| A | B |
|---|
| fiat money | Money deemed by the government to be legal tender. |
| money supply | The total amount of money in circulation. |
| budget deficit | A financial situation that occurs when more money is spent than is received. |
| budget surplus | A financial situation that occurs when more money is received than is spent. |
| patent | An exclusive right granted by the government to an inventor to prevent anyone else from using the invention for a period of time. |
| copyright | The exclusive right granted to an author. |
| trademark | An indicator that protects a company's name and reputation. |
| Gross Domestic Product (GDP) | The value of all final goods and services produced inside a country in a given period of time. |
| Consumer Price Index (CPI) | A measure of the changes in process for commonly purchased goods and services. |
| inflation | A rise in the level of prices for goods and services over time. |
| deflation | A decline in the level of prices for goods and services over time. |
| recession | A period of economic downturn. |
| trough | A low point in a business cycle. |
| specialization | A division of tasks among different workers. |
| international trade | The exchange of goods and services among nations. |
| absolute advantage | The economic advantage a country has when it can produce more of a product than any other country. |
| comparative advantage | The ability of a country to produce a product more efficiently and at a lower opportunity cost than another country. |
| balance of trade | The difference between the value of a country's imports and exports during a specific period of time. |
| protectionism | The practice of using barriers to free trade. |
| tariff | A tax on imports. |
| quota | A restriction on the quantity or value of goods that can be imported. |
| embargo | A restriction on imports and exports to and from a country. |
