GNP
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Gross National Product. A measure of output of the residents of a country
regardless of whether the production took place within the country or in
foreign nations. GNP equals GDP plus the value of income earned by US
residents from factors of production located outside the Unites States, and
minus the income earned by foreigners from factors of production located
inside the United States.
comparative advantage
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, The theory that underlies free trade. First formulated by David Ricardo in
1817, it posits that a country can benefit from trade even if it does
everything better than its neighbors, because it will be "most better" at one
thing and can trade it's excess to import what it's neighbors do "least worst."
tariff
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A tax imposed on imported goods and services. They are used to restrict
trade, as they increase the price of imported goods and services, making
them more expensive to consumers. Usually governments will institute
these to protect local industries of the same kind.
World Trade Organization (WTO)
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A global, international organization that deals with the rules of trade
between nations. It provides a venue for the negotiations of multilateral
trade agreements. Agreements are negotiated and signed by trading
nations and ratified by governing bodies. It was established in 1995 as an
outgrowth of ILO, set up under GATT (general agreement on tariffs and
trade).
Ponzi scheme
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, a form of fraud in which belief in the success of a nonexistent enterprise is
fostered by the payment of quick returns to the first investors from money
invested by later investors. Named after Charles Ponzi (died 1949), who
carried out such a fraud (1919-20).
supply-side economics
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This kind of macroeconomic theory argues economic growth can be most
effectively created by investing in capital and by lowering barriers on the
production of goods and services. It would advocate for policies such as:
lower marginal tax rates as an incentive to work, allow people to keep
more of the money they earn, and boost economic growth; lower (or no)
tariffs, to yield more profit and more revenue to the government; no
government subsidies. It is also known as "Reaganomics" or "trickle-down
economics," President Reagan popularized the idea that greater tax cuts
for investors and entrepreneurs provide incentives to save and invest, and
produce economic benefits that trickle down into the overall economics.
4 Functions and 4 Characteristics of Money
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Money is a medium for exchange, measure of value, store of value and
standard of deferred payment (for credit/debt). Money must be durable,
acceptable, portable and divisible.
World Bank
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Gross National Product. A measure of output of the residents of a country
regardless of whether the production took place within the country or in
foreign nations. GNP equals GDP plus the value of income earned by US
residents from factors of production located outside the Unites States, and
minus the income earned by foreigners from factors of production located
inside the United States.
comparative advantage
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, The theory that underlies free trade. First formulated by David Ricardo in
1817, it posits that a country can benefit from trade even if it does
everything better than its neighbors, because it will be "most better" at one
thing and can trade it's excess to import what it's neighbors do "least worst."
tariff
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A tax imposed on imported goods and services. They are used to restrict
trade, as they increase the price of imported goods and services, making
them more expensive to consumers. Usually governments will institute
these to protect local industries of the same kind.
World Trade Organization (WTO)
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A global, international organization that deals with the rules of trade
between nations. It provides a venue for the negotiations of multilateral
trade agreements. Agreements are negotiated and signed by trading
nations and ratified by governing bodies. It was established in 1995 as an
outgrowth of ILO, set up under GATT (general agreement on tariffs and
trade).
Ponzi scheme
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, a form of fraud in which belief in the success of a nonexistent enterprise is
fostered by the payment of quick returns to the first investors from money
invested by later investors. Named after Charles Ponzi (died 1949), who
carried out such a fraud (1919-20).
supply-side economics
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This kind of macroeconomic theory argues economic growth can be most
effectively created by investing in capital and by lowering barriers on the
production of goods and services. It would advocate for policies such as:
lower marginal tax rates as an incentive to work, allow people to keep
more of the money they earn, and boost economic growth; lower (or no)
tariffs, to yield more profit and more revenue to the government; no
government subsidies. It is also known as "Reaganomics" or "trickle-down
economics," President Reagan popularized the idea that greater tax cuts
for investors and entrepreneurs provide incentives to save and invest, and
produce economic benefits that trickle down into the overall economics.
4 Functions and 4 Characteristics of Money
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Money is a medium for exchange, measure of value, store of value and
standard of deferred payment (for credit/debt). Money must be durable,
acceptable, portable and divisible.
World Bank
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