Free trade
Free tradeย is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade.
Global trade
Global trade, also known as internationalย trade, is simply the import and export of goods and services across international boundaries.
Globalization
Globalizationย or globalisation is the process of interaction and integration among people, companies, and governments worldwide.
Global village
The termย global villageย describes the phenomenon of the world becoming more interconnected as the result of the propagation ofย media technologiesย throughout the world.
Unilateral, Bilateral and Multilateral relations
A unilateral trade agreementย is a commerce treaty thatย a nation imposes without regard to others.
Bilateralismย is the conduct of political, economic, or cultural relations between twoย sovereign states.
Multilateralism, process of organizingย relationsย between groups of three or more states.
Memorandum of Understanding MoU
Aย memorandum of understandingย (MoU) is a type of agreement between two (bilateral) or more (multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action.
Trade agreements
Trade agreementsย are when two or more nations agree on the terms ofย tradeย between them.
Merchant
Aย merchantย is a person whoย tradesย inย commoditiesย produced by other people. Historically, a merchant is anyone who is involved inย businessย or trade.
Merchandiser
A person or organizationย thatย sellsย products
Businesswoman
A woman who works in commerce, especially at executive level.
Businessman
A man who works in commerce, especially at executive level.
Growing Economy
A economy which is making progress.
Underdevelopment
Underdevelopmentย refers to the low level of development characterized by low real per capita income, wide-spread poverty, lower level of literacy, low life expectancy and underutilisation of resources etc.
Plunging economy
A economy which is going through bad times.
Per capita income
Per capita incomeย (PCI) orย average incomeย measures theย average incomeย earnedย perย person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area’s totalย incomeย by its total population.
Profit
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Loss
The fact or process of losing something or someone.
Trade
Tradeย is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.
Purchase
Acquire (something) by paying for it
Sale
The exchange of a commodity for money
Debit
An entry recording a sum owed, listed on the left-hand side or column of an account.
Credit
The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
Debt
A sum of money that is owed or due.
Loans
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Capital
The financial assets needed for a businessย to produce the goods and/or services it offers to its customers.
Revenue
Revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenueย is also referred to as sales or Turnover
Assets
Aย useful or valuable thing or person.
Multinational companies
A corporate organization that owns or controls production of goods or services in at least one country other than its home country.
Transnational companies
Aย transnational corporationย (TNC) is a hugeย companyย that does business in several countries.
Firms
Aย firmย is a commercial enterprise, a company that buys and sells products and/or services to consumers with the aim of making a profit.
Organisations
An organized group of people with a particular purpose, such as a business or government department.
Cultural Convergence
The factย that two or more things,ย ideas, etc.ย becomeย similar or come together.
Cultural Divergence
Cultural divergenceย refers to a separation of a once whole society orย culturalย group into a new, distinctive faction.
Sweatshops
A factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions
Outsource
Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity that is or could be done internally, and sometimes involves transferring employees and assets from one firm to another.
Ease in Business
How easily one can start a new business
Human Development Index
Theย Human Development Indexย (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living.
World Trade Organization
The World Trade Organization is an intergovernmental organization that is concerned with the regulation of international trade between nations.
Equality
The state of being equal, especially in status, rights, or opportunities.
Consumerism
Consumerism is a social and economic order that encourages an acquisition of goods and services in ever-increasing amounts.
Trade barriers
Trade barriersย are government-induced restrictions on internationalย trade. Economists generally agree thatย trade barriersย are detrimental and decrease overall economic efficiency; this can be explained by the theory of comparative advantage.
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