Economic Definitions

Question	Answer
What does is GDP	Gross Domestic Product The total value of goods produced and services provided in a country during one year.
International Trade	The exchange of capital goods, and services across international borders or territories.
Exports	Sending a commodity, article, goods or service to another country for sale.
Export receipts	These are the receipts gained from from export goods and services.
Imports	Bringing goods and services into a country to sell.
Import payments	When a country imports goods or services payments are made to the country who is exporting goods or services. These payments are known as import payments.
Net exports	Net exports is the difference between the value of exports and imports of output in an economy over a certain period, measured in the currency of that economy.
Economic growth	Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real GDP.
Commodities	A raw material or primary agricultural product that can be bought and sold, such as copper or coffee.

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	Created by sophia.menzies9 over 10 years ago