Glossary extracted starting with automatic seeds, with BOW for the domain biz and language EN

marshallian surplus	1
world trade organization	The international organization which resulted from the Uruguay Round of GATT negotiations
innovators	Individuals who tend to solve problems by finding new, exciting and unexpected solutions to problems in a business.
spreadsheet	A method of storing data in cells in such a way that a change in one of the entries will automatically change any appropriate totals.
immigration	The entry of foreign nationals into a country for the purpose of establishing permanent residence.
biased growth	See bias.
professional ethics	The moral principles and standards of conduct guiding professionals such as CPAs in performing their functions.
access	Right to enter or use health care services.
non-farm payrolls	The official US monthly report compiled by the Bureau of Labour Statistics on employment market trends
tariff commission	The name of what is today the International Trade Commission as of its founding in 1916, until it was renamed the ITC in 1975.
term	The length of the contract period.
isoquant	A curve showing all technologically efficient factor combinations for producing a specified amount of output.
immiserizing growth	Economic growth that makes the country worse off
dollar standard	A system under which countries hold reserves in, and settle debts with, U.S
quantity index	A measure of the average quantities of a group of goods relative to a base year
translog function	The transcendental logarithmic production function, a flexible functional form due to Christensen et al
green field investment	FDI that involves construction of a new plant, rather then the purchase of an existing plant or firm
gatt-speak	Variation on GATT-think.
medal	Usually a piece of metal, marked with a design or inscription, made to honor a person, place or event; not intended to pass as money.
production possibility curve	See production possibility frontier.
council of economic advisers	A group established by the Employment Act of 1946, whose function is to help the president formulate and assess the economic policies of the government.
marginal propensity to import	The proportion of an increase in income which is spent on imports.
environmental protection agency	(USA) An independent agency in the executive branch whose mandate is to control and abate pollution in the areas of air, water, solid waste, pesticides, radiation, and toxic substances.
eurodad	A European network of NGOs working to reduce poverty and empower the poor in developing countries through improved economic and financial policies.
sunset industry argument	The argument, in contrast to the infant industry argument, that a mature industry should be provided protection, either to help it restore its competitiveness, or to cushion its exit from the economy.
green seal	See eco-label.
custodial care facilities	A licensed facility that provides personal assistance to persons who are unable to care for themselves due to age, illness, physical or mental infirmity, but who do not require daily nursing care.
lloyds of london	An English association of insurance underwriters, the oldest of its kind in the world
suspension agreement	An agreement between an importing government and a foreign exporting firm to limit its exports and thus forestall the levying of anti-dumping duties or countervailing duties.
estimation sampling	is sampling to estimate the actual value of a population characteristic within a range of tolerable misstatement.
tonic	(music) the first note of a diatonic scale
development finance institution	A governmental or inter-governmental body that provides development finance.
complaint-handling process	Procedures that financial institutions must have in place for customers who want to make a complaint.
scitovszky indifference curve	An indifference curve for a group of individuals representing the minimum needed to keep all of them at given levels of utility
dad	Delivery against documents
direction of trade statistics	Publication of the International Monetary Fund.
guardian	A person appointed by a court to manage the person and/or property another who is legally incompetent to handle his/her own affairs.
customs	The process that through which imported goods must pass in crossing the border of a country or other customs area.
customer identification program	A proposed requirement under the Bank Secrecy Act that all financial institutions implement a written, risk-based customer identification program, maintain information used to verify identities and compare the names of new customers against government lists of known or suspected terrorists or terrorist organizations
personal representative	An executor, guardian or administrator who represents another party under contract or judicial appointment.
competitor analysis	Identifying the strengths and weaknesses of competitors and their products.
unit-value isoquant	The isoquant for a quantity of a good worth one unit of value
incentive stock options	By law not transferable.
allied military currency	notes used in WWII by Allied military forces
uncovered interest parity	Equality of expected returns on otherwise comparable financial assets denominated in two currencies, without any cover against exchange risk
government accounting	Principles and procedures in accounting for federal, state, and local governmental units
cartwheel luster	The surface brilliance of an uncirculated coin originating from when the coin was first produced
consolidator	A company that provides freight consolidation services.
genetically modified organism	Plants or animals (or products thereof) whose genetic makeup has been determined or altered by genetic engineering
value marginal product	Marginal value product.
newly industrializing economy	Newly Industrializing Country but also including Taiwan and Hong Kong, which are not unambiguously countries.
intestate	Dying without a will.
iie	Institute for International Economics, now the Peterson Institute for International Economics.
base year	A year chosen as a reference point for comparison with some later or earlier year.
building line	A line established by law or a deed restriction that determines the distance from a street in front of which an owner cannot build.
internal control weakness	A defect in the design or operation of internal controls.
total surplus	Total consumer surplus plus total producer surplus.
steering	The illegal practice of channeling home seekers to particular areas, either to maintain the homogeneity of an area or to change the character of an area, which limits their home choices.
demolition	The necessary destruction and removal of an existing structure from a site in order to prepare it for new construction
isoquant map	A series of isoquants from the same production function, each isoquant relating to a specific level of output.
