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24 Terms
1
Externalities
Costs or benefits caused by an activity (for example production), that are experienced by people other than those providing or buying the product.
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2
Slump
A period of low levels of economic activity, with high levels of unemployment and business failures and low levels of consumer and business confidence.
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3
Quota ('import quota')
A physical limit on the number of imports of a product allowed into a country.
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4
Competitiveness
How easy it is to compete with rival businesses.
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5
Exports
Products sold in a different country.
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6
External benefit
A benefit to society rather than the people buying and consuming a particular product.
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7
Repatriation of profits
Bringing profits made in a different country back into the home country of the business.
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8
Interest rate
The cost of borrowing money or the reward for lending it, shown as a percentage.
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9
Exchange rate
The price of one currency in another currency. Exchange rates are set in the market for foreign currency. This can depreciate (go down) or appreciate (go up).
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10
Global warming
A rise in average global temperature, thought to be caused partly by emission of carbon dioxide.
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11
Multi-national company (MNC)
Business with factories or other operations in a number of countries.
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12
Ethical
Being moral or doing the right thing.
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13
Globalisation
The world becoming increasingly connected and distance becoming less of a barrier to trade, movement of people and flow of information.
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14
External cost
A cost suffered by someone other than the business making a product.
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15
Protectionism
Government using tariffs, quotas or other ways to limit imports and thus protect businesses in its own country. The opposite is 'free trade'.
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16
Tariff
A tax on imports, with the aim of raising revenue for government or discouraging imports.
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17
Sustainable development or production
Economic development or production which does not cause environmental damage and put at risk the living standards of future generations.
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18
Economic growth
A rise in the value of goods and services produced in a country (GDP) over time, usually shown as an annual % rise.
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19
Imports
Products bought from a different country.
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20
Pressure group
A group of people who try to change the decisions of a government or business, on one or more issues, through publicity campaigns or consumer boycotts (trying to stop people buying).
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21
Business cycle
The stages an economy goes through, over time, including recessions and booms.
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22
Recession
A fall in the value of a country's GDP. A period of negative economic growth.
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23
Gross Domestic Product (GDP)
The value of the output of goods and services of a country's economy.
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24
Boom
High level of economic activity (output, employment).
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