Textbook Notes (368,794)
Canada (162,165)
Economics (748)
ECON 1B03 (303)
Chapter 12

Chapter 12.docx

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Department
Economics
Course
ECON 1B03
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Chapter 12Closed economy an economy that does not interact with other economiesOpen economy an economy that interacts freely with other economies around the world The international flow of Goods and Capital Open economies interact in two wayso buys and sells goods and services in the world product market o buys and sells capital assets such as stocks and bonds in world financial marketsThe flow of goods Exports Import and Net Exportexports goods and services that are produced domestically and sold abroadimports goods and services that are produced abroad and sold domesticallyNet Exports the value of a nations exports minus the value of its imports also called the trade balanceNXExportsImportsTrade balance the value of a nations exports minus importsTrade Surplus an excess of exports over importsTrade Deficit an excess of imports over exportsBalance Trade a situation in which exports equal imports
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