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How important is the value of a currency?

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Exchange rate
How much of one currency needs to be given up to buy one unit of another currency
Floating exchange rate
Where the prices of two currencies are decided by market forces
Fixed exchange rate
Where the central bank of a country tries to decide the price of their currency
International competitiveness
The ability of companies to compete with companies from other countries
Strong pound
This means that our imports are cheaper and our exports are more expensive
Weak pound
This means that our exports are cheaper and imports are more expensive
When the currency starts to get weaker in the market
When the currency starts to get stronger in the market
Elasticity of imports and exports
How responsive demand will be for imports and exports to a change in price (linked to exchange rate movements)