ECONOMIC TERMSBy Gerald Jakabosky

Balance of Trade the difference in

value over a period of time of a country's imports and exports of merchandise

Princeton University. "WordNet Search 3.1." WordNet Search - 3.1. Web. <http://wordnetweb.princeton.edu/perl/webwn?s=balance%20of%20trade>.

The ratio of exports to imports in a country over a period of time.

Inflation In economics,

inflation is a rise in the general level of prices of goods and services in an economy over a period of time.

"Inflation." Wikipedia, the Free Encyclopedia. Web. 13 Feb. 2012. <http://en.wikipedia.org/wiki/Inflation>.

Over time the price of goods and services will increase because more money is printed. This causes a decrease in the worth of a dollar bill.

Capitalism an economic system

characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market

"Capitalism." Dictionary and Thesaurus - Merriam-Webster Online. Web. 13 Feb. 2012. <http://www.merriam-webster.com/dictionary/capitalism>.

An economy based on independent business owners and their decisions.

Socialism a theory or system of

social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.

"Socialism | Define Socialism at Dictionary.com." Dictionary.com. Web. 13 Feb. 2012. <http://dictionary.reference.com/browse/socialism>.

An economic system that creates a sort of public ownership of capital, land, and other properties.

Political Systems A complete set of institutions,

political organizations, interest groups (such as political parties, trade unions, lobby groups), the relationships between those institutions and the political norms and rules that govern their functions (constitution, election law).

Wikimedia Foundation. political system. n.d. 14 February 2012 <en.wiktionary.org/wiki/political_system>.

Different types of system to be govern by.

Economic Systems The institutional

means through which resources are used to satisfy human wants.

ITS Tutorial School. E - Earliest Finish Time. n.d. 14 February 2012 <http://www.tuition.com.hk/dictionary/e.htm>

A system of trade that provided a pre-decided way to transaction goods.

Foreign Exchange Rate The price

relationships between two currencies that are freely determined by the forces of supply and demand.

Global Foreign Exchange Educators. Global Forex Educators. n.d. 14 February 2012 <http://globalforexeducators.com/glossary-of-terms>

A rate at which foreign countries exchange currency due to supply and demand.

Gross Domestic Product A measure of the

production of all goods and services in a country, usually expressed as an annual total.

Hudson, Doug. rrsp.org glossary dictionary. n.d. 14 February 2012 <http://www.rrsp.org/glossary.htm#G>.

The total number of products and services that a country expresses.

Gross National Product the total income earned by

members of a nation, not including foreiners but including members abroad; also the total expenditures on goods produced by members of a nation

Fundamentalfinance.com. Economics Glossary. n.d. 14 February 2012 <http://economics.fundamentalfinance.com/economicglossary.php>.

The total amount of goods produced including goods produced by American countries outside of the U.S.

Exports A commodity, article,

or service sold abroad

Google. export - Google Search. n.d. 14 February 2012 <http://www.google.com>.

Goods produced in one country and sold into another.

Imports A commodity, article,

or service brought in from abroad for sale

Google. export - Google Search. n.d. 14 February 2012 <http://www.google.com>.

Good bought from another country.

Scarcity Available in small

supply; opposite of abundant. Usually meaningful only in relative terms, compared to demand and/or to supply at another place or time.

Deardorff. International Economics Glossary. n.d. 14 February 2012 <http://www-personal.umich.edu/~alandear/glossary/s.html>

An item that is available in small quantity.

Surplus When export values

are greater than import values for a given time period.

Census.gov. n.d. 14 February 2012 <http://www.census.gov/foreign-trade/reference/definitions/index.html#S>.

There is an abundance of a product and not a high enough demand.

Tariff A fee that a government

charges to the importer of a foreign good. Tariffs are passed along to the consumer through higher prices on imported goods.

ICONS Glossary. n.d. 14 February 2012 <http://www.nsu.ru/archive/icons/win/glosary.htm#sectT>.

A tax on imported goods.

Quota a limitation on

imports Princeton University. "WordNet

Search 3.1." WordNet Search - 3.1. Web. <http://wordnetweb.princeton.edu/perl/webwn?s=Quota>.

The requirement of imports that one must have.

Bibliography Census.gov. n.d. 14 February 2012

<http://www.census.gov/foreign-trade/reference/definitions/index.html#S>. Deardorff. International Economics Glossary. n.d. 14 February 2012

<http://www-personal.umich.edu/~alandear/glossary/s.html>. Dictionary.com. Socialism. n.d. 13 February 2012 <http://dictionary.reference.com/browse/socialism>. Fundamentalfinance.com. Economics Glossary. n.d. 14 February 2012

<http://economics.fundamentalfinance.com/economicglossary.php>. Global Foreign Exchange Educators. Global Forex Educators. n.d. 14 February 2012

<http://globalforexeducators.com/glossary-of-terms>. Google. export - Google Search. n.d. 14 February 2012 <http://www.google.com>. Hudson, Doug. rrsp.org glossary dictionary. n.d. 14 February 2012

<http://www.rrsp.org/glossary.htm#G>. ICONS Glossary. n.d. 14 February 2012 <http://www.nsu.ru/archive/icons/win/glosary.htm#sectT>. ITS Tutorial School. E - Earliest Finish Time. n.d. 14 February 2012

<http://www.tuition.com.hk/dictionary/e.htm>. Merriam-Webster. Capitalism. n.d. 13 February 2012

<http://www.merriam-webster.com/dictionary/capitalism>. Princeton University. WordNet Search. n.d. 13 February 2012

<http://worldnetweb.princeton.edu/perl/webwn?s=balance%20of%20trade>. Wikimedia Foundation. political system. n.d. 14 February 2012 <en.wiktionary.org/wiki/political_system>. Wikipedia, The Free Encylopedia. Inflation. n.d. 13 February 2012 <http://en.wikipedia.org/wiki/inflation>.