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The North American Free Trade Agreement (NAFTA) is an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries.

Sentence: The NAFTA agreement covers trade in goods, technical barriers to trade, government procurement, investment, and services.

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obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source.

Sentence: Outsourcing components from other countries

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If imports are greater than exports

Sentence: The unfavorable balance of trade made the economy bad.

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The value of a nation's exports in excess of the value of its imports.

Sentence: Nations try to maintain a favorable balance of trade, which assured them of the means to buy necessary imports

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the ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

Sentence: The small country was proud to have found a way to produce cotton more efficiently and cheaply than its neighbors, as it then had an absolute advantage  in the region's textile business.

Example: China and other Asian countries are known to have an absolute advantage in manufacturing because they can take advantage of low labor costs.

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an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners.

Sentence:The country had a comparative advantage in the manufacture of electronics over many other countries due to its large labor force and lower wages.

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an economic measure of a positive balance of trade, where a country's exports exceed its imports

Sentence: trade surplus is defined as that a nation is exporting more than it imports, giving it an inflow of currency.

Example: China is exporting more goods than China imports from other countries.

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is an economic measure of international trade in which a country's imports exceeds its exports.

Sentence: Some countries buy more goods than they sell causing a trade deficit, in other words, they spend more than they earn.

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the process by which businesses or other organizations develop international influence or start operating on an international scale.

Sentence: The company was local and then globalization came into the picture when everyone heard about it.

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a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases

Sentence: The proportional tax had to be changed or the community wouldn't like it

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a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.

Sentence: The regressive tax decreased when the demand went down

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A progressive tax is a tax in which the tax rate increases as the taxable amount increases.

Sentence: The progressive tax increased when the demand went up

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is a period when income or receipts exceed outlays or expenditures.

Sentence: The company budget surplus benefited them in the end

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occurs when an individual, business or government budgets more spending than there is revenue available to pay for the spending, over a specific period of time.

Sentence: The budget deficit didn't affect the way to company spent their money.

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the total amount of money that a country's government has borrowed, by various means.

Sentence: Americas national debt is the worse in the world

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is the means by which a government adjusts its spending levels and tax rates  to monitor and influence a nation's economy

Sentence: The fiscal policy made everyone come to enjoy the different spending levels.

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The reserve requirement is a central bank regulation employed by most, but not all, of the world's central banks, that sets the minimum amount of reserves that must be held by a commercial bank.

Sentence: the reserve requirement went down for all bank on the east coast

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central monetary authority, for example, the Federal Reserve System, seeks to restrict credit and raise interest rates.

Sentence: The tight money policy brought the demand down for products that had low interest rates.

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increases the money supply usually by lowering interest rates

Sentence: The easy money policy in NC brought more demand for products that had high interest rates.

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is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.

Sentence: The federal reserve system includes 12 regional Federal Reserve Banks and 25 Federal Reserve Bank branches.

Example: Banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

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Monetary policy consists of the process of drafting, announcing and implementing the plan of actions taken by the central bank, currency board, or other competent regulatory authority of a country that determines the scope and impact of the key drivers of the economic activity in that country.

Sentence: monetary policy is the macroeconomic policy laid down by the central bank.

Example: decreases in the discount rate

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A depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts two or more years.

Sentence: The depression this past year is worse then the recession in 2015.

Example: No more supplies for stock markets

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is when the economy declines significantly for at least six months.

Sentence: Everywhere there are signs of the diminution of the lakes and the recession of the water line

Example: The economy being in a drought for 6 months

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is a low turning point or a local minimum of a business cycle.

Sentence: In 2001 the trough was at an all time low.

Example: Business markets going down.

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It is a period when the level of business activity surges and gross domestic product (GDP) expands until it reaches a peak. (recovery)

Sentence: The expansion of trade was due to the establishment of a boat route directly to the island.

Example: Federal Reserve lowers interest rates and buys back bonds in the open market to add money to the financial system.

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is the highest point between the end of an economic expansion and the start of a contraction in a business cycle

sentence: The peak in the economy caused more tourist to come visit where it was.

Example: Stock markets supply and demand going up

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a phase of the business cycle in which the economy as a whole is in decline.

Sentence:  The whole economy was on a contraction after taxes went up

Example: the state closing down certain stores because of higher taxes

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Is the downward and upward movement of gross domestic product around its long-term growth trend. The length of a business cycle is the period of time containing a single boom and contraction in sequence.

Sentence: The business cycle slowed down after the great depression.

example: during economic expansion the technology and banking stock tend to outperform.