factor intensity	The relative importance of one factor versus others in production in an industry, usually compared across industries
form w-4	Withholding allowance certificate, filed with the employer, identifying the number of withholding allowances claimed.
east african development bank	"A leading Development finance institution with an overriding objective of promoting development in East Africa," EADB is a development bank for its five member countries: Burundi, Kenya, Rwanda, Tanzania, and Uganda.
open currency position	An open position.
marginal rate of substitution	In a production function or a utility function, the ratio at which one argument (input) substitutes for another along an isoquant or indifference curve.
permit	A license issued by government granting permission to engage in some activity, such as to export, import, or invest.
charitable income tax deduction	The amount a donor can deduct on his/her federal income tax return for a gift to a qualified charity.
warranty	A legal, binding statement in which one party gives another party certain assurances regarding the property being sold, usually upon which the latter party can rely upon.
microbridge	An intermodal movement of cargo which involves a vessel leg to a port and then a movement via another transportation mode, truck or rail, to an inland point where the movement terminates
asymmetric information	Where one party in an economic relationship (e.g
self fulfilling prophecy	A prediction that comes true entirely because people believe it and act on that basis
title report	See Preliminary Report.(back to top)
behind the border barriers	This refers to a variety of nontariff barriers that operate inside countries rather than at the border, but that nonetheless can restrict trade
deferred income	a liability that arises when a company is paid in advance for goods or services that will be provided later
tender	An unconditional offer of money or performance by one of the parties to a contract to carry out his or her part of the contract which when unjustifiably refused may permit the party making tender to exercise remedies for breach of contract.
total shareholder return	The measure of the returns that a company has provided for its shareholders - the product of the share price movements plus dividends reinvested over a stated period
trade war	Generally, a period in which each of two countries alternate in further restricting trade from the other
crony capitalism	Used to describe a capitalist economy in which government or corporate officials and insiders provide lucrative opportunities for their friends and relatives
gold exchange standard	A monetary system that sought to restore features of the Gold Standard in the 1920s and again in the Bretton Woods System, while economizing on gold
cheque book	The journal or source document that records payments by cheque.
financial accounting standards board	The private-sector organization that sets accounting standards for the United States, the Generally Accepted Accounting Principles.
ltd	The abbreviation used in the United Kingdom to represent a limited liability company, thus analogous to "Inc", for incorporated, in the United States and AG in German speaking countriess.
participation rate	The percentage of the working age population that is part of the workforce.
judgment	The decision of a court of law
coinsurance	A transaction under which each of two or more insurers assumes a designated portion of the liability for the total risk and is liable for only such portion of any loss beginning at the first dollar of loss
labor right	See labor standard.
administratrix	A woman administrator.
profit margin	The percentage difference between the costs of a product and the price you sell it for
inventory	the supply or stock of goods and products that a company has for sale
mortgage bond	The evidence of a debt secured by a mortgage in favor of individual parties as a group, usually with the mortgage held by a third party in trust for the mortgage bond creditors.
commonwealth of independent states	An organization formed in 1991 of the nations that had been part of the USSR
capital flight	The movement of financial capital overseas following domestic problems
medium of communication	The method used to send a message.
play or pay	A concept that would require employers to provide health insurance to their employees and dependents (play) or pay a tax or premium toward a publicly provided system that covers people without private insurance (pay).
benford's law	is a mathematical law that applies to any population of numbers derived from other numbers (such as the dollar amount of a sale, found by multiplying the quantity sold times the unit price)
autonomous	Refers to an economic variable, magnitude, or entity that is caused independently of other variables that it may in turn influence; exogenous.
tone of voice	the quality of a person's voice
high density	High density cargo is cargo whose weight is high compared to its volume
reverse takeover	Where a company takes over a larger company than itself. IT can occur in different forms: 1
provincially regulated financial institution	A financial institution regulated at the provincial level
financial year	A company's accounting period, also known as the company's fiscal year
rule	1
lender	A person or entity advancing funds which are to be repaid
corporate advertising	Advertising which is meant to promote a whole company rather than a particular product or product line.
corporate bonds	A major source of corporate borrowing.
services	Things purchased by consumers that do not have physical characteristics
defense medicine	Extensive use of laboratory testing, treatment, increased hospital admissions, and extended hospital stays that are not medically necessary for the treatment of the patient; the sole purpose of reducing the possibility of malpractice suits by the patient or providing a good legal defense in the event of such lawsuits.
sa8000	A system of international labor standards and mechanisms for compliance and certification overseen by the nonprofit Social Accountability International with participation by corporations, unions, and NGOs.
import substituting industrialization	A strategy for economic development based on replacing imports with domestic production
power of attorney	A document by which one person (called the "principal") authorizes another person (called the "attorney-in-fact") to act for him/her in a specific manner in designated transactions.
customs	The government service which is responsible for the administration of Customs law and the collection of duties and taxes relating thereto, and which has responsibility for the application of other laws and regulations relative to the importation , transit, and exportation of goods.
general controls	Policies and procedures to assure proper operation of computer systems, including controls over network operations, software acquisition and maintenance, and access security.
