| Term | Definition |
|---|
| balance of trade | the difference in values between a country's imports and exports over a period of time |
| contract | legally enforcable agreement between two or more parties. Can be written, verbal, or even formed by a handshake. |
| economic indicator | data/statistics that measure economic activity and business cycles |
| embargo | ban on the import or export of a product. these are rare and usually used against another country for political or military reasons. |
| GDP | an indicator of how well poeple are living |
| monetary policy | controlling the supply of money and cost of borrowing money (credit) |
| oligopoly | when a small number of companies controls an industry |
| quota | a limit placed on the quantities of a product that can be imported |
| standard of living | the level of material comfort as measured by the goods and services avaliable |
| trust | group of companies that band together to form a monopoly and restrict competition |
| world trade | the exchange of goods and services across international boundaries |
| breach of contract | occurs when one party fails to live up to the terms of a contract |
| copyright | gives artist the legal right to own their own creations |
| economic slowdown | tighten money supply and credit |
| economic stimulantion | increase money supply and credit |
| imports | goods and services that one countries buys from another country |
| international corp | companies that does business between nations |
| recesison | economic activity slows down, GDP declines, unemployment increases, fewer workers needed |
| tariff | tax placed on imports to increase their price in the domestic market |
| trade mark | a name, a symbol, or a characteristic that identifies a product |
| unemployment rate | % of unemployed workforce looking for a job |
| budget deficit | when the government spends more money than it collects in taxes |
| depression | high unemployment, low production of goods and sevices, last for several years, many banks failed |
| exchange rate | the price at which one currency can buy another currency |
| fiscal policy | how the government collects revenues and spends money |
| inflation | a prolonged rise in the level of prices for goods and services |
| monopoly | when a company controls an industry or is the only one to offer a product or server |
| patent | legal grant for the sole right to own an invention |
| recovery | production starts to increase, happens after a depression and recession, people begin to purchase again |
| The Fed | the government to control business that takes place between the states |
| trade surplus | when a country exports more than it imports |
| budget surplus | the government collects more from the people than it recieves in taxes |
| domestic trade | production, purchase, and sale of goods and services across international boundaries |
| 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 economic rise |
| specialization | means to focus on a particular activity, area, or product |
| prosperity | low unemployment, production is high, new businesses opening, the peak in economic activity, more people buying houses and consumer goods |
| protectionism | the practice of the 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 impotrs more than in exports |
| multinational corp | company that does business in many countries and has facilities and offices around the world |
Combine with other sets
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