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TCAP REVIEW
Economics
Imports

an import is any good
(e.g. a commodity) or
service brought into one
country from another
country
Exports

goods or services are
provided to foreign
consumers by domestic
producers.
Barter System
1.
2.
In a traditional barter system,
trade between two parties
could only occur if one had and
wanted what the other party
had and wanted, and vice
versa.
is that system in which goods
are exchanged for goods
Tariffs
1.
system of duties (a tax)
imposed by a government
on imported or exported
goods. A duty or duties so
imposed.
Closed Market
A closed economy
prohibits imports and
exports, and prohibits
any other country from
participating in their
stock market
Emerging Market
defined as an economy with low-tomiddle per capita income
 are usually considered emerging
because of their developments and
reform

Supply
The total amount of
a good or service
available for purchase
Demand
 demand
is defined as the
willingness and ability of a
consumer to purchase a
given product in a given
frame of time.
Inflation


is simply the artificial
expansion of the money
supply
an increase in the
amount of money and
credit in relation to the
supply of goods and
services. ...
Inflation (cont.)

in inflation everything
gets more valuable
except money
Recession
a
widespread decline in
the GDP and
employment and trade
lasting from six months
to a year
Depression

a severe economic
downturn that lasts
several years