Unit 3 Vocab
Vocab words and definitions
Terms
undefined, object
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- Recession
- Economy's activity shows and the Ripple effect
- Trade Alliances
- Several countries merge their economies into one huge market
- Oligopoly
- When a small number of companies control an industry
- Contract
- Legally enforceable agreement between two or more parties. Can be written, verbal, or even formed by a handshake
- Domestic Trade
- Production purchase and sale with in country (state-to-state)
- Free Trade
- Occurs when there are few or no limits on trade between countries
- Depression
- Hight unemployment and many banks failed
- Unemployment Rate
- Percentage of unemployed workforce looking for a job
- World Trade
- Exchange of goods and services across international boundries
- Specialization
- To focus on a particular activity, area, or product
- Budget Deficit
- When the government spends more money that it collects in taxes
- Economic Slowdown
- Tighten credit/ money
- Prosperity
- Low unemployment and new businesses opening up
- Protectionism
- The practice of the government putting limits on foreign trade to protect businesses at home
- Budget Surplus
- When the government collects more money than it gives out
- Trust
- Where companies try to get together to form a monopoly
- Imports
- Goods and services that one country buys from another
- The Fed
- Government agency that regulates the amount of money in circulation
- Copyright
- Gives artists the legal right to own their own creations
- Trade Surplus
- Exports more than imports
- Inflation
- A prolonged rise in the level of prices for goods and services
- Multinational Corp.
- Company that does business else where, plants set up other places
- Embargo
- Ban on the import or export of a product. These are rare and usually used against another country for political or military reasons.
- Patent
- Legal grant for the sole right to own an invention
- GDP
- Grost Domestic Product
- Standard Of Living
- The level of material comfort as measured by the goods and services that are available
- Trade Deficit
- Imports more than exports
- Breach of Contract
- Occsurs when one party fails to live up to the terms of a contract
- International Trade
- Activity of buying goods and services in domestic or international markets
- Exports
- Goods and services that one country sells to another country
- Economic Stimulation
- Increase money supply and credit
- Economic Indicator
- Data/statistics that measure economic activity and business cycle
- Recovery
- Coming out of a depression
- Exchange Rate
- The price at which one currency can buy another currency
- Inflation Rate
- The percentage of which the average level of prices in an economy rise
- Tariff
- Tax placed on imports to increase their price in the domestic market
- Balance of Trade
- Difference in value between a country's imports and exports over a period of time
- Quota
- A limited placed on the quantities of a product that can be imported
- Fiscal Policy
- How much government collects reversues and spend money
- Monetary Policy
- Controling supplies of money and cost of borrowing money (credit)
- Monopoly
- When a company controls an industry or is the only one to offer a product or service
- Trademark
- A name, a symbol, or a characteristic that identifies a product