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Ch 2 Global Economy

fiat money money deemed by the government to be legal tender
money supply the total amount of money in circulation
budget deficit a financial situation that occurs when more money is spent than is received
budget surplus a financial situation that occurs when more money is received than is spent
patent an exclusive right granted by the govt to an inventor to prevent anyone else from using the invention for a period of time
copyright the exclusive right granted
trademark an indicator that protects a company's name and reputation
GDP the value of all final goods and services produced inside a country in a given period of time
Consumer Price Index A measure of the changes in process for commonly purchased goods and services
inflation a rise in the level of prices for goods and services over time
deflation a decline in the level of prices for goods and services over time
recession a period of economicdownturn
trough a low point in a business cycle
specialization a division of tasks among different workers
international trade the exchange of goods and services among nations
absolute advantage the economic advantage a country has when it can produce more of a product than any other country
comparative advantage the ability of a country to produce a product more efficiently and at a lower opportunity cost than another country
balance of trade the different between the value of a country's imports and exports during a specific period of time
protectionism the practice of using barriers to free trade
tariff a tax of imports
quota a restriction on the quantity or value of goods that can be imported
embargo a restriction on imports and exports to and from a country
Created by: kshall