import - goods brought into a country from another country, export - goods sent out from a country to another, trade deficit - when imports are greater than exports, trade balance - when imports and exports are equal to one another, trade surplus - when exports exceed the amount of imports to a country, trade barriers - tariffs, regulations, and quotas , trade war - when a series of tariffs, regulations or quotas as placed on one country and then vice versa, sanction - when a country or countries ban trade due to policies of another country, quotas - when a limit of how much a country can import or export of a product, GDP (Gross Domestic Product) - the sum of all finished goods and services multiplied by the sale price of each good and service , inflation - a general rise in the cost living and decrease in buying power of money, Expansionary Tools - tools that are used to get the economy growing, Contractionary Tools - tools that are used to slow the growth of an economy, Monetary Policy - Federal Reserve is in charge of this policy, Fiscal Policy - Legislative and Executive Branch is in charge of this policy , decreasing taxes  - example of an expansionary fiscal policy, lowering interest rates - example of an expansionary monetary policy, raising interest rates - example of a contractionary monetary policy, cutting government spending - example of a contractionary fiscal policy , globalization - refers to the interconnectedness of the world through trade, exchange, and travel,

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