Gini Coefficient - Answer measures the inequality among values of a frequency
distribution such as levels of income
Happy Planet Index - Answer measures how well nations are doing at achieving long,
happy, sustainable lives
trade - Answer the action of buying and selling goods and services
Capital - Answer financial assets such as funds but also equipment, facilities, and other
means of production
outsource - Answer to obtain goods and services from an outside or foreign supplier
WTO - Answer World Trade Organization
G8 - Answer group of 8
NGOs (non-governmental organizations) - Answer not for profit organizations that are
independent of the government and are active in humanitarian causes
MNC - Answer multinational corporation
FDI - Answer foreign direct investment
Subsidies - Answer a sum of money granted by the government to assist an industry or
business
GATT - Answer General Agreement on Tariffs and Trade
IMF - Answer International Monetary Fund
,intellectual property - Answer a work or invention that is the result of creativity such as a
manuscript
NATO - Answer North Atlantic Treaty Organization
BRICS - Answer Brazil, Russia, India, China, South Africa
patent - Answer protects inventions and improvements to existing inventions for a
limited time period in exchange for Detailed public exposure of those inventions
NAFTA (North American Free Trade Agreement) - Answer an agreement among the
United States, Canada and Mexico designed to remove tariff barriers between the three
countries.
EC - Answer European Community
VER - Answer voluntary export restraint
Macroeconomics - Answer a branch of economics dealing with the performance,
structure, behavior, and decision making of an economy as a whole
GDP - Answer Gross Domestic Product
GNP - Answer Gross National Product
LDC - Answer Less Developed Country
TNC - Answer transnational corporation
privitalization - Answer selling government holding to private companies
Deregulation - Answer the removal of regulations or restrictions in a particular industry
AAA rating - Answer the highest possible rating that may be assigned by a credit rating
agency for a bond
debt instruments - Answer a tool used by a company or any other entity to raise money
or capital
IBRD - Answer International Bank for Reconstruction and Development
IDA - Answer International Development Association
ICSID - Answer International Centre for Settlement of Investment Disputes
IFC - Answer International Finance Corporation
CSO - Answer civil society organization
, GATS - Answer General Agreement on Trade in Services
IPR - Answer intellectual property rights
Tariff - Answer a tax or duty to be paid on a particular class of imports or exports.
Mercantilism - Answer one of the earliest economic theories, which stated that a
country's wealth was determined by the amount of gold and silver they had in their
possession
Exports - Answer a commodity, good, or service sold abroad
Imports - Answer Bringing goods or services into a country from abroad for sale.
trade surplus - Answer When the value of a country's exports is more than that of its
imports.
nation-states - Answer when a group of people are conscious of sharing a commodity
identity and the same culture
Protectionism - Answer the theory or practice of protecting a country's domestic
industries from foreign competition by taxing imports
Navigation Acts - Answer British acts in 1651 to tighten and protect trade between Asia,
American colonies, Africa, and England. Trade had to come in English ships. The
purpose was to use the American colonies to increase British finances and power.
government subsidies - Answer Money paid by the government to help an organization
or industry reduce its costs.
free trade - Answer international trade left to it's natural course without tariffs, quotas, or
other restrictions
absolute advantage - Answer the ability of an individual or group to produce a good or
service more efficiently than another
production possibility frontier PPF - Answer a curve that shows various combinations of
the amount of 2 goods that can be produced within the limits of the given resources and
technology
opportunity cost - Answer the loss of potential gain from the next best option when one
alternative has been chosen
convertible - Answer a currency that can be used to buy and sell without government
restrictions
privatized - Answer to transfer a business, industry, or service from public to private
ownership and control
wholesaler - Answer a person or company that sells goods in large quantities at low
prices, typically to retailers.
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