(ECONOMICS) the effective ratio whereby a country exchanges its goods with those of another country. Hence, a country that exports (say) mostly coffee and chocolate has to import almost everything else; if the price of chocolate and coffee declines, the country has no choice but to increase production of both, further reducing the price of both on world markets, and increasing the relative cost of everyhting it imports.
Terms of trade are determined notionally by the forex markets, but more fundamentally by (a) the markets for commodities, and (b) the ability of the country to finance transitions to other, higher-priced export goods.
Terms of trade are determined notionally by the forex markets, but more fundamentally by (a) the markets for commodities, and (b) the ability of the country to finance transitions to other, higher-priced export goods.
Terms of trade typically lead to very high real exchange rates for currencies like the Indian rupee.
by Abu Yahya May 18, 2010
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Your only option is to sit back and laugh while you watch the masters at work.
Your only option is to sit back and laugh while you watch the masters at work.
by Radikid October 29, 2018
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a compliment that I heard about you that I offer to trade for a compliment you have heard about me; can be redeemed at a later date or used as an installment for the future (as in, when someone hears something nice about you, if you have given them a trade-last, they are bound to tell you the compliment you received but weren't around to receive it)
Me: "Hey! I heard Peggy thought your butt looked great in those jeans."
You: "Wow, really? That's awesome!"
Me: "Yeah, that's a trade last, so now you have to tell me next time someone says something good about me."
You: You got it!
(six months later)
You: "Hey! I heard Peggy thought your butt looked great in those jeans."
Me: "Wow, really?"
You: "Yeah! That Peggy sure is obsessed with butts."
Me: "She's not very discerning, either."
You: "Wow, really? That's awesome!"
Me: "Yeah, that's a trade last, so now you have to tell me next time someone says something good about me."
You: You got it!
(six months later)
You: "Hey! I heard Peggy thought your butt looked great in those jeans."
Me: "Wow, really?"
You: "Yeah! That Peggy sure is obsessed with butts."
Me: "She's not very discerning, either."
by Swass! II September 23, 2010
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by tomorrowtomorrow February 9, 2017
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Get the JACK-OF-ALL-TRADES mug.A Catholic that does not live by the changes that were made in the the Church as a result of Vatican II. Most of the time they attend a Latin mass, the women wear dresses, don't eat meat on Friday, don't send their kids to public school, have loads of kids, say the rosary every day, say grace before and after meals and don't listen to modern music or use bad language. They come in varying degrees of weirdness. Some are just normal, well-behaved and modestly-dressed Catholics. Others, usually the ones that live in the middle of nowhere stick out. I could go on and on describing their various peculiarities but I think I covered all of the basics.
Girl: Who are those freakin' weird people over there in the long ass skirts? That's disgusting that they have more than 3 kids! They must be crazy! They need to get liberated! I'm sure they're judging us right now!
Traditional Catholic: Who's judging?
Traditional Catholic: Who's judging?
by BMDC September 16, 2010
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