The price of domestic goods in terms of foreign goods is referred to as

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The price of domestic goods in terms of foreign goods is referred to as the real exchange rate. The nominal exchange rate refers to the rate at which one currency can be exchanged for another, while the relative inflation rate measures the difference in rates of inflation between two countries. The current account balance tracks a country's trade balance and includes the balance of trade, net income from abroad, and net transfer payments. The concept of the relative exchange rate is not commonly used in economics.

The Price of Domestic Goods in Terms of Foreign Goods