Economics By: Hayley Morrow

Balance of Trade 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)

Inflation A 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 Systems Political Systems Are 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 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 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) Gross Domestic Product (GDP) The statistic used to measure the economy; 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) 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.

Export The 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.

Scarcity Ever-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.

Bibliography Amadeo, Kimberly. "Imports." About.com. The New York Times Company, 22 Nov Web. 6 Feb Amadeo, Kimberly. "What Is GDP?." About.com. The New York Times Company, 5 Sept Web. 6 Feb "Balance of Trade." Word Net Search. Princeton University, n.d. Web. 6 Feb "Capitalism." Wikipedia. Wikimedia Foundation, Inc., n.d. Web. 6 Feb "Communism." Dictionary. Dictionary.com, LLC, n.d. Web. 6 Feb "Economic Systems." Economy Watch. Stanley St Labs, 30 June Web. 6 Feb "Exchange Rate." Investopedia. Investopedia ULC., n.d. Web. 6 Feb "Exporting." Entrepreneur. Entrepreneur Media, Inc., n.d. Web. 6 Feb "Inflation." Wikipedia. Wikimedia Foundation, Inc., 24 Jan Web. 6 Feb Johnson, Paul M. "Gross National Product." Auburn. Auburn University, n.d. Web. 6 Feb McCracken, Mark. "Tariff." Teach Me Finance. N.p., n.d. Web. 6 Feb "Political Systems." GSDRC. University of Birmingham, Jan Web. 6 Feb

Bibliography "Quota." All Words. AllSites LLC., n.d. Web. 6 Feb "Scarcity." Business Dictionary. Web Finance Inc., n.d. Web. 6 Feb "Socialism." Merriam-Webster. Merriam-Webster Incorporated, n.d. Web. 6 Feb "Surplus." Investor Words. Web Finance Inc., n.d. Web. 6 Feb