Vocabulary
Terms
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- world trade
- better transportation meathods, and better telecomunications methods, decrease in trade barriers.
- tariff
- tax placed on inports to increase their rpice in th edomestic market
- patent
- legal grant for the sole right to own an invention
- inflation rate
- 5 by which average level of prices in an economy rise
- economic slowdown
- tighten money supply and credit thats avialable
- prosperity
- low unemployment, production of goods and sevcies is high
- budget surplus
- 0
- recession
- economic activity slows down
- trust
- a group of companys that band together for form a monopoly and restrict competition
- monetary policy
- controlling the supply of money and cost of borrowing money
- economic indicator
- data/ statistic that measure ecnomic activity and business cycle
- balance of trade
- the diffrence in values between a countrys imports ans exports over a period of time
- recovery
- growth from a bad economy
- exports
- goods and serives that one country sells to another country
- depression
- high unemployment
- monopoly
- when a company controls an industry or is the only one to offer a product or service
- economic stimulation
- increase money supply and credit available
- specialization
- to focuz on particular activitys area or product
- trademark
- a name a symbol or character that identifies the product.
- international trade
- the exchange of goods and services between nations
- contract
- legally enforced agreement between two or more parties. can be written, verbal, or even formed by a handshake.
- imports
- goods and services that one country buys from another country
- inflation
- a prolonged rise in the level of good and services
- oligopoly
- when a small number of companys control the industry
- protectionism
- putting barriers for another cpumtries
- quota
- a limit placed on the quantities of a product that can be imported
- trade deficit
- when a country imports less than they export
- unemployment rate
- % of people activly looking for a job
- GDP
- an indicator of how well people are living
- exchange rate
- price at which one currency can buy another currency
- breach of contract
- occurs when one party fails to live up to the ter of a contact
- the fed
- govermnment agency t hat regulatesthe amount of money in circulation
- copyright
- gives artist the legal right to own their own creation
- trade alliance
- several countries merge their economies into 1 huge market
- trade surpluse
- when a country exports more than it inports
- embargo
- ban on the imports or exports of a product
- budget deficit
- when the government spends more money that it collects on taxes
- standard of living
- measures countries economic health
- fiscal policy
- how the government collects revenue and spends money
- multinational corp
- companies that does business in many countries and have facilitys and offices around the world
- domestic trade
- production puirchase and sale of goods and services with in a country
- free trade
- protection ism and free trade are 2 opposing points of view