Vocabulary Unit 3
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Created by:
wilsonnicole123 on October 27, 2008
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42 terms
Terms | Definitions |
|---|---|
 Balance of Trade | the difference in value between a country's imports and exports over a period of time |
| Contract | legally enforceable agreement between two or more parties |
| Economic Indicator | data/statistics that measure economic activity and business cycles |
| Embargo | ban on the import/export of a product |
| GDP | indicator of how well people are living |
| Monetary Policy | controlling the supply of money and cost of borrowing money |
| Oligopoly | when a small number of companies control and industry |
| Quota | a limit placed on the quantities of a product that can be imported |
| Standard of Living | measures countries economic health |
| Trust | group of companies that band together to form a monopoly and restrict competition |
| World Trade | exchange of goods and services across international boundaries |
| Breach of Contract | occurs when one party fails to live up to the terms of a conduct |
| Copyright | gives artists the legal right to own their own creations |
| Economic Slowdown | tighten money supply and credit |
| Economic Stimulation | increase money supply and credit |
| Imports | goods and services that one country buys from another country |
| International Trade | activity of buying and selling goods and services in domestic or international markets |
| Multinational Corp | company that does business in many countries and has facilties and offices around the world |
| Recession | economic activity slows down |
| Tariff | tax placed on imports to increase their price in the domestic market |
| Trademark | a name, symbol, or a characteristic that identifies a product |
| Unemployment Rate | percent of unemployment workforce looking for a job |
| Budget Deficit | when the government spends more money than it collects in taxes |
| Depression | deep recession that affects the entire economy and lasts for several years |
| Exchange Rate | the price at which one currency can buy another currency |
| Fiscal Policy | how the government collects revenues and spends money |
| Inflation | prolonged rise in level of prices for goods and services |
| Monopoly | when a company controls an industry or is the only one to offer a product or service |
| patent | legal grant for the sole right to own an invention |
| recovery | happens after a recession or depression, production starts to increase |
| The Fed | government agency that regulates the amount of money in circulation, control interest rates, and control amount of money loaned |
| trade surplus | when a country exports more than it imports |
| budget surplus | when a government's revenue exceeds its expenses during a one year period |
| domestic trade | production, purchase, and sale of goods and services within a country |
| exports | goods and services that one country sells to another country |
| free trade | occurs when there are few or no limits on trade between countries |
| inflation rate | the percentage by which the average level of prices in an economy rise |
| specialization | focus on a paricular activity, area, or product |
| prosperity | peak in economic activity |
| protectionism | practice of government putting limits on foreign trade to protect businesses at home |
| trade alliances | several countries merge their economies into one huge market |
| trade deficit | when a country imports more than it exports |
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