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G

Gains from Trade

The increased output resulting from trade; with trade, each individual, region or nation is able to concentrate on producing goods and services that it produces efficiently, while trading to obtain goods and services that it does not produce.

Globalization

Although there is no one precise definition, the term usually refers to the increased flow of trade, people, investment, technology, culture and ideas among countries.

Goal

Something a person or organization plans to achieve in the future; an aim or desired result.

Goods

Tangible objects that satisfy economic wants.

Government Expenditures

Goods and services provided by government and paid for by taxing and borrowing. Federal government expenditures include national defense and a system of justice. State and local government expenditures include police, roads and public education.

Government Failure

Policy and budget choices by government officials that result in inefficiency.

Government Failures/Public-Choice Analysis

In a civics textbook, a democratically elected government makes decisions according to the will of (a majority of) the people. In the real world, government failure may occur so that government decisions do not represent the majority. Public-choice analysis is the branch of economics that studies how political decisions are actually made. When analyzing government policies, it is useful to examine the incentives of the participants in the government decision making.

Government Revenues

Funds raised through taxing and borrowing to pay for government expenditures.

Government Spending

Spending by all levels of government on goods and services; includes categories like military, schools and roads.

Grace Period

A period of time allowed for payment of money owed; after the grace period has elapsed, interest may be charged.

Gross Domestic Product (GDP)

The market value of all final goods and services produced in a country in a calendar year.

Gross Income

A total amount of money earned (from salaries, wages, etc.) before taxes and other deductions are withheld. Also known as gross pay.

Gross Pay

A total amount of money earned (from salaries, wages, etc.) before taxes and other deductions are withheld. Also known as gross income.

Growth Fund

A mutual fund whose major objective is long-term capital growth. Growth funds offer the potential for substantial gains over time, but shares fluctuate in value during ups and downs in financial markets.