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Economic Terms

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Submitted By RichardMedel
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A.
Terms of Trade
The relative price of exports in terms of imports and is defined as the ratio of export prices to import prices. It can be interpreted as the amount of import goods an economy can purchase per unit of export goods. An improvement of a nation's terms of trade benefits that country in the sense that it can buy more imports for any given level of exports.
A deteriorating TOT would mean import prices rise relative to export prices. Lower results generally indicate that there is more money going out of the economy than coming in thus resulting to lower GDP figures.
B.
Demographic Transition Model
Birth and death rates are both low, leading to a total population which is high and stable. Death rates are low for a number of reasons, primarily lower rates of diseases and higher production of food. The birth rate is low because people have more opportunities to choose if they want children; this is made possible by improvements in contraception or women gaining more independence and work opportunities.
C.
Trade Account
The trade balance/ trade account is the amount a country receives for the export of goods and services minus the amount it pays for its imports of goods and services.
Current Account
The difference between a nation’s savings and its investment. The current account is an important indicator about an economy's health. It is defined as the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current transfers. A positive current account balance indicates that the nation is a net lender to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world. A current account surplus increases a nation’s net foreign assets by the amount of the surplus, and a current account deficit decreases it by that amount. The current account and the capital account are the main components of a nation’s balance of payments
The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. For me, the current account of a country should be higher than the GDP to ensure economic growth and development. It needs to be positive, 1:1.
D.
Capital deepening is a situation where the capital per worker is increasing in the economy.[1] This is also referred to as increase in the capital intensity. Capital deepening is often measured by the rate of change in capital stock per labour hour. Overall, the economy will expand, and productivity per worker will increase.
In the long run average standard of living will not improve because economic expansion will not continue indefinitely through capital deepening alone. This is somehow related to diminishing returns and wear & tear (depreciation). The approach for an economy to sustain and improve average standard of living should be multi-factorial.
Definition of Terms
Twin Deficit Problem
Proposition that there is a strong link between a national economy's current account balance and its government budget balance.
A twin deficit occurs when a nation's government has both a trade deficit and a budget deficit. A trade deficit, also known as a current account deficit, happens when a nation imports more than it exports, buying more from other countries and foreign companies than it sells to them. A budget deficit occurs when a nation spends more on goods and services than it makes through taxes and other financial gains.
APEC
Asia-Pacific Economic Cooperation is an association of 21 countries in Asia and on the Pacific Rim -- those with boundaries on the Pacific Ocean -- working to advance the region's economic integration and prosperity.
NICS
NICs are countries whose economies have not yet reached developed country status but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth (usually export-oriented). Incipient or ongoing industrialization is an important indicator of an NIC.
BRICS
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.[3] The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members
OECD
The Organisation for Economic Co-operation and Development (OECD) is an international economic organisation of 34 countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices and coordinate domestic and international policies of its members.

DAC
Development Assistance Committee (DAC) is a forum to discuss issues surrounding aid, development and poverty reduction in developing countries. It describes itself as being the "venue and voice" of the world's major donor countries.
Definition of Terms
Efficiency
The property of society getting the most it can from its scarce resources. With the least amount of input we can get the greatest output. Efficiency refers to the size of the economic pie.

Twin Deficit Problem
Proposition that there is a strong link between a national economy's current account balance and its government budget balance.
A twin deficit occurs when a nation's government has both a trade deficit and a budget deficit. A trade deficit, also known as a current account deficit, happens when a nation imports more than it exports, buying more from other countries and foreign companies than it sells to them. A budget deficit occurs when a nation spends more on goods and services than it makes through taxes and other financial gains.

Economic Fundamentals
Macroeconomics - Macroeconomics, a field developed in the 1930s by John Maynard Keynes, analyzes how the broad market forces and governments influence the health of the economy. Measurements of economic health, like Gross Domestic Product or GDP, unemployment and inflation, are all studied by macroeconomists. Actions by a country and its central bank are also analyzed.

