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Intro to Bus Unit 3

vocabulary list

TermDefinition
Import goods / services that one country buys from another
Export goods / services that one country sells to another
Balance of Trade difference in value between a country's imports and exports
comparative advantage when one country can produce a good more efficiently than another
currency another name for money
appreciation when the value of a country's currency goes up compared to another counntry's currency
depreciation when the value of a country's currency goes down compared to another country's currency
protectionism when governments put limits on foreign trade to protect businesses at home
Tariff tax on imported goods
quota when a limit is put on the amount of a product that can be imported
embargo ban on the import or export of a product
free trade when there are few or no limits on trade between countries
monopoly when a company controls an industry and has the power to set prices
trust when a group of companies band together to form a monopoly and cut competition
contract a legal enforceable agreement between two or more parties
copyright gives the artist the legal rights to their creations
patents a legal grant for the sole right to own an invention
trademark a name, symbol, or characteristic that identifies a product
subsidies money given to producers or consumers to encourage certain behaviors
money standard of value and a menas of exchange or payment
barter when goods / services are traded directly for other goods / services
deposit when money is put into a bank account
withdrawal when money is taken out of a bank account
interest the rate that a bank pays customers for keeping their money
Collateral property or goods that are pledged by a borrower in case a loan is not repaid
Created by: khalupka
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