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International economy - Coggle Diagram
International economy
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Current Account (CA)
The CA records all receipts and payments of a 'current' nature, The net flow of money that results from Australia engaing in international trade
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Net Primary income: receipts (credits of income from holding foreign assets minus payments (debits) of income to service foreign liabilities
The Balance on Merchandise Trade (BOMT): Made up of merchandise export receipts (credits) minus merchandise import payments (debits)
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Competitive Advantage: A condition or circumstance that puts a company in a favourable or superior business postions, due to their expertise
Economies of scale: The volume that a firm needs to produce so that is it able to effectively cover its fixed costs and operate at which is called the minimum efficient scale
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Terms of Trade: Is a ration of the average prices received for exports relative to the average prices paid for imports and us using an index of exports and import prices over a number of years
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Net Foreign Debt: Balance of funds owed by Australians to overseas nations copared to the funds overseas nations owe Australia
Net Foreign Equity: Is the balance of foreign owned in Australia (such as property and shares) minus the Australian owned assets in foreign countries