Part 2.4: The international economy

Globalisation

World Trade Organisation

Multinational corporations

Less developed countries

More developed countries

European Union

Absolute advantage

Comparative advantage

Quotas

Tariffs

Export subsidies

Eurozone

Free trade area

Customs union

Single European Market

Current account

Balance of payments

Trade in goods

Trade in services

Primary income flows

Secondary income flows

Financial account

Foreign direct investment

Portfolio investment

Expenditure-reducing policy

Expenditure-switching policy

Exchange rate

Freely floating exchange rate

Fixed exchange rate

Currency union

Indicators of development

UN Human Development Index

Education and training

Corruption

Institutional factors

Infrastructure

Human capital

Aid