Terminology

**Labour.** ====// Talking economically, labour is the quantity of the work that a person do, the economists measure labour as hours worked, total wages or efficiency. It's also one of the factors of production as land and capital. //====



**Gross Domestic Product or GDP** //basically is the market value of all the final products, goods or services that a country can produce in period of time. Also the GDP is considered an indicator of a country's stardand of living.// ====//There are three ways to calculate the GDP of a country, all of which should give the same result,t hrough product approach, income approach, and expenditure approach, the GDP c an be determined//====



====**Tariffs** //are the taxes collected on imports and exports, by the country's goverment, so the tariffs is like a policy of the goverment in order to control the trade between nations and support the interests of their own citizens.// ====

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====**International Finance**, //is a branch of economics that studies the dynamics of exchange rates, foreign investment, international projects, international investments, capital flows, trade deficits and how these things affect international trade.// ====