| A | B |
|---|
| Business Cycle | The movement of the economy from one from one condition to another then back again |
| Peak/Prosperity | Business cycle period marked by a low unemployment rate, high business output, high wages, increasing GDP, and a high demand for goods and services. |
| Recession/Contraction | Business Cycle period marked by slow GDP growth, decreased demand, rising unemployment rate, low production rate, and a lower consumer confidence |
| Depression/Trough | Business cycle period marked by a long period of high unemployment, weak consumer demand, business falures, job loss, and a rapidly decreasing GDP. |
| Recovery/Expansion | Business Cycle period marked by decreased unemployment, rising GDP, increased consumer confidence, and increasing demand. |
| Labor Union | Organized association of workers |
| Mutual Satisfaction | A solution both sides agree on |
| Collective Bargaining | Negotiation |
| Strike | Employees refuse to work to negotiate |
| Picket | Hold signs |
| Strike Breakers/Scabs | Employees that do not strike |
| Boycott | Refusal to buy products from a company until negotiations are settled |
| Imports | Items bought into the US from another country |
| Exports | Items shipped from the US to be sold in another country |
| Efficiency | Getting maxium amount of work done in the shortest amount of time |
| Productivity | Maximum amount of products made very quickly |
| Opportunity Cost | The value of the next best alternative given up in a trade-off |
| Comparative Advantage | Allows a country to produce the items with the lowest opportunity cost and import the rest |
| Inflation | Gradual increase in prices over time |
| Consumer Price Index (CPI) | A number that compares prices in one year with some earlier base year |
| Deflation | Decrease in prices over time |
| Domestic Business | Making, buying, and selling goods in your own country |
| International Business | Buying, selling and shipping goods across borders |
| Trade Barriers | Restrictions to free trade |
| Formal Trade Barriers | Quotas, tariffs, embargos |
| Informal Trade Barriers | Language, religion, culture, anything not governmentally instilled |
| Exchange Rate | Value of currency from one country compared to currency of another |
| Strategic Alliance | Agreement to work together to sell products in a host country |
| Joint Venture | A strategic alliance where two companies commit funds to start an international business together |
| Foreign Direct Investment | A company spends money to build an investment in another country |
| License/Franchise | Using a product that already is a part of a bigger corporation in the ways that the corporation allows you |
