IB Economics/International Economics

4.1 /Reasons for trade/ 4.2 /Free trade and protectionism/ 4.3 /Economic integration/ 4.4 /World Trade Organization (WTO)/ 4.5 /Balance of payments/ 4.6 /Exchange rates/ 4.7 /Balance of Payment problems/ 4.8 /Terms of trade/ Key Terms 310px|right Absolute advantage (HL) Anti-dumping Appreciation Balance of payments (BoP) Balance of trade (BoT) Capital account Capital account deficit Capital account surplus Common market Comparative advantage (HL) Current account Current account deficit Current account surplus Customs union Depreciation Deteriorating terms of trade/adverse terms of trade Devaluation Dumping Elasticity of demand for exports Elasticity of demand for imports Exchange rate Expenditure-reducing policies Expenditure-switching policies Factor endowment Fair trade Fixed exchange rate Floating exchange rate Free trade Free trade area (FTA) Infant industry argument Invisible balance J-Curve (HL) Marshall-Lerner condition (HL) Protection Purchasing power parity (PPP) (HL) Quota Revaluation Specialization Subsidy Tariff Terms of trade Trade creation (HL) Trade diversion (HL) Voluntary export restraint (VER) World Trade Organisation (WTO)