advertising media	The various means by which advertisements can be communicated to the public.
impound	To seize or hold; or to place in custody by order of a court.
electronic commerce	Conducting business communications and transactions over networks and through computers
fir	Factor intensity reversal.
injury margin	In cases of anti-dumping and counterailing duties, the difference between the import price and the price that would be needed to prevent injury.
deck cargo	Cargo that is shipped on the deck of a vessel rather than in holds below.
greater mekong subregion	The six countries sharing the Mekong river: Cambodia, Lao People's Democratic Republic, Myanmar, Thailand, Viet Nam, and parts of the People's Republic of China (Yunnan Province and Guangxi Zhuang Autonomous Region).
job enlargement	Giving an employee more work to do of a similar nature.
technological change	New methods of producing existing products, new designs that make it possible to produce new products, and new techniques of organization, marketing, and management.
fmi	Fondo Monetario Internacional (Spanish for International Monetary Fund)
absolute poverty	A level of income below what is required to have a decent standard of living, sometimes measured at less than US$1 per day
fii	Foreign institutional investor.
mint state	Same as Uncirculated
general average	1
exchange rate target	See target.
audit adjustment	is a correction of a financial information misstatement identified by the auditor, whether recorded or not.
chlorofluorocarbon	A chemical once used in refrigerators, air conditioners, and as aerosol propellants that, when released high into the atmosphere, destroyed the ozone
executrix	The female personal representative named in a will to settle the testator's estate.
lis pendens	A notice recorded in the official records of a county to indicate that a lawsuit is pending affecting the lands described in the notice.(back to top)
old age security	Most people in Canada over age 65 receive Old Age Security Pension
protocol of accession	Legal document specifying the procedures for a country to join an international agreement or organization, including the rights and responsibilities that accompany such accession.
eminent domain	The power of a government to acquire private property for public purposes
economic partnership agreement	An agreement negotiated between the European Union and a developing country -- especially members of the ACPCountries -- for form free trade areas and otherwise assist them in their development.
letters of guardianship	Formal written evidence of court appointment of a guardian for the person, estate, or person and estate of a minor or of an incompetent.
forum shopping	Taking advantage of differences among international agreements to pursue a trade complaint under the agreement that is most favorable to one's case
roo	Rule of origin.
income-consumption line	1
lisbon treaty	The treaty that went into force on December 1, 2009, revising the institutions of the European Union
haulage	1
implied contract	A contract that one would conclude exists as a result of the acts and/or conduct of the parties involved.
kennedy round	The sixth round of multilateral trade negotiations that was held under GATT auspices, commencing 1964 and completed 1967
notice	Actual notice: express or implied knowledge of a fact
unregistered exports and imports	See registered exports and imports.
classical economics	Refers to work done by a group of economists in the eighteenth and nineteenth centuries, emphasizing economic freedom and promoting such ideas as “laissez-faire” and “free competition.”
district	A city area with a land use different from that of adjacent areas like commercial, industrial or residential areas.
annual inflation factor	A multiplier of the base year value of real property, compounded annually, which is based on a percentage change in the California Consumer Price Index for all items, as determined by the California Department of Industrial Relations
mandated countertrade	A requirement by government that importing firms engage in countertrade, as a means of increasing exports.
wto	World Trade Organisation. Organisation of member states aimed at reducing barriers to free trade.
economic problem	The fact that there are unlimited wants but limited resources to produce the goods and services to satisfy those wants
self-actualisation	A level on Maslow's hierarchy where an employee realises his or her full potential.
traits	Words used in identifying an individual's personality.
global recession	1
excise duties	A tax on the sale of a particular product; may be a specific tax (fixed tax per unit of product) or an ad valorem tax (fixed percentage of the value of the product)
lint marks	Miniscule light marks appearing on proofs due to hairlines created from lint originating from the fabric used when the dies were polished.
operating profit before provisions	Net of total income and total operating expenses.
operational risk	The revised BASEL II framework offers the following three approaches for estimating capital charges for operational risk: 1) The Basic Indicator Approach (BIA): This approach sets a charge for operational risk as a fixed percentage ("alpha factor") of a single indicator, which serves as a proxy for the bank's risk exposure
living wage	A real wage that is high enough for the worker and family to survive and remain healthy and comfortable, sometimes called meeting basic needs
bronze	An alloy of copper, zinc, and tin.
post	to enter a business transaction into a journal or ledger or other financial record.
auditor	An accountant usually certified by a national professional association of accountants, if one exists in the corporation's country, or certified by another country's recognized national association of accountants
test	A sample from a population to estimate characteristics of the population.
allowable business investment loss	which can be written off against any income.
labour force	The total number of persons employed, plus the number of persons who are unemployed.
money illusion	Where people mistake changes in nominal values for changes in real values i.e
embedded control performance	deals with unexpected changes to data.
assessment year	Assessment year means the period beginning with a lien date and ending immediately prior to the succeeding lien date: January 1 through December 31.
welfare state	A set of government programs that attempt to provide economic security for the population by providing for people when they are unemployed, ill, or elderly.
