UNIT 7: VOCABULARY

BALANCE OF TRADE: the monetary difference between exports and imports.

DOMESTIC TRADE: commercial transactions within a state.

EXPORTS: goods sold outside a country's borders.

IMPORTS: goods purchased outside a country.

INTERNATIONAL COOPERATION: international organisations, states, non-governmental organisations (NGOs) and private foundations which work to lessen inequality between rich an poor countries.

INTERNATIONAL PRESENCE: when a company has business in several countries.

PER CAPITA GDP: Gross Domestic Product (GDP) divided by number of inhabitants.

RECESSION: a preiod of time when economic growth slows down or stops altogether.

TRADE DEFICIT: when the value of an area's imports is greater than the value of its exports.