Glossary of Economic Term (2)

Term	Description
Debit	A sum charge as doe or owing. Debit refers to borrowed funds and generally secured by collateral or a co-signer.
Deficit	The amount each year by which government spending is greater than government income; A deficiency or disadvantages; a deficiency in the amount or quality of something.
Deflation	A general decline in national income and output.
Demand	In economic, the intensity of buyer on the availability and cost of a commodity or service.
Dependent Population	One who relies on another for support; one no able to exist or sustain oneself without the power or aid of someone else.
Discount	A reduced price. Discounts are used to quickly reduce supplies on –hand, attract new buyers and reward past buyers.
Distributor	Person or business that supports the movement of goods between producers and consumers. Truck drivers, retailers, and wholesalers are examples.
Economic Growth	An increase in the production levels of goods and services. Steady growth in the productive capacity of the economy.
Economics	The social science dealing wit the production, distribution, and consumption of goods and services.
Employment	The use of work force as input factor in goods and services production.
European Union	An association of European nations, with the purpose of achieving full economic unity (and eventual political union) by agreeing to eliminated barriers to the free movement of capital, goods and labor among the member nations.
Exchange Rate	The ratio for converting one countries money into another country’s money.
Export	Goods, services and capital assets sold abroad.
Fee	Payment made to an agent of a professional individual or company such as an accountant gives serve to its client.
Fiscal Policy	The federal government’s decisions about the amount of money it spends and collects in taxes to achieve a full employment and non inflationary economy.
Foreign Investment	Overseas investment into a country by multinational enterprises owned by foreigners or nationals living abroad.
Free Market	A market in which there are no regulations as to what can be bought, sold, or traded except by the country’s competition policy, therefore nothing to ensure the well-being of all peoples and the environment.
Goods	A product that can be produced, bought, and sold, and that has a physical identity. This contrasts with Service. Trade in goods is much easier to measure than trade in services, and thus much more thoroughly documented and analyzed.
Gross Domestic Product (GDP)	The total value of nation’s output, income, or expenditure produced within a nation’s physical border.
Gross National Product (GNP)	A country’s total output of goods and services from all forms of economic activity measured at market prices for a calendar year.
Household	A basic economic unit in which one or more people choose to live together and share resources. The household purchases goods and services from the producer and in the other hand provides (sell or rent) factor inputs to the producer for the production of goods.

Economic Report of the President 2010