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definitions for history

austerity programtax increases; spending cuts; things that lower the standard of living in order to higher it later on
balance of paymentswhat a country recieves compared to what it spends
currency devaluationa planned drop in the value of a country's currency relative to other currencies; raises exports
debt service ratiothe ratio between a country's export earnings and the interest and principal payments it makes on foreign debts
debtor nationwhen the flow of capital into a country exceeds the outflow
foriegn exchangethe exchange for local currency for a foreign currency; earn it by exporting goods and services for foreign money
gold exchange standardan international agreement dating from 1944 that fixed the price of gold at $35 per ounce and valued all other currencies according to the dollar.
gross domestic productthe total value of goods and services sold within a country in a year
gross national productdividing the total market value of all goods and services lproduced in one year by the country's population
import controlscontrols such as tarriffs, duties, and health restrictions placed on the importation of goods and services from abroad
interest ratethe price paid for the use of money
international monetary fundhelps maintain stable exchange rates and acts as a lender of last resort to countries with serious balance of payment problems; in return countrires must undertake austerity programs or reforms
price and wage controlsgovt. restrictions placed on increses in consumer prices and wages
price subsidiesgovt. expenditures, especially for food, meant to reduce consumer prices. a govt. will purchase food and sell it at a loss in urban markets
privatizationthe selling of publicly owned industry to the private sector; some third world countries sell their public industries to private owners in order to make them more profitable
recesssionthese often occur after periods of rapid or high economic growth rates and can be caused by a number of factors; high unemployment for example
tariffa duty, tax place on imported goods
third world nationscountries that are in the process of economic development
trade defecitnegative trade balance; annual imports exceed exports
war reparationspayments by one country, usually the loser, to another to compensate it for damage during the war
the world bankset up in 1945 by the united nations; used with 3rd worlod nations; used by all countries

victoria persky

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