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Ünite 1: Introduction To International Trade — Kavram Eşleştirme

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Volume of Trade — The total sum of a nation's imports and exports of goods and services within a specific period. It is calculated mathematically as Total Imports + Total Exports, representing the overall scale of a country's commercial engagement with the rest of the world.

Balance of Trade — The net difference between a country's total value of exports and its total value of imports. A positive balance results in a trade surplus, while a negative balance results in a trade deficit.

Trade Deficit — An economic condition that occurs when a nation's total value of imported goods and services is greater than its total value of exported goods and services. This indicates a net monetary outflow to foreign nations for trade purposes.

Trade Surplus — An economic condition that occurs when a nation's total value of exported goods and services exceeds its total value of imported goods and services. This represents a net inflow of foreign currency from trade.

Terms of Trade — The ratio of a nation's export price index to its import price index, multiplied by 100 to be expressed as a percentage. It measures how many units of imports a country can purchase for a given unit of its exports.

Income Terms of Trade — An economic index calculated by multiplying the commodity terms of trade by the volume index of exports. It measures a nation's export-based capacity to import, which is highly critical for analyzing the development potential of developing countries.

Pattern of Trade — The specific composition and nature of the commodities and services that a country imports and exports. It reflects the structural characteristics, resource endowments, and technological level of an economy.

Positive Economies of Scale — An economic situation where the average cost of producing a unit of a commodity decreases as the total output rate of production increases. This encourages mass production and the concentration of manufacturing in large-scale facilities.

Negative Economies of Scale — An economic situation where the average cost of producing a unit of a commodity increases as the total output rate of production increases. This can occur due to management inefficiencies, coordination problems, or resource bottlenecks in very large operations.

Tariff — A tax, duty, or financial levy imposed by a government on a traded commodity as it crosses a national border. Tariffs are primarily used to protect domestic industries from foreign competition or to generate government revenue.

Non-Tariff Restrictions — All types of trade barriers and policy instruments other than traditional tariffs that restrict the free flow of international trade. Examples include import quotas, voluntary export restraints, export subsidies, and technical or administrative regulations.

Foreign Exchange Rate — The price of one nation's currency expressed in terms of another nation's currency. It determines the relative cost of goods and assets traded internationally between countries using different monetary units.

Devaluation — An official, deliberate downward adjustment of the value of a country's national currency relative to a foreign benchmark or currency, enacted by the decision of the country's central bank under a fixed exchange rate system.

Revaluation — An official, deliberate upward adjustment of the value of a country's national currency relative to a foreign benchmark or currency, enacted by the decision of the country's central bank under a fixed exchange rate system.

Currency Depreciation — A decrease in the value of a national currency relative to a foreign currency that occurs naturally due to market forces of supply and demand within a flexible or floating exchange rate system.

Currency Appreciation — An increase in the value of a national currency relative to a foreign currency that occurs naturally due to market forces of supply and demand within a flexible or floating exchange rate system.

Balance of Payments — A systematic, double-entry bookkeeping record of all economic and financial transactions conducted between the residents of a country and the rest of the world during a specific calendar year.

Digital Economy — A broad economic concept that encompasses all economic processes, transactions, activities, and business models that are based on and enabled by digital technologies, including but not limited to the internet.

Additive Manufacturing — A modern industrial production process, also known as 3D printing, that builds three-dimensional physical objects by adding materials layer-upon-layer based on a digital blueprint, rather than subtracting material from a solid block.

Labor Theory of Value — An economic theory, central to classical trade theory, which postulates that the value and relative price of a commodity are determined solely by the total amount of labor time required for its production.