Class notes
All terms glossary
- Course
- BBB4M
- Institution
- 12th Grade
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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.
Communism: This system followed in social organizations refers to all property owned by the
community, each person contributes and receives their share accordingly.
Corporate philanthropy: This term refers to the activities that companies bring up to manage
their effect on society.
Corporate social responsibility: This is a self regulating business model that aids a company in
being responsible socially to itself and the people in the public.
Corruption perception index: This is an index that ranks countries by corruption of the public
attained by public opinions and surveys.
Cultural imperialism: Cultural imperialism is when one country promotes its culture over
another country. This also happens when one country is more powerful than another country, the
dominant country will force its culture on the other country.
Cultural norms: This term refers to the morals, beliefs that are shared and influence the behavior
and ways of people. These norms are different from region to region and also affect how a
business operates in markets around the world or in countries.
Currency devaluation: This term refers to the government and central bank of any country
decreasing the exchange rate of its currency.
Customs: This is an organization that accumulates taxes on goods that people bring and sell,
goods that people bring into the country, all of these goods that people bring in are checked.
Demographics: Data related to the population.
Depression: Depression is a very long downturn in economic activity, this leads to companies
not being able to supply their products.
Developed nations: Nations that have systems, policies, regulations, beneficial technology
which will come in handy for everyone.
Developing nations: Nations that are creating systems, policies, regulations and do not have
beneficial technology handy for use. This is due to the country not being able to afford it because
of the conditions.
Dictatorship: This is a type of government where one leader or many leaders hold little to no
regulations as to what they can do.
Discretionary buying power & disposable income: Discretionary buying power is a measure
of leftover money you have for your use after paying all monthly or daily expenses (Net)24.
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