Glossary of Economic Terms - PowerPoint PPT Presentation

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Glossary of Economic Terms
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Glossary of Economic Terms

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  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.