Unit 1 Vocab Flashcards
Budget Deficit
Government spending exceeds income with difference covered by borrowing
Office Management and Budget
Organization responsible for drawing up the presidents budget for the up coming fiscal year
Fiscal Year
Budgetary year which begins oct 1 and ends one year later on sept 30
National Debt
Sum of all deficits accumulated bu U.S government over the years
National Debt
Sum of all deficits accumulated by U.S. government over the years
North-South Conflict
Richer, developed countries in the north and poorer less developed countries in the south
Bilateral/Multilateral Aid
Goes directly from us to another country. Goes to international trade organization.
U.S Agencies for international development
provides development and humanitarian assistance to developing countries
Supply and Demand
The study of behaviors of buyers and sellers and their influences on prices, production and consumption
Productivity
Amount of goods produced per person per man hour
Recession
Buisness cycle of at least 6 months where real GNP declines
Inflation
Continuing rise in price for goods and services
APEC
Asia Pacific Economic Cooperation- formed in 1989 and comprised of 21 members as a forum trade and investment
NAFTA
North American free trade agreement of 1992 designed to ease trade barriers between U.S, Canada and Mexico
E.U
European Union; formed in 1957 composed of 28 member nations to ease trade barriers with few or no tariffs
