Vocabulary
Vocabulary for Intro to Business.
Terms
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- Trademark
- A name, symbol, or a characteristic the indentifies a product.
- Exports
- Sell goods and services to other countries.
- Protectionism
- global competition that leads to disputes.
- Patent
- Legal grant for the sole right to own an invention.
- International Trade
- Exchanging goods and services between countries.
- Prosperity
- Low unemployment, production of goods and services are high, new businesses are opening, peak in economic activity, and more people are buying houses and goods.
- World Trade
- Better transportation methods,better telecommunications methods, and decrease in the trade barriers.
- Economic Slowdown
- When the economic falls into a slump.
- Unempolyment Rate
- The percent of unemployed workforce looking for a job.
- Depression
- High unemployment rate, low production of goods and services, deep recession that affects the entire economy and lasts several of years.
- Trade Alliances
- When countries have a agreement on things that are being traded.
- Quota
- Limit placed on the quantities of a product that can be imported.
- Trust
- Group of companies that band together forming a monopoly and restrict competition.
- Inflation Rate
- The percent by which the average level of prices rise.
- Specialization
- The special line of work you have adopted as your career.
- Inflation
- Rise in the level of price for goods, and services.
- Free Trade
- Occurs wehn there are few or no limits on trade between countries.
- Monoploy
- When a company controls an industry or is the only one to offer a product or service.
- Economic Indicator
- Data/statistic that measure economic activity, and business cycle.
- Balance of Trade
- The difference in value between a counrtys imports, and exports over time.
- Domestic Trade
- Production, purchase, and sale of goods and services within a country.
- Trade Surplus
- When a country exports more than in imports.
- Embargo
- Ban on the imports/exports of a product.
- Budget Deficit
- An excess of expenditures over revenues .
- Exchange Rate
- Ratio at which a unit of the currency of one country can be exchanged for that of another country.
- Monetary Policy
- Controlling the supply of money and cost of borrowing money (credit)
- Recovery
- Happens after a depression, production increase, more money, and more purchasing.
- Contract
- Legally enforced agreement between two or more parties, could be written, verbal or a handshake.
- GDP
- Value of consumer goods and services and business goods and services and goods and services and goods and services sold to other nations.
- Tariff
- Tax placed on imports to increase their price in the domestic market.
- Oligopoly
- When a small number of companies control an industry.
- Budget Surplus
- When the government takes in more money than they give back.
- Breach of Contract
- Occurs when one party fails to live up to the terms of another contract.
- Multinational Corp
- When multi nations are involed in a agreement.
- Fiscal Policy
- How the government collects revenues and spends money.
- Recession
- Economic activity slows down, business produce less/fewer worker needed, less money to spend, less money to spend, unemployment increases, GDP declines.
- Trade Deficit
- An excess of imports over exports.
- Imports
- Buy goods or services from other countries.
- Economic Stimulation
- When the economic speeds up.
- Standard of Living
- The level of material comfort as measured by goods and services avaliable.
- Copyright
- Gives artists the legal right to their own creations.
- The Fed
- Government agency that regulates the amount of money in cirrculation, it controls intrest rates, and amount of money loaned.