optimal tariff argument	An argument in favor of levying a tariff in order to improve the terms of trade
protocol	Tool for enhancing quality in a health care organization by developing customary methods for medical interventions
ownership rules	Federal rules and restrictions governing the ownership of financial institutions
disaffirm	To reject or to withdraw a consent once given or to deny the intention of being bound by an previous or earlier transaction.
labor force	The number of available workers in a country, defined as the sum of those who are employed and those who are classed as unemployed.
upper-middle income country	See Middle Income Country.
piecemeal tariff reform	The reduction of only one tariff (or a subset of tariffs) by a country that has additional tariffs on other products.
specialization and trade	When individuals or countries specialize in producing the goods and services for which they have the lowest opportunity cost and trade with other individuals or countries in order to consume more and reach a higher standard of living than would be possible in the absence of trade.
decouple	Refers to the provision of government support to an enterprise, usually a farm, in a manner that does not provide an incentive to increase production
invisible trade balance	The balance of trade reflecting the import and export of services.
cheque	A written order for payment of a certain amount of money.
safeguard protection	Import protection provided under the Safeguards Clause.
agent bank	1
approval	Conditional loan approval is based on written (as provided on the application and other documentation) and verbal information provided to Provident Funding
multiplier	Number which indicates the magnitude of a particular macroeconomics policy measure.
mill's test	One of two conditions needed for infant industry protection to be welfare-improving, this requires that the protected industry become, over time, able to compete internationally without protection
grace period	An agreed-upon time after the payment of a debt is past due and during which time a party can perform without being considered in default.
mint luster	The sheen or bloom on the surface of an Uncirculated numismatic object resulting from the centrifugal flow of metal caused by striking with dies
volatility	In relation to the share price, used to indicate the relative amount or percentage by which it rises and falls during a period of time.
xbrl	eXtensible Business Reporting Language. It is one of a family of "XML" languages which is a means of communicating information between businesses and on the internet.
integrated coverage	Combinations of HMOs, indemnity plans, or PPO's into one health care plan.
government procurement practice	The methods by which units of government and state-owned enterprises determine from whom to purchase goods and services
colonial currency	Specifically the paper money issues in North America while under the rule of Great Britain prior to the Revolution, from 1690 to 1774.
direct factor content	A measure of factor content that includes only the factors used in the last stage of production, ignoring factors used in producing intermediate inputs
replacement investment	The amount of investment that is needed to maintain the existing capital stock intact.
natural resource	Anything that is provided by nature, such as deposits of minerals, quality of land, old-growth forests, fish populations, etc
hot	Heckscher-Ohlin Theorem.
demurrage	1
nationalisation	The act of placing a company under public ownership.
intermediate input	An input to production that has itself been produced and that, unlike capital, is used up in production
snapback	A provision in a trade agreement permitting a country temporarily to rescind a tariff concession in the event of an import surge.
low income country	The bottom income group in the World Bank's classification of countries by GNI per capita, calculated by the Atlas Method
reference	a short note recognizing a source of information or of a quoted passage
destabilising speculation	Where the actions of speculators tend to make price movements larger.
propensity	The extent to which an economic agent is inclined to use income for a particular purpose, such as the (marginal or average) propensity to import, or propensity to consume, measured as the fraction of income (or of a change in income, if marginal) devoted to the activity.
endorsement	Signature on a draft or cheque by a payee before transfer to a third party.
delivery carrier	The transport carrier whose responsibility it is to place a shipment at the disposal of the consignee at the named destination.
overtime ban	A form of industrial action when employees refuse to work longer than their normal working hours
explicit costs	The payments to outside suppliers of inputs.
regression analysis	The statistical technique of finding a straight line that approximates the information in a group of data points
borrowing	The amount that an entity, usually a country or its government, has borrowed
cobb-douglas function	A popular functional form for production and utility functions
fiscal cliff	The phrase ‘fiscal cliff' was coined to capture the large and predicted reduction in the US budget deficit expected as specific laws kicked into effect from 2013.
judgment	A final determination in a court of competent jurisdiction of the rights of the parties to an action or proceeding.
vinerian	Associated with the work of economist Jacob Viner, as in the Vinerian concept of trade diversion.
accrual method of accounting	This method of accounting is required under law in most countries. It means that revenue and expenses must be recorded in the fiscal year that the activity takes place. This gives rise to the need to make adjusting entries. i.e
strike	A form of industrial action where employees refuse to work.
jetsam	Articles from a ship or ship's cargo that were thrown overboard, (usually to lighten the load in times of emergency or distress.)
production order	A document that initiates the manufacturing process.
profit sharing plan	A plan by which corporate executives and employees receive a share of the company's net income on some equitable basis
pressure groups	Groups of people without direct political power who seek to influence decision makers in politics
metes and bounds	The lengths and directions of lines as in the boundaries of a tract of land.
shelf life	The length of time that a good can be stored while still remaining useful enough to sell
prepaid charges	In transportation, this term may mean that all charges, including freight, are to be paid by the shipper
domestic international sales corporation	A type of U.S
reciprocity	The process by which governments extend similar concessions to each other.
