Economics

By: Hayley Morrow

Balance of Trade

The difference in value over a period of time of a country's imports and exports of merchandise; "a nation's balance of trade is

favorable when its exports exceed its imports.“

My definition - The measure of a nations

trade balance between imports and exports.

(WorldNetWeb)

InflationA rise in the general level of prices of goods and services in an

economy over a period of time...

My definition - The uprising of prices of goods and services over a certain amount of time.

(Wikipedia)

Capitalism

Economic system with private ownership based on

the creation of goods or services for profit or

income.(Wikipedia)

My definition - A private economic system that relies on the production and sales of products or services for a

profit.

Socialism

Various economic and political theories advocating collective or

governmental ownership and administration of the means of

production and distribution of goods.(Merriam-Webster)

My definition – A political environment where there is little private ownership and economic

production is managed or controlled by cooperative groups.

Communism

A theory or system of social organization based on the holding of

all property in common, actual ownership being ascribed to the

community as a whole or to the state. (Dictionary)

My definition - A social political environment where economic production is managed and

controlled by the government.

Political SystemsAre the formal and informal political

processes by which decisions are made concerning the use,

production and distribution of resources in any given society.

(GSDRC)

My definition - Political options pertaining to the production of supplies for society.

Economic Systems

Loosely defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out.

(EconomyWatch)

My definition – A way to keep the nation’s goods and services organized.

Foreign Exchange Rate

The price of one country's currency expressed in another

country's currency. In other words, the rate at which one

currency can be exchanged for another.

(Investopedia)

My definition - The ratio value of one country’s money compared to another

country’s money.

Gross Domestic Product (GDP)The statistic used to measure the

economy; everything produced by all the people and all the companies in

the U.S. (About.com)

My definition - Statistics showing the amount of product produced by

people and companies in the U.S..

Gross National Product (GNP)An estimate of the total money value of all the final goods and services produced in a

given one-year period by the factors of production owned by a particular

country's residents. (Auburn)

My definition - Estimated total value of goods and services

produced over a one-year cycle by all of the county’s citizens

whether they are in the country or not.

ExportThe selling of goods and services

produced in one country and sold in another country.

(Entrepreneur)

My definition - Sent goods and services to another country where it wasn’t

produced.

Imports

Goods and services that are made outside of the U.S. and sold to Americans living in the U.S.

(About.com)

My definition - Goods and services produced outside of the U.S. and

sold to Americans in the U.S.

ScarcityEver-present situation in all markets

whereby either less goods are available than the demand for them, or only too

little money is available to their potential buyers for making the purchase. This universal phenomenon leads to the

definition of economics as the "science of allocation of scarce resources."

(BusinessDictionary)

My definition - Not enough product to go around or there is not enough money to buy

resources.

Surplus

Profits remaining after subtracting for operating expenses, taxes, interest and

insurance.

(InvestorWords)

My definition - The remaining profits after the deduction of all

expenses.

Tariff

A duty levied on goods transported from one customs area to another either for

protective or revenue purposes.

(TeachMeFinance)

My definition - A tax paid to transport goods from one location to another to restrict trade.

Quota

A proportional part or share of goods; the share or proportion assigned to each in a division.

(AllWords)

My definition - Limited amount of goods assigned to different areas.

BibliographyAmadeo , Kimberly . "Imports ." About.com. The New York Times Company , 22 Nov. 2010. Web. 6 Feb. 2012.

<http://useconomy.about.com>.

Amadeo, Kimberly . "What Is GDP?." About.com. The New York Times Company , 5 Sept. 2011. Web. 6 Feb. 2012. <http://useconomy.about.com>.

"Balance of Trade ." Word Net Search . Princeton University , n.d. Web. 6 Feb. 2012. <http://wordnetweb.princeton.edu>.

"Capitalism." Wikipedia . Wikimedia Foundation, Inc., n.d. Web. 6 Feb. 2012. <http://en.wikipedia.org/wiki/Capitalism>.

"Communism ." Dictionary . Dictionary.com, LLC , n.d. Web. 6 Feb. 2012. <http://dictionary.reference.com>.

"Economic Systems ." Economy Watch . Stanley St Labs , 30 June 2010. Web. 6 Feb. 2012. <http://www.economywatch.com>.

"Exchange Rate ." Investopedia . Investopedia ULC., n.d. Web. 6 Feb. 2012. <http://www.investopedia.com>.

"Exporting ." Entrepreneur. Entrepreneur Media, Inc., n.d. Web. 6 Feb. 2012. <http://www.entrepreneur.com>.

"Inflation ." Wikipedia . Wikimedia Foundation, Inc., 24 Jan. 2012. Web. 6 Feb. 2012. <http://en.wikipedia.org/wiki/Inflation>.

Johnson , Paul M. "Gross National Product ." Auburn . Auburn University , n.d. Web. 6 Feb. 2012. <http://www.auburn.edu>.

McCracken, Mark. "Tariff." Teach Me Finance . N.p. , n.d. Web. 6 Feb. 2012. <http://www.teachmefinance.com>.

"Political Systems ." GSDRC . University of Birmingham , Jan. 2012. Web. 6 Feb. 2012. <http://www.gsdrc.org>.

Bibliography

"Quota ." All Words . AllSites LLC., n.d. Web. 6 Feb. 2012. <http://www.allwords.com/word-quota.html>.

"Scarcity ." Business Dictionary . Web Finance Inc., n.d. Web. 6 Feb. 2012. <http://www.businessdictionary.com/definition/scarcity.html>.

"Socialism ." Merriam-Webster . Merriam-Webster Incorporated , n.d. Web. 6 Feb. 2012. <http://www.merriam-webster.com/dictionary/socialism>.

"Surplus ." Investor Words . Web Finance Inc. , n.d. Web. 6 Feb. 2012. <http://www.investorwords.com/4829/surplus.html>.