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the selling by a country of large quantities of a commodity, at a price lower than its production cost, in another country

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selling goods in foreign market at a price under its cost of production.

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an excess of debits over credit in any of the three account, meaning that outflow going abroad > inflow from abroad.

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foreign exchange held by the central bank that is bought or sold to influence the value of the country's exchange rate in a fixed or managed exchange rate system

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payment by the government to firms to lower costs of production and price

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growing economic relations and cooperation between countries

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A variety of obstacles to imports imposed by governments as a form of trade protection, intended to limit the quantity of imports and protect domestic producers from foreign competition.

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short-term stock and bill/bond purchase which are not direct investment since they do not lead to lasting interest in company

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a currency whose value is maintained higher than it s market equilibrium level

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policies that reduce expenditures and aggregate demand, lowering imports and increasing exports

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currency whose value is maintained lower than its market equilibrium level, may occur in the fixed and managed system

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Policies that switch consumption away from imports toward domestically produce goods include: trade protectionism, money depreciation

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inflows/credits minus outflows/debits of a variety of items
e.g. debt forgiveness, non-life insurance claims, investment grants

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an international organization with the key objective to promote free trade among countries around the world

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receipts from abroad (credits) minus payments aborad (debits)
e.g. rents, interests, profits

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the central bank intervenes at times by buying and selling foreign exchange to avoid share short-term fluctuation

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any item of the balance of payments involving an outflow of funds from a country, entered with a minus（-）sign.

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any transaction that leads to money entering the country from abroad

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a currency whose value is maintained lower than its market equilibrium price

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A country has a comparative advantage in the production of a good if it can produce at a lower opportunity cost than another country

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an increase in the value of a currency in a fixed exchanged rate system

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A country has a absolute advantage in the production of a good if it can produce fewer resource than another country

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a decrease in the value of a currency in fixed exchange rate system

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fixed by a country's government or central bank at a certain level in term of another currency, which is not determined by the demand and supply

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a higher form of integration than a customs union because in addition to free trade and a common trade policy toward non-members there is also free movement of labor and capital between members.

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an exchange rate that is determined entirely by demand and supply of the currency, without government intervention.

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a measure of export revenue of physical goods minus import expenditure of tangible goods over a time period

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An agreement between two countries to reduce or eliminate trade barriers to encourage free trade between them

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It is the policy that limit the physical quantity of the imported goods in order to protect the domestic industry

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a higher form of integration than a free trade area because in addition to free trade between members, there is also a common trade policy toward non-members. e.g. SACU

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members of  a common market adopt a common currency and a common central bank responsible for monetary policy for all the members.

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an exchange rate that is determined entirely by demand and supply of the currency, with no government intervention

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decrease the value of a currency in terms of others in floating exchange rates system

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international trade with no government intervention imposing restrictions of any kind on imports or exports

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An increase in exchange rate of one currency in terms of another currency in a floating exchange rate system.

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the value of one currency is expressed in terms of another, can be thought as the "price" of the currency

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two or more countries that have agreed to reduce or eliminate trade barriers to encourage free trade.

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Tariff is defined as tax imposed on imported goods in order to reduce import and protect domestic industry. 

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Tariff is defined as tax imposed on imported goods in order to reduce import and protect domestic industry. 