A2 Economics OCR F585 Key Terms- Integration and Balance of Payments

Flash cards to help memorise key terms and definitions.

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  • Created by: E.A.B
  • Created on: 25-01-13 09:59

1. The more inelastic your YED for imports, the higher the level of economic growth you can have whilst keeping your Balance of Payments in equilibrium.

  • J-Curve Effect
  • Thirwell's Law
  • Marshall-Lerner Condition
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2. In a floating exchange rate system, when there is a fall in the value of the currency.

  • Float Down
  • Depreciation of a Currency
  • Devaluation of a Currency

3. Price Disparities are narrowed, as trade within the FTA is encouraged.

  • Protectionism
  • Positive Integration
  • Negative Integration

4. Stage Of Integration: Common approach to monetary policy, and often a single currency. Leads to Central Bank and harmonised fiscal policy. Simplifies trade (no changing of currency), reduces transaction costs, easier to predict future.

  • Monetary Union
  • Economic Union
  • Single Market

5. Investment made by multinational corporations or other foreign bodies in a country other than that in which the company is based.

  • Foreign Direct Investment (FDI)
  • Aid
  • Relocation
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