Definitions taken from Dictionary of Business and Economic Terms
Supply: (1) amount of a commodity offered at a given price or available for meeting a demand. (2) to give or furnish (something needed or desirable) to others.
Demand: economic expression of desire, and ability to pay, for goods and services. Demand is neither need nor desire; the essence of demand is the willingness to exchange value (goods, labor, money) for varying amounts of goods or services, depending upon the price asked.
Market Equilibrium: situation in a market where the prevailing price causes producers to produce exactly the quantity demanded by consumers at that same price. A market in equilibrium will not experience changes in price or quantity produced.
Gross Domestic Product (GDP): market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991.
Inflation: rise in the prices of goods and services, as happens when spending increases relative to the supply of goods on the market; in other words, too much money chasing too few goods.
Unemployment rate: percentage of the civilian labor force actively looking for work but unable to find jobs. The rate is compiled by the U.S. Department of Labor, in cooperation with the labor departments in all the states, and released to the public on the first Friday of every month.
Fiscal Policy: use of government spending and taxation policies to achieve desired goals.
Monetary Policy: the efforts of a nation's central bank aimed at influencing inflation rates, economic growth, and interest rates by varying the supply of money.
Trade Deficit (Surplus): excess of imports over exports (deficit) or of exports over imports (surplus), resulting in a negative or positive balance of trade.
Comparative Advantage: the economic motive and cause of international trade. Countries increase their economic prosperity by exporting the goods that they are relatively more efficient at producing and importing the goods that other countries are relatively more efficient at producing.
Exchange Rate: price at which one country's currency can be converted into another's. The exchange rate between the U.S. dollar and the British pound is different between the dollar and the German mark, for example. Most exchange rates float freely and change slightly each trading day.
Jack P. Friedman. (2012). Dictionary of Business and Economic Terms. Barrons Educational Services.
Dictionary of Business and Economic Terms
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