Economic Indicators
Terms
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- Monopoly
- When a company controls an industry or is the only one to offer a product or service
- Trade Alliances
- Several countries merge their economies into one huge market
- Embargo
- Ban on the import or export of a product
- Quota
- A limit placed on the quantities of a product that can be imported
- Specialization
- To focus on a particular activity, area or product
- Exports
- Goods and services that one country sells to other countries
- Economic Stimulation
- Increase money supply and credit that's available
- Balance of Trade
- The difference of value between a countries imports and exports over a period of time
- Copyright
- Gives an artist the legal right to own their own creations
- Domestic Trade
- Production, purchase and sale of goods and services within a country
- Tariff
- Tax placed of imports to increase their price in the domestic market
- Budget Surplus
- Government revenue exceeds its expenses during one-year period
- Oligopoly
- A small number of companies control an industry
- Patent
- Legal grant for the sole right to own an invention
- Trade Deficit
- When a country imports more than it exports
- Breach of Contract
- One party fails to meet the terms of the contract
- Trademark
- Name, symbol, or characteristic of a product
- Contract
- Legally enforceable agreement between two or more parties
- Imports
- Goods and services that one country buys from other countries
- Prosperity
- Low unemployment; production of goods and services is high; new businesses opening; peak economic activity
- Economic Indicator
- Data/statistic that measure economic activity and business cycles
- Exchange Rate
- Price at which one currency can buy another currency
- Unemployment Rate
- Percent of people actively looking for a job
- Multinational Corporation
- Company that does business in many countries and has facilities and offices around the world
- Recovery
- Production begins to increase; always happens after a recession or depression
- Free Trade
- Few or no limits on trade between countries
- Trust
- Group of companies that ban together to form a monopoly and restrict competition
- Recession
- Economic activity slows down
- Fiscal Policy
- How government collects and spends money
- Protectionism
- Putting up barriers for other countries when trading
- International Trade
- Trading goods and services throughout the nation
- World Trade
- Exchange of goods and services across international boundaries
- Inflation
- Prolonged rise in the level of prices for goods and services
- Monetary Policy
- Controlling supply of money and cost of borrowing money (credit)
- Economic Slowdown
- Tighten money supply and credit that's available
- Standard of Living
- Measures countries economic health
- GDP
- Money value of everything that we produce
- The Fed
- aka 'The Federal Reserve' Government agency that regulates money in circulation, controls interest rates and amount of money loaned
- Depression
- High unemployment, low production of goods and services; deep recession
- Inflation Rates
- Percent by which average level of prices in an economy rise
- Trade Surplus
- When a countries imports more than it exports
- Budget Deficit
- Government spends more money than it collects in taxes