Salvatore
bgloss.tex
V1 - 10/03/2012
7:25 P.M.
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Glossary of Key Terms
Bretton Woods system
The gold-exchange standard that oper-
ated from the end of World War II until 1971.
Buffer stocks
The type of international commodity agreement
that involves the purchase of the commodity (to be added to
the stock) when the commodity price falls below an agreed
minimum price, and the
Buffer stocks
sale of the commodity out of the stock when the
commodity price rises above the established maximum price.
Bulk purchasing
An agreement to purchase a specified amount
of a commodity for a year or a number of years.
C
Capital account
It includes debt forgiveness and goods and
financial assets that migrants take with them as they leave or
enter the country.
Capital-intensive commodity
The commodity with the higher
capital-labor ratio at all relative factor prices.
Capital-labor ratio (K/L)
The amount of capital per unit of
labor used in the production of a commodity.
Capital-saving technical progress
Technical progress that
increases the productivity of labor proportionately more than
the productivity of capital and results in an increase in
L/
K at
constant relative factor prices.
Carry trade
The strategy in which an investor borrows
low-yielding currencies and lends (invests in) high-yielding
currencies.
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