is a difference between the monetary value of exports and imports over a certain period of time (for example, a year). It is calculated for both separate nations and groups of countries and includes both actual transactions and those carried out on credit.

refer to a country’s external highly liquid assets, namely gold and currency, controlled by the monetary authorities. International reserves are meant for financing the current account deficit, currency interventions etc.

is an economic law referring to the ability of an individual or a country to demonstrate the best performance producing goods and services in the sphere they are the most competent, qualified or experienced.

is an advantage in production of certain goods or services some country has over the others due to peculiarities of climate, education, labour resources and other factors. If a country has an absolute advantage in certain industries, it can produce corresponding goods and services at a lower cost per unit, than competitors.

implies that each country produces certain goods because it has everything necessary to produce them as compared to other countries. By specializing in suitable production, the country satisfies its own needs yet relying on foreign trade. Thus, international division of labour is a principle of the world economy where every country has its own specializations, exports the goods produces while importing the goods other countries specialize in.

is fostering domestic production of goods rather than importing foreign goods.

is a system of relations implying exchange of goods and services across international borders.

is the development of stable relations among neighbouring countries into unification of economies. This process is usually accompanied by coordinated interstate economic policy.

is the Treasurer of Australia.

is the world’s largest mining company founded in 2011 with headquarters in Melbourne.