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Global Economics (Chapter 1: The Global Macroeconomy (Fixed (pegged)…
Global Economics
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Chapter 5: National and International Accounts: Income, Wealth, and Balance of Payments
Trade Balance: the difference between payments made for imports and payments received for exports equals net payments to domestic firms due to trade.
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Current Account: an important tally of all national transactions in goods, services and income that occur through market transactions of transfers.
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Balance of Payments Identify: a way to summarize every single one of the million international transactions a nation engages in and details why the accounts must balance
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Net Creditor: a country that has net external assets, NOT net external liabilities
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Chapter 7: Balance of Payments II: Output, Exchange Rates, Macroeconomic Policies in the Short Run
Transfer Programs: programs including social security, medicare, or unemployment benefit systems that redistribute income between houses
Expenditure Switching: the composition of a country's expenditure on foreign and domestic goods and to balance a country's current account
Monetary Policy: the management of money supply and interest rate, achieve objectives like inflation, consumption, growth and liquidity
Fiscal Policy: the use of government revenue collection and expenditure to monitor and influence a nation's economy
Stabilization Policy: a strategy enacted by governments and central banks to maintain healthy levels of economic growth and minimize price changes
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Chapter 10: The Euro
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Optimum Currency Area: an optimizing decision in the best interest of all involved resulting in the formation of a currency union
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Stability and Growth (SGP): in 1997, in Amsterdam, the EU introduced a budgetary surveillance or a process that would check up on what members of the states were doing
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Convergence Criteria: five rules for admission into the Euro zone put forth at the Maastricht Treaty
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Economic and Monetary Union (EMU): a single market and fully integrated economic area that would encompass goods and services markets, capital markets and labor markets
the origin and creation of a new currency, the euro
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