Examlex
Fixed exchange rates are determined in free markets by the forces of demand and supply.
WTO
The World Trade Organization, an international body that deals with the rules of trade between nations to ensure that trade flows as smoothly, predictably, and freely as possible.
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects aimed at reducing poverty and supporting development.
Modern Economy
Characterizes economies that are highly industrialized and usually have a significant reliance on technology and service sectors.
Specialization and Exchange
This concept depicts how individuals, firms, and nations can increase their productivity through specialization in tasks they perform best and exchanging their outputs for other goods and services.
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