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1. Accounting and basics

1.1. Current transactions

1.1.1. They are all those relationships with the exchange of goods and services with the outside

1.2. Equity transactions

1.2.1. They give rise to obligations and rights that have repercussions in the future Foreign investment It can be direct when it involves the formation of new capital or the purchase of an existing fixed capital or it can be a portfolio investment when buying papers such as bonds, shares and other instruments by foreign investors Loan capital They determine the payments that the creditor will receive

1.3. Net foreign assets

1.3.1. It is the set of assets abroad of the citizens of a country minus the assets owned by foreigners in that country

1.4. Inter-industry trade

1.4.1. It originates from sectors or industries in each country

1.5. Intra-industry trade

1.5.1. It occurs between similar countries that export and import varieties of the same class of goods

1.6. Intertemporal comparative advantage

1.6.1. Countries that have accumulated little capital per person, can increase their production much more if they invest, their comparative advantage is in future production

2. Prices and exchange rates

2.1. Single price law

2.1.1. It establishes that once converted to a common currency the prices of goods are equal

2.2. General price level

2.2.1. Measures the average price level in an economy

2.3. Real exchange rate

2.3.1. The relationship between the price of a basket of goods in country j and the price of the same basket of goods in country i, expressed in terms of a common currency

3. Commercial Policy

3.1. Rated protection

3.1.1. Refers to the tariff rate charged to a particular good or service

3.2. Effective protection

3.2.1. It takes into account that inputs are used in the production of a certain good, which in turn may or may not be protected

4. Commercial policy in Colombia