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Glossary A to E
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APEC: The Asia Pacific Economic Cooperation is an economic groupthat has 21 members. This group encourages/helps with trade and also
helps the economy grow. This group also helps in improving the living
standards of the Asia-Pacific region.
ASEAN: The ASEAN is an organization that was founded when 5 leaders came to a meeting
and signed a document. This would be the start to the most successful diverse governmental
organization till today. This organization would cooperate with other countries of Southeast
Asia in the economic, education fields and also promote regional peace.
Balance of trade: This term differentiates between the value of a country’s exports and imports
for a little period. Balance of trade plays a role in the country’s balance of payments. This term
is also known as trade balance, international trade balance or net exports.
Bilateral trade: This term means 2 nations exchange goods, this exchangement helps in
promoting trade and investment between the 2 nations. Doing this also helps in reducing or
eliminating tariffs, export restraints and other trade barriers.
Boycott: Countries engage in a refusal of wanting to deal with other countries, this is done to
show they don’t approve of the conditions or countries can force their conditions on another.
Bureaucracy: This is a system of government in which decisions are taken by state officials such
as the governor, lieutenant governor instead of elected representatives such as Justin Trudeau.
Business climate: This term refers to the economic and professional environment that surrounds
an industry or any group of business company. This includes the political attitude of businesses,
support for organizations of labor and stability of finance.
Business cycle: This is a cycle that shows all of the fluctuations that took place in the gross
domestic group while trying to go through a growth rate. This cycle shows the expansion and
contraction that takes place in the economy over time.
Business ethics: The principles, strategies, and other things that rule the way businesses and
people in the businesses engage. Business ethics studies the correct policies that they should
implement to prevent discrimination, bribery etc.
Capitalism: This is a system in the economy where private individuals or businesses own goods
that are used for producing other goods.
Central bank: This place is an organization that manages the currency and the policy when it
comes to money such as short term needs of any state. This organization also keeps a look at
the company’s commercial banking system.
Channels of distribution: This term is also known as distribution or conveyance channel. This
term refers to all the places the product or service has encountered until it reaches its final
destination for purchase. The product could have encountered retailers, wholesalers and more.
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