Untit 3 Study Guide
Terms
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- budget deficit
- ...
- inflation
- .......
- contract
- is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law.
- world trade
- .
- recovery
- ..........
- economic indicator
- is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance.
- monetary policy
- is the process by which the government, central bank, or monetary authority of a country controls
- oligopoly
- is a market form in which a market or industry is dominated by a small number of sellers
- copyright
- gives artist the legal right to own their own creations
- trade deficit
- .................................................
- patent
- .........
- recession
- economic activity slows down, GDPdeclines,unemployment increase, fewer workers needed
- monopoly
- ........
- depression
- ....
- inflation rate
- .................
- trust
- group of companies that band togetherto form a monopoly and restrict competion
- budget surplus
- .............
- economic stimulation
- increase money supply and credit
- domestic trade
- ..............
- trade surplus
- ............
- specialization
- ..................
- exports
- ...............
- exchange rate
- ....
- economic slowdown
- tighten money supply and credit
- breach of contract
- is a legal concept in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.
- balance of trade
- is the difference between the monetary value of exports and imports in an economy over a certain period of time.
- unemployment rate
- ..
- The Fed
- ...........
- trade alliances
- ...............................
- protectionism
- ......................
- fiscal policy
- ......
- trademark
- .
- prosperity
- ...................
- imports
- goods and services that one countries buys from another country
- GDP
- is one of the measures of national income and output for a given country economy
- embargo
- is the prohibition of commerce (division of trade) and trade with a certain country
- quota
- a limit placed on the quantities of a product that can be imported
- tariff
- tax placed on imports to increase their price in the domestic market
- free trade
- ................
- standard of living
- refers to the quality and quantity of goods and services available to people, and the way these goods and services are distributed within a population.