Unit 3 Study Guide
Unit 3 Vocabulary
Terms
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- Monetary policy
- Contolling the supply of money and cost of borrowing money (credit)
- Recession
- When economic slows down and businesses produce fewer goods
- Trust
- Group of companies that band together to form a monopoly and restrict competition
- Breach of Contract
- When one party fails to live up to the terms of the contract
- Trade Alliances
- When several countries merge their economies into one market
- Standard of Living
- Measures an economies economic health
- Unemployment Rate
- percentage of workers that are unemployed at any given time
- contract
- Legally enforceable agreement between two or more parties
- Free Trade
- Occurs when there is little or no trade barriers between countries
- Fiscal Policy
- How the gov. collects revenue and spends its money
- Oligopoly
- When a small number of companies control an industry
- Protectionism
- When a country enforces trade barriers that lessen trade to other countries
- Multinational Corp
- Companies that does business in many countries and has facilites and offices around the world.
- Budget Surplus
- When a country gets more taxes and revenues than it spends
- Exports
- Goods and services that other contries buys
- Economic Slowdown
- The tightnining of money supply and credit
- Quota
- A limit placed on the quantities of a product that can be imported
- International Trade
- Activity of buying and selling goods and services in domestic of internation markets
- Prosperity
- When a countries production of goods and services are high and unemployment is low
- Inflation
- Prolonged rise in the level of prices for goods and services
- The Fed
- The organization that controls how much money is printed
- Trademark
- Name, symbol, or chacteristics that idenifies a product
- Domestic Trade
- Production, purchase, and sales of goods and services within a country
- embargo
- Ban on the import or export of products from a specific country
- Patent
- Legal grant for the sole right to own an invetion
- Tariff
- Taxes placed on imports to increase their price in the domestic markets
- Economic Stimulation
- The increase of money supply and credit
- Recovery
- Happens after a depression; when people begin spending money and businesses begin to grow. Leads to prosperity
- Imports
- Goods and services bought from another contries
- Monopoly
- When a company controls an industry or is the only one to offer a product or service
- Trade Deficit
- When a countries imports are greater than its exports
- Copyright
- gives artist the legal right to won their creations
- economic indicator
- Data or statistics that measure economic activity and business cycles
- Depression
- Deep recession that effects the entire country and lasts for serveral years
- GDP
- Value of consumer goods and exports to other country
- Specialization
- Means to focus on a particular activity, area, or a product
- World Trade
- Exchange of goods and services across internation boundries
- Inflation Rate
- The percentage by which the average level of prices rise
- Exchange Rate
- Price at which one country can buy from another currency
- Budget Deficit
- When a country spends more than it collects in taxes
- Trade Surplus
- When a countries exports are greater than it's imports
- balance of trade
- Difference in value between a countries imports and exports over a period of time