lagrangian	A function constructed in solving economic models that include maximization of a function (the "objective function") subject to constraints
actual growth	The percentage annual increase in national output actually produced.
cia	1
mortgage constant	Percentages that are an expression of the total interest and principal payments that must be made each year to fully amortize a loan over a specified number of years using level payments.
distribution of income	The amount of income and wealth different groups have in a particular country. Inequality of income can be illustrated with the Lorenz curve.
real balances	The amount of money held by the public, adjusted for inflation
alco	Asset-Liability Management Committee (ALCO) is a strategic decision making body, formulating and overseeing the function of asset liability management (ALM) of a bank.
merger	The joining together of two companies to form one entity.
adverse opinion	Term used when an auditor reports that the company'sfinancial statements do not present fairly the financial position, results of operations, or changes in financial position or are not in conformity with GAAP.
confirm	Communication with outside parties to authenticate internal evidence.
bandwidth	Is a measure of the quantity of signals that can travel over a transmission medium such as copper or a glass fibre strand
federally regulated financial institution	A financial institution regulated by the federal government
variance	The average deviation of all figures from the mean, which removes plus and minus signs by 'squaring' the deviation figure
liquid	having lots of cash or assets easily converted to cash.
employment argument for protection	The use of a tariff or other trade restriction to promote employment, either in the economy at large or in a particular industry
cairns group	A group of agricultural exporting countries, currently (August 2012) numbering 19, that was formed in 1986 to act as a counterweight especially to the EU in international negotiations on agriculture
sovereign immunity	The legal doctrine that the property of a foreign government is exempt from the jurisdiction of domestic courts
country size	Any of many measures of the size of a country
moving average	A moving average of a share price is simply the average of the share prices of the last so many days.
lens condition	In Heckscher-Ohlin trade theory with many goods, factors, and countries, a necessary condition for free and frictionless trade to lead to factor price equalization
intangible service	Same as service, since all services are intangible.
hysteresis	The persistence of an effect even when the initial cause has ceased to operate
personal care advocate	A representative of the nursing facility resident who reviews care, address concerns, and provides advocacy support for a patient and his or her family.
dividend	A payment made by a company to its shareholders
linear reduction	Same as linear cut.
suta state unemployment taxes	State payroll taxes on employers to support its unemployment programs.
intermediate areas	Similar to development areas, but not as 'economically deprived'.
force majeure	A clause is often inserted in a construction contract to protect the contractor from unavoidable delays or of failure to perform the contractual obligations in a timely manner due to a force(s) beyond control such as weather, labor disputes or strikes or other unavoidable events.
waiver	A voluntary act to intentional relinquish a known right which implies an election by the party to dispense with something of value or to forego some advantage or right.
median	The value that divides any given data distribution into two equal parts.
net	After deduction
pareto optimum	The situation (economic theory) where it is not possible to change the combination of output of goods and services produced by a society without making the net happiness of society fall.
volume	In relation to shares, the total number of traded (bought and sold) in a given period.
marginal intraindustry trade	The portion of a change in trade, usually from one year to the next, that is intraindustry trade
government procurement	Purchase of goods and services by government and by state-owned enterprises
subordinate	To make inferior in priority.
canadian bankers association	Established in 1891, the CBA is the main representative body for banks in Canada
practice guidelines	Specific, professionally agreed upon recommendation for medical practice used within health care organizations to standardize the practice to achieve consistent quality outcomes
value-added network	A telecommunications network providing communication facilities, which enhance basic telecommunications services
drop-off	The delivery of a shipment by a shipper to a carrier for transportation.
chaebol	A form of large business in South Korea, a conglomerate consisting of many companies centered around a parent company
international dairy agreement	A plurilateral agreement on trade in dairy products, originally negotiated as part of the Tokyo Round, continued as a plurilateral agreement after the Uruguay Round, but terminated in 1997.
market clearing	Equality of quantity supplied and quantity demanded
grantor grantee index	The record of the passing of title to all the properties in a county as kept by the county recorder's office
precautionary principle	The view that when science has not yet determined whether a new product or process is safe or unsafe, policy should prohibit or restrict its use until it is known to be safe
below the line	See above the line.
moratorium	Temporary suspension of development or utilities connections imposed by local government.
import quota	A limit set by the government on the quantity of a foreign product that may be shipped into that country in a given time period.
cameo	Devices in relief or embossed
cairnes-haberler model	A trade model in which all factors of production are assumed immobile between industries
outcome measurement	A document program that tracks a physician's treatment patterns for the purposes of evaluating efficiency.
nafta taa	A program of NAFTA, NAFTA Transitional Adjustment Assistance is a version of trade adjustment assistance that applies to workers impacted by trade with or shift of production to Mexico or Canada.
global trade information services	A subscription service that describes itself as "the leading supplier of international merchandise trade data."
lighter	A barge towed by a tugboat and used mainly in harbors and inland waterways for the transport of cargo to and from ships
cobden-chevalier treaty	A preferential trade agreement between Britain and France that went into effect in 1860
invisible account	A form of balance of payments account that records payments and receipts arising out of trade in services and payments for the use of capital
supply side measure	A government policy designed to increase output.
