trade in goods surplus
revenue from exported services exceeding expenditure on imported services
Primary income
income earned by people working in different countries and investment income which comes into and goes out of the country
Secondary income
transfers between residents and non-residents of money, goods or services, not in return for anything else
Current account balance
a record of the income received and the expenditure made by a country in its dealings with other countries