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Definition: an agreement among the United States, Canada and Mexico designed to remove tariff barriers between the three countries
Sentence: NAFTA was also very high on the administration's list of important issues that took priority over health care reform.
Example: The North American Free Trade Agreement which allows for the elimination of import quotas and tariffs between the United States, Canada and Mexico.

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Definition: the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff
Sentence: The decision to outsource usually stems from a focus on lowering costs and improving the efficient allocation of resources within a company.
Example: Human resource management, facilities management, supply chain management, accounting, customer support and service, marketing, computer aided design, research, design, content writing, engineering, diagnostic services, and legal documentation.

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Definition: An economic occurrence where a country imports more than their total exports per capita
Sentence: Analysts disagree on the impact, if any, of an unfavorable balance of trade on the economy.
Example: Conversely, if the imports exceed exports, an unfavourable balance of trade, or a trade deficit, exists.

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Definition: 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.
Example: A country that is running a surplus, or favorable balance of trade, is, for the time being, importing goods and services of less value than those it is exporting.

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Definition: refers to the ability of a party (an individual, or firm, or country) 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: The Canadian economy, which is rich in low cost land, has an absolute advantage in agricultural production relative to some other countries.

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Definition: refers to 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.
Example: Oil-producing nations have a comparative advantage in chemicals.

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Definition: occurs when the value of a country's exports exceeds that of its imports
Sentence: A trade surplus represents a net inflow of domestic currency from foreign markets.
Example: China is exporting more goods than China imports from other countries.

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Definition: 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.
Example: If the value of imported items to the United States equaled $1 trillion last year, but the value of exported items from the United States equaled $750 billion, then the United States would have a negative $250 billion BOP, or a $250 billion trade deficit.

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Definition: the widespread international movement of goods, capital, services, technology and information.
Sentence: The most significant impact of the growth of the global auto industry was the influence of globalization after the 1980s.
Example: It was an incredibly rapid evolution, driven by avarice, compulsion, globalization, and changing societal values.

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Definiton:  the taxing mechanism in which the taxing authority charges the same rate of tax from each taxpayer, irrespective of income
Sentence: Many Americans favor the idea of proportional tax so that everybody pays the same percentage of their income no matter how much they make.
Example: The sales tax is an example of a proportional tax because all consumers, regardless of income, pay the same fixed rate.

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Definition: a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases
Sentence: I was not aware that the company I had been hired by had imposed a regressive tax and, therefore, the tax rate would decrease over time.
Example: Some times there is a regressive tax that will take more from the poorer people than the richer people but I am not sure why.

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Definition: a tax in which the tax rate increases as the taxable amount increases
Sentence:  During the meeting, the government officials would discuss the importance of a progressive tax and if they would institute it or not.
Example:  If you start to make too much money in your business, you may get hit with a higher progressive tax than you were getting before.

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Definition: occurs when tax revenue is greater than government spending
Sentence: The budget surplus was mentioned in the meeting as it was beyond our previously forecasted and planned expectations for our department.
Example: A government may have a budget deficit of £10bn, but if they are spending £12bn on interest payments, we can say there is a primary budget surplus of £2bn.

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Definition: 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 government is facing a deficit of $3 billion.
Example:  Accrued government deficits form the national debt.

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Definition: the total amount of money that a country's government has borrowed, by various means
Sentence: Some economists believe the national debt need never be repaid, but others feel that substantial debt puts the nation at risk, especially when huge amounts are owed to foreign bond holders.
Example: The federal government owes this to other government departments. It often funds government and citizens' pensions.

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Definition: the use of government revenue collection and expenditure to influence the economy
Sentence: If the funding goals for the upcoming budget are to be reached, this fiscal policy will need a serious overhaul.
Example: The two major examples of expansionary fiscal policy are tax cuts and increased government spending.

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Definition:  the amount of funds a bank must have on hand each night
Sentence: The Federal Reserve's reserve requirement is 10%, which means that Bank XYZ must keep at least $40 million in an account at a Federal Reserve bank and may not use that cash for lending or any other purpose.
Example: Bank XYZ has $400 million in deposits.

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Definition:  seeking to reduce the demand for money and limit the pace of economic expansion
Sentence: The central bank tightens policy or makes money tight by raising short-term interest rates throughpolicy changes to the discount rate, also known as the federal funds rate.
Example: The Federal Reserve System, seeks to restrict credit and raise interest rates.

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Definition: a monetary policy that increases the money supply usually by lowering interest rates
Sentence: Federal Reserve, easy money is a method of helping the econmy expand by increasing the moneysupply.
Example: Expansionary monetary policy are decreases in the discount rate, purchases of government securities and reductions in the reserve ratio.

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Definition: The central bank system of the US, divided into 12 Federal Reserve districts each with its own Federal Reserve bank
Sentence: The Federal Reserve System includes 12 regional Federal Reserve Banks and 25 Federal Reserve Bank branches.
Example: The Federal Reserve System includes 12 regional Federal Reserve Banks and 25 Federal Reserve Bank branches.

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Definition: the macroeconomic policy laid down by the central bank
Sentence: The monetary policy favored by the current government had lead the country to lessen their current spending while purchasing other country's debt, allowing them to control inflation and increase their country's savings.
Example: When interest rates are already high, the central bank focuses on lowering the discount rate.

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Definition: A state of the economy resulting from an extended period of negative economic activity as measured by GDP
Sentence: After several years of an economic boom, it looks as though we may be heading toward a depression.
Example: A depression is an unusual and extreme form of recession.

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Definition: a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
Sentence: Many people cut back on unnecessary shopping and travel during the last recession, because they felt their jobs might be in jeopardy.
Example: In the economic boom, economic growth is well above the long run trend rate of growth; this rapid growth causes inflation, and a current account deficit and the growth tends to be unsustainable.

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Definition: the stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to an expansion
Sentence: The economy is in a trough right now.
Example:  The business cycle is the upward and downward movement of gross domestic product and consists of recessions and expansions that end in peaks and troughs.

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Definition: the phase of the business cycle when the economy moves from a trough to a peak
Sentence: The country was on the cusp of economic expansion.
Example: Expansion, or a boom, occurs when the Federal Reserve lowers interest rates and buys back bonds in the open market to add money to the financial system.

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Definition: The highest point in the economic cycle
Sentence: The peak of the cycle refers to the last month before several key economic indicators, such as employment and new housing starts, begin to fall.
Example:  It is at this point real GDP spending in an economy is at its highest level.

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Definition: a phase of the business cycle in which the economy as a whole is in decline
Sentence: The economic contraction is of course the prime force driving companies to lay off workers.
Example:  According to most economists, a contraction is said to occur when a country's real GDP has declined for two or more consecutive quarters.

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Definition: a cycle or series of cycles of economic expansion and contraction
Sentence: The business cycle for the company was on a major downturn and was a cause of a lot of layoffs.
Example:The wheel factory shuts down every July for maintenance and cleaning. July is ideal because summer is a low point in the business cycle for wheel sales.