1 / 10

Glossary of Economic Terms

Glossary of Economic Terms. Free Market System. An Economic system in which the basic questions of what, for whom and how to produce are decided by buyers and sellers Supply and Demand. Capital. The money that contributes to production. Import Tariffs. A tax placed on imports.

isabelle-burt
Download Presentation

Glossary of Economic Terms

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Glossary of Economic Terms

  2. Free Market System • An Economic system in which the basic questions of what, for whom and how to produce are decided by buyers and sellers • Supply and Demand

  3. Capital • The money that contributes to production

  4. Import Tariffs • A tax placed on imports

  5. Trade Deficit • An excess of imports over exports

  6. Trading Bloc • An arrangement to promote trade among member countries by reducing tariffs, regulations and other obstacles to the free movement of goods and services. • Examples: NAFTA, EEU

  7. World Trade Organization (WTO) 1995 • Functions:• Promote free trade • • Forum for trade negotiations• Handling trade disputes• Monitoring national trade policies• Technical assistance and training for developing countries

  8. World Bank - 1945 • The World Bank is a lending institution • Its aim is to integrate countries into the wider world economy • Loans money only to poor nations • Infrastructure projects (Dams, highways, etc.)

  9. International Monetary Fund (IMF) -- 1944 • The IMF is an international organization of 183 member countries, established to promote international monetary cooperation, exchange stability • Provides loans to countries experiencing balance-of-payments problems. • Gets its money from member nations who pay based on the economic size of the nation

  10. Gross Domestic Product (GDP) • The total value of all the goods and services produced in a country in one year.

More Related