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ABSOLUTE POVERTY LEVEL: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer a relative poverty level.
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INTERNATIONAL ECONOMICS: A branch of economics that studies economic interactions among different countries, including foreign trade (exports and imports), foreign exchange (trading currency), balance of payments, and balance of trade. While much of the interaction among countries is largely an extension of basic economic principles, complications do arise because nations are distinct political entities, with different laws and cultures, and with little or no overall governmental oversight. The guiding principle in the study of international economics is comparative advantage, which indicates that every country, no matter their level of development, can find something that it can produce cheaper than another country. The study of interational economics focusses on two related areas -- international trade and international finance See also | international trade | international finance | balance of trade | balance of payments | comparative advantage | foreign | domestic |
Recommended Citation:INTERNATIONAL ECONOMICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: January 16, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: international economics
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FOREIGN EXCHANGE A common term for the currency used in "another country" and is in direct contrast to the "domestic currency" used within a given country. More generally, foreign exchange is any financial instrument that gives one country a claim on the currency of another country and which is used to make payments between countries. The most important type of foreign exchange is, of course, the currency of other countries. However foreign exchange also includes financial assents such as bank deposits denominated in another currency. Foreign exchange is appropriately traded through the foreign exchange market and the price of foreign currency is termed the foreign exchange rate.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for door-to-door salesmen.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment." -- Grenville Kleiser, Author
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AID
Agency for International Development
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