Microeconomics - Microeconomics studies the relationship between businesses and individuals. The first fundamental assumption of microeconomists is based on the belief that a firms responsibility is to maximize profit, and the second assumption is that people are inherently self-interested and desire to maximize well-being and satisfaction. Economists use utility graphs to measure the amount of satisfaction derived from a specific choice.

International Economics - Globalizing trends have made the world smaller, with goods, services and capital flowing around the world with greater speed and ease than in the past. International economics provides a framework for understanding and explaining other issues in the global economy. International economics studies the economic and political issues surrounding trade, international finance and related issues

Personal Finance Economics- All financial decisions and activities of an individual, this could include budgeting, insurance, savings, investing, debt servicing, mortgages and more. Financial planning generally involves analyzing your current financial position and predicting short-term and long-term needs

Capital Flight
Occurs when assets or money rapidly flow out of a country, due to an event of economic consequence. Such events could be an increase in taxes on capital or capital holders or the government of the country defaulting on its debt that disturbs investors and causes them to lower their valuation of the assets in that country, or otherwise to lose confidence in its economic strength.
Replacement-level fertility
“Replacement level fertility” is the total fertility rate—the average number of children born per woman—at which a population exactly replaces itself from one generation to the next, without migration. This rate is roughly 2.1 children per woman for most countries, although it may modestly vary with mortality rates.
Double Dip
When gross domestic product (GDP) growth slides back to negative after a quarter or two of positive growth. A double-dip recession refers to a recession followed by a short-lived recovery, followed by another recession.
The causes for a double-dip recession vary but often include a slowdown in the demand for goods and services because of layoffs and spending cutbacks from the previous downturn

Base-year effect
The consequence of abnormally high or low levels of inflation in a previous month distorting headline inflation numbers for the most recent month. A base effect can make it difficult to accurately assess inflation levels over time. It wears off over time if inflation levels are relatively constant.

Fisher Effect
An economic theory proposed by economist Irving Fisher that describes the relationship between inflation and both real and nominal interest rates. The Fisher effect states that the real interest rate equals the nominal interest rate minus the expected inflation rate. Therefore, real interest rates fall as inflation increases, unless nominal rates increase at the same rate as inflation.

EBITDA
The EBITDA or earnings before interest, taxes, depreciation, and amortization is used to measure a company’s profitability.
The formula looks like this
Revenue – Expenses (Except earnings before interest, taxes, depreciation, and amortization)
This figure gives us a simple version of profit and loss. How much did you make vs. how much did it cost you to make that. The problem is it excludes so many expenses that it does not act as a valid form of earnings.

Rule of 70
A way to estimate the number of years it takes for a certain variable to double. The rule of 70 states that in order to estimate the number of years for a variable to double, take the number 70 and divide it by the growth rate of the variable. This rule is commonly used with an annual compound interest rate to quickly determine how long it would take to double your money.
The Maastricht Treaty
It created the European Union and led to the creation of the single European currency, the euro.
At the treaty of Maastricht, it was decided that there are five economic and monetary conditions/requirements that have to be fulfilled before a nation state is allowed to join the European Monetary Union. All of these conditions have to be met by the individual nation states in the European Union. The requirements are extremely strict, as the key to success of the European Union will lay in convergence of the economies of the individual nation states. All nations will need to maintain a similar economic standard. The five criterions of standards developed in the Maastricht treaty will insure that there is economic compatibility within the member nations.
One of the criterions imposes economic condition that the nation states have to satisfy deals with the national average budget deficit. The budget deficit demonstrates the relative strength of an economy. In addition, it also gives us a fair idea of government policies and political aspects of the individual nation's monetary systems. The treaty states that the national average budget deficit (budget balance) may not exceed three percent of a nation's Gross Domestic Product (GDP). Only two nations satisfy this requirement.

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