Glossary Terms:

Economy in Transition: The Ukraine

Glossary terms from:
http://www.econedlink.org/e138


Bank

A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.

Business

Any activity or organization that produces or exchanges goods or services for a profit.

Consumption

Spending by households on goods and services. The process of buying and using goods and services.

Economic Development

The process of improving the quality of human lives through raising living standards. Economic development is broader than economic growth, which is concerned with year-to-year increases in production. Economic development deals with the economic, social and political institutions that govern the way the economy and society function.

Economic Freedom

The freedoms of the marketplace--the freedom of consumers to decide how they wish to allocate their spending among various goods and services; the freedom of workers to choose to change jobs, join unions and go on strike; the freedom of individuals to establish businesses and to decide what to produce and when to change their pattern of production; and the freedom of savers to decide when and where to invest their savings.

Economic Growth

An increase in real output as measured by real GDP or per capita real GDP.

Goal

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

Taxes

Compulsory payments to governments by households and businesses.

Trade

The exchange of goods and services for money or other goods and services.

Unemployment

The number of people without jobs who are actively seeking work.

Wage

Payments for labor services that are directly tied to time worked, or to the number of units of output produced.

World Bank

An international organization that makes loans and provides technical expertise to developing nations.