Focus on Economic Data: United States International Trade in Goods and Services - September 2002
Glossary terms from:
Balance of Trade
The part of a nation's balance of payments accounts that deals only with its imports and exports of goods and services. The balance of trade is divided into the balance on goods (merchandise) and the balance on services. If the value of a country's exports of goods and services is greater than its imports, it has a balance of trade surplus. If the value of a country's imports of goods and services is greater than its exports, it has a balance of trade deficit.
Any activity or organization that produces or exchanges goods or services for a profit.
Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. In the context of credit transactions, capital is one of the Three Cs of Credit. It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.
To buy and use a good or service.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
The money in circulation in any country.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
Trading a good or service for another good or service, or for money.
Goods and services produced in one nation and sold in other nations.
Economic units that demand productive resources from households and supply goods and services to households and government agencies.
Tangible objects that satisfy economic wants.
Goods and services bought from sellers in another nation.
Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
A rise in the general or average price level of all the goods and services produced in an economy. Can be caused by pressure from the demand side of the market (demand-pull inflation) or pressure from the supply side of the market (cost-push inflation).
Money paid regularly, at a particular rate, for the use of borrowed money.
The purchase of capital goods (including machinery, technology or new buildings) that are used to produce goods and services. In personal finance, the amount of money invested in stocks, bonds, mutual funds and other investment instruments.
A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.
"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.
Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.
Exports minus imports.
The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
People and firms that use resources to make goods and services.
A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.
A decline in the rate of national economic activity, usually measured by a decline in real GDP for at least two consecutive quarters (i.e., six months).
To keep money for future use; to divert money from current spending to a savings account or another form of investment.
Disposable income (income after taxes) minus consumption spending.
Activities performed by people, firms or government agencies to satisfy economic wants.
Use money now to buy goods and services.
A good or service that may be used in place of another good or service; examples include tap water for bottled water (or vice versa) and movies for concerts (or vice versa).
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time.
The situation that results when the quantity supplied of a product exceeds the quantity demanded. Generally happens because the price of the product is above the market equilibrium price.
A tax on an imported good or service.
The exchange of goods and services for money or other goods and services.
The number of people without jobs who are actively seeking work.
Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.
Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.
People employed to do work, producing goods and services.