associates	These include people and entities closely associated with you, such as relatives or closely connected companies or trusts
facsimile	An exact and precise copy.
preventative control	A control designed to avoid an unintended event.
unqualified	An audit opinion that the financial statements are in conformity with U.S
system	Parts that work together to achieve an objective; a system can be a communications system, a business, an economic or a political system.
stochastic	Random; arising from a process that generates different values each with some probability
new good	A good that has been newly invented
one-way communication	Transmission of a message which does not call for or require a response.
exemplary damages	Damages to punish (make an example of) the offender
standard deviation	The average deviation from the arithmetic mean of a set of data (accounting for plus and minus signs in the calculation) found by the square root of the variance.
international specialization	See specialization.
excess capacity	The amount by which actual output falls short of capacity output (which is the output that corresponds to the minimum short-run average total cost).
prerequisite	An event or action that has to be satisfied before the next event or action can occur.
target market	The group of people for whom a particular product is designed.
direct marketing	A method of distributing products directly to consumers, without the use of intermediaries such as wholesalers and retailers.
operational decisions	Lower level, often administrative decisions with little or no risk.
attorney in fact	One who holds a power of attorney from another allowing him or her to execute legal documents such as deeds, mortgages, etc., on behalf of the grantor of the power.
negative returns to scale	An extreme form of decreasing returns to scale, in which increasing all inputs in proportion actually causes output to fall
obliterate	To do away with something so as to leave no trace.
zoning	Laws passed by local governments regulating the size, type, structure, nature and use of land or buildings.
strategic risk	One of nine risks defined by the Office of the Comptroller of the Currency
international labour organization	A United Nations specialized agency that establishes and monitors compliance with international standards for human and labor rights.
exogenous variable	A variable that influences endogenous variables but is itself determined by factors outside the theory.
command economy	An economy in which decisions about production and allocation are made by government dictate, rather than by decentralized responses to market forces.
electronic commerce	A system of integrated communications, data management, and security services that allow business applications within different organizations to automatically interchange information.
bep	Bureau of Engraving and Printing
arc elasticity	A measure of the average responsiveness of quantity to price over an interval of the demand curve.
accessorial charges	In transportation, those charges made for additional, supplemental, or special services performed in addition to the basic transportation service.
gst-free supplies	These supplies are considered life essentials, and therefore do not attract GST
stowage	The arranging and packing of cargo in a vessel for shipment.
set back lines	Those lines which delineate the required distances for the location of structures in relation to the perimeter of the property.
buffer stock	An organisation, usually run by producers or the government, that attempts to smooth out fluctuations in prices by the purchase and sale of stocks.
seaworthiness	The fitness or safety of a vessel for its intended use.
heterogeneous	Not all the same
execution	The act of completing; performance
international chamber of commerce	Calling itself the "voice of world business," the ICC promotes the cause of international business and open markets
labour intensive	Production methods which rely on a large workforce relative to the amount of machinery.
imports for consumption	The total of merchandise that has physically cleared through the customs of a country either entering domestic consumption channels immediately or entering after withdrawal for consumption from bonded warehouses or from foreign trade zones.
nash equilibrium	(game theory) A stable state of a system that involves several interacting participants in which no participant can gain by a change of strategy as long as all the other participants remain unchanged.
export bias	Any bias in favor of exporting
minibridge	An intermodal movement of cargo involving a vessel leg from one country to a port in another country, and then a movement via truck or rail to another port in that country, and there the voyage is terminated
correlation	Correlation simply refers to a relationship between two events…
market demand curve	A curve, usually sloping downward to the right, showing the relationship between a product’s price and the quantity demanded of the product.
stress testing	Stress testing is used to evaluate a bank's potential vulnerability to certain unlikely but plausible events or movements in financial variables
agent	An independent person or business that is appointed to deal with the sales and distribution of a product or range of products.
dillon round	The fifth round of multilateral trade negotiations that was held under GATT auspices, commencing 1960 and completed 1961
gni	Gross national income.
flow of funds	This is a report which shows how a balance sheet has changed from one period to the next.
contingency	is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events
sectoral composition	The relative sizes of the various sectors of an economy
seal	A mark or sign that is used to attest the execution of an instrument, contract, or other document.
on account	1
on-migration	The further migration of a person to yet another country.
hardware	A computer and associated physical equipment involved in data processing or communications functions as opposed to software (the computer programs that provide instructions the computer follows).
poverty line	An absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty.
factor space	A graph in which the axes measure quantities of factors.
consulate	An office of a country within another country (often there are several, located in the larger commercial centers)
understandability	The term indicating that financial information is stated in terms that enable users to perceive its significance.
dual choice	An arrangement where an employer will offer an alternative in addition to its original health plan.
empirical finding	Something that is observed from real-world observation or data, in contrast to something that is deduced from theory.
handmaiden of growth	The metaphor proposed by Kravis (1970) as more accurate than engine of growth to capture the role that trade plays in facilitating economic growth, which he argued was due mainly to "internal factors" with trade providing only an "added stimulus."
