Econowmics

Tagged: Foreign exchange rate

Hollis Johnson

Terms and Concepts

The Big Mac Index: A delicious indicator

The Big Mac Index was written by Pam Woodall in The Economist in 1986. The index, also known as Burgernomics, is published every spring by The Economist. According to the magazine, it serves as a lighthearted guide to whether currencies are at their correct level while seeking to make exchange-rate...

Foreign Exchange Rate, (Photo by Carl Court/Getty Images)

Macroeconomics

Foreign Exchange Rate

Inside the borders of a country, goods and services are traded with that nation’s currency. However, to trade goods and services with other countries, foreign currencies are needed. Foreign exchange rate is the amount of home currency units that are to be paid to obtain a single unit of a...