Policy
taxing and spending policies used by Congress to control fluctuations of the business cycle
fiscal policy
The global exchange of products, services and ideas around the world.
Globalization
When children under age 16 are working
Child labor
To buy goods from another country
import
The North American Free Trade Agreement is an agreement between the United States, Canada and Mexico that includes free trade, including no tariffs on imports.
NAFTA
policies used by the Federal Reserve bank to control the money supply and regulate fluctuations of the business cycle
monetary policy
when a country’s exports are greater than imports
Favorable
Balance of trade
Basic rights and freedoms that all humans have just because they are human.
Human rights
To sell goods to another country
export
Trade between countries without any restrictions from the government
free trade
percentage of people looking for full time employment but cannot find jobs
unemployment rate
the exchange of goods and services between different countries
International
trade
A group organized as a result of World War II to help countries deal with future conflicts
United Nations
A tax on imported goods
tariff
the cost of borrowing money
interest rates
state of economic expansion characterized by increasing GDP and low unemployment
economic growth
When a country focuses on creating the goods and services it can provide at a lower cost than other countries
comparative
advantage
A bank that provides financial assistance to less developed countries.
World Bank
A government order to stop trade with another country
embargo
a measure of the economic prosperity of a country based on the per capita GDP
standard of living
advisory group in the Federal Reserve that works to make decisions about the availability of credit and the nation’s money supply
Federal Open Market Committee
Hiring a person or company outside of your own business to provide a good or service for your business to lower costs
outsourcing
government programs to benefit elderly, disabled, or those living in poverty
Social Security
A government order to stop trade on specific goods
sanction
economic condition that is the result of 6 months of declining GDP
recession