vax ratio	The ratio of value added to gross exports
circumvention	Actions taken by traders to avoid paying duties.
infant industry protection	Protection of a newly established domestic industry that is less productive than foreign producers
inventory tag	A tag attached to inventory items that identifies the inventory items to aid in counting the physical inventory.
indirect trade deflection	Same as internal trade deflection
first order condition	One of the mathematical necessary conditions for maximization, used routinely in solving economic models
commodity	Could refer to any good, but in a trade context a commodity is usually a raw material or primary product that enters into international trade, such as metals (tin, manganese) or basic agricultural products (coffee, cocoa).
compensation principle	As a basis for welfare comparisons, the idea that if a policy change (such as a tariff reduction) could be Pareto improving if it were accompanied by appropriate lump-sum transfers from winners to losers, then it is viewed as beneficial even when those transfers do not occur.
stratify	To arrange a population or a sample in distinct layers
effective date	The date on which an insurance policy or bond goes into effect, and from which protection is furnished.
durable power of attorney	An individual's appointment of a representative to act on his or her behalf via a legal document that remains in effect of incapacity of the grantor.
quarantine	1
foc	First order condition.
secondary data	Data which is already in existence
nationalised industries	Public corporations previously part of the private sector which were taken into state ownership.
protest	1
immovable	1
docking provision	A part of an agreement among a group of countries to allow other like-minded countries to join the agreement on specified terms without renegotiating the agreement.
headquarters services	The activities of a firm that typically occur at its main location and that contribute in a broad sense to its productivity at all of its locations and plants
primary production	The production of goods that are sold or used as they are they are found in nature e.g
debit and credit conventions	The rules for debit and credit to be followed under double entry bookkeeping.
prepaid	1
iso 9000	A family of standards for quality management systems, maintained by the International Organization for Standardization.
mental health services	Behavioral health care services that may be provided on an inpatient, outpatient, or partial hospitalization basis.
hub and spoke integration	A pattern of economic integration in which one country (the "hub") forms preferential trading arrangements with two or more other countries (the "spokes") that do not form such arrangements with each other.
rational consumer behaviour	The attempt to maximise total consumer surplus.
surplus	1
bailout	The provision, usually by a government, of funds to a firm or to another government in danger of insolvency so as to prevent them from defaulting on their debt.
segmented reporting	The process of reporting activities of various segments of an organisation such as divisions, product lines, or sales territories.
explicitly	Fully and clearly expressed, leaving nothing implied.
avigation easement	An easement over private property abutting an airport runway, which limits the height of crops, trees, structures, etc., in the aircraft's takeoff and landing path.
spending effect	A major mechanism of the Dutch disease, whereby the increased income from a surge in exports is spent in part on nontradables, causing nontradable industry to expand at the expense of tradables, especially manufacturing.
dry-cargo container	Any shipping container designed to transport goods other than liquids or gasses.
supply curve	A curve, usually sloping upward to the right, showing the relationship between a product’s price and the quantity supplied of the product.
heavily indebted poor countries	The name given to those poor countries with large debts, the target of initiatives to forgive that debt as a means of assisting development.
economic decision	A decision about an economic issue, most commonly about how to allocate resources among multiple purposes.
profit & loss account	An integral part of a company's Annual Report and Accounts, this is a statement that outlines the company's income, costs and profitability (or lack of it) in the period to which it relates
combination aircraft	An aircraft capable of transporting both cargo and passengers on the same flight.
hospital bill audit	Independent examination of hospital bills by a third party to determine if services and supplies charged to the patient were actually delivered, and if the price charged was correct.
economic goods	Any good or service that is scarce.
efficient allocation	An allocation that it is impossible unambiguously to improve upon, in the sense of producing more of one good without producing less of another.
linearly homogeneous	Homogeneous of degree 1
administrator	A person who is designated to be responsible for the proper operation and administration of a plan
signature card	Includes the signatures of each person authorized to sign checks on the bank account.
accepted draft	A draft or a bill of exchange accepted by the drawee (acceptor) by putting his signature and "accepted' on its face
cacm	Central American Common Market.
digit	Used in indicating the extent of disaggregation of data within a classification system
increasing returns to scale	A property of a production function such that changing all inputs by the same proportion changes output more than in proportion
search unemployment	Unemployment caused by people continuing to search for a good job rather than accepting the first job that they come across after they become unemployed (also called frictional (search) unemployment).
conference board	A "global, independent business membership and research association working in the public interest," founded in 1916
production cycle	The portion of an entity that acquires resources and converts them to the product or service for customers.
impost	1
registered exports and imports	If a country regulates what can be traded, then "registered" means legal
service auditor	The auditor of an organization that provides services such as data processing or pension trust administration to other organizations (the users)
certificate of title	A written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract
autarky equilibrium	In a model of an economy, the configuration of prices and quantities at which quantities supplied and demanded within the economy are equal, so that no trade would take place even if it were permitted.
