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Glossary M to T
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Mixed economy: This is a system that combines parts of capitalism and socialism whileavoiding their disadvantages. Activities that take place are instructed by the government in order
to make the social factors of the economy better. The different sectors work together to gain the
social goals by using an economic plan.
Monopoly: This is a type of market structure where only one person can sell or produce,
this seller or producer can change their position any time in the industry.
NGO: These organizations are nonprofit organizations. They are independent from the
government, they take part in and raise awareness for human, environment and society
issues.
Opportunity cost: This is the cost you have lost yourself when you choose from 2 or more
alternatives.
Protectionism: This refers to a government policy that is placed to stop/limit international
trade to help industries in their country.
Recession: This refers to a decline of economic activity for months or even years. This is
done when unemployment is found, natural resources are not present etc.
Recovery: The process of slowly coming back to normal.
Sanction: When an order is placed to stop international trade even though a country does not
allow it. This is done to make a country obey international law.
Trade balance: This is the sum of a country’s imports and exports of items without the count
of financial transfers, investments and other financial factors.
Trading bloc: This is a type of agreement between governments to reduce or remove barriers
of international trade between nations that are participating.
Trade surplus: A country did more exports to another country than imports.
Trade war: A trade war is when one country attacks to get something that was destroyed for
them earlier by raising tariffs on the country’s imports or other restrictions.
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