development project	A project intended to increase a developing country's ability to produce in the future
producer support estimate	Introduced by the OECD to quantify support in agriculture, it measures "transfers from consumers and taxpayers to agricultural producers as a result of measures [of] support," expressed as percentage of gross farm receipts
game	A competitive situation where two or more players pursue their own interests, no player can dictate the outcome, and all players are mutually aware.
grantor	A person who, by a written instrument, transfers to another an interest in land.
android 2.2+	iPhone iOS 4.3.5+
issuance	1
documented vessel	A vessel is eligible for a Coast Guard Certificate of Documentation if it is at least five net tons, and with the exception of certain oil spill response vessels, it must be wholly owned by a citizen or citizens of the United States, although certain exceptions may apply.
recorder	The public official who keeps records of transactions that affect real property in the area
line haul	The direct movement of freight between two major ports by a single ship.
works councils	Committees, made up of workers, who are consulted or informed on matters that affect employees.
nafta	North American Free Trade Agreement.
probate	The court process by which a will is proved valid or invalid
latest time	In program evaluation and review technique(PERT), latest time at which an activity can be completed without extending the completion time of the project.
multilateral resistance	A term introduced into the gravity equation by Anderson and van Wincoop (2003) to account for overall distance and other trade impediments to a country's total trade
sales tax	A tax placed by a state or municipality on items at the time of their sale, usually a percentage of the purchase price.
eurozone	1
millennium challenge corporation	"An innovative and independent U.S
standardization	1
basis of accounting	Method of recognizing revenues and expenses
incomes	For example, in order to revalue the cadastral income of buildings, it has to be multiplied by 1.05.
time-based-management	Involves setting strict time limits in which tasks must be completed.
slave trade	1
ageism	Prejudice against people because of their age.
speculation	Where people make buying or selling decisions based on their anticipations of future prices.
supervisory review process	Supervisory review process envisages the establishment of suitable risk management systems in banks and their review by the supervisory authority
book value	Normally shown on a company's balance sheet, the book value is calculated by subtracting a company's liabilities from its assets
saving	The process by which people give up a claim on present consumption goods in order to receive consumption goods in the future.
intensive	Of production, using a relatively large amount of an input
parameter	A constant that helps to determine the shape and position of a functional relationship, such as an exponent in a Cobb-Douglas function or the marginal propensity to import in a linear import function.
financial stability	The avoidance of financial crisis.
software	Programs and languages that control computer hardware.
bilateral investment treaty	An agreement between two countries on how their countries will deal with foreign direct investment between them
risk	A chance of loss or injury for which an insurance claim may be submitted
death-rate	The number of deaths per 1000 people in the population per year.
common tangent	A straight line that is tangent to two or more curves
notice of cessation	A recorded notice shortening the time for filing mechanic's lien where work ceased prior to completion.
market economic system	A system in which individuals own the factors of production and decide individually how to use them; a system with completely decentralised economic decision making.
default	A status assigned to a cardholder if he or she fails to perform or conform to all the items listed in the cardholder agreement.
voluntary code	Non-legislated guidelines that one or more organizations agree to follow
registration	1
global optimum	An allocation that is better, by some criterion, than all others possible; optimum optimorum.
insider	An insider is a director, officer, or large shareholder (more than 10%) who can be presumed to have access to privileged information of the company.
office	A zoning designation allowing businesses to carry on their paperwork rather than manufacturing of sale of inventory to the public on the site
emerging markets	Economies that are either in the early stages of development or in a state of economic transition (the former Communist bloc countries)
anneal	To soften dies, planchets or metal by heat treatment.
work to rule	When employees do not carry out duties which are not in their employment contract.
financing cash flow	This is the sum of certain line items in the Cash Statement that report loan receipts from, or payments to, lenders as well as all stockholder cash transactions.
tax commission	A taxpayer in this situation can submit a request for suspension to the Commission (judicial suspension) or, at the same time at the Office
first world countries	"Western, industrialized, non-communist countries," was the previously accepted criteria, but in view of the emergence of Japan as an economic power and the rising status of Russia and China, "industrialized" is probably the only remaining valid criterium for a "First World Country" at this time.
group-model hmo	HMO staffing that occurs by contracting with multi-speiciality medical groups to care for plan members
factor bias	See bias.
downsizing	The process of reducing capacity
proportional tax	A tax that takes a constant percentage of income at all levels of income and is thus progressive nor regressive
aggregate expenditure function	The function that relates aggregate desired expenditure to national income.
bottom line	1
advantage	Usually refers to a cost advantage, though it could refer to a strategic advantage (such as first mover advantage) or to a superiority of technology or quality.
middle-income developing countries	Countries with
marks	Identification placed on the outer surface of shipping containers or packages
order confirming sale	A court order confirming sale of estate property by a personal representative, or other fiduciary.
transition	The process of converting from a centrally planned, non-market economy to a market economy
independent action	The right of a conference member to depart from the common freight rates, terms or conditions of the conference without the need for prior approval of the conference.
subordinate debentures	A type of corporate bond for which the indenture covenants provide that some of the company's debt has a lower priority than other debts in the event of a liquidation
transaction risk	One of nine risks defined by the Office of the Comptroller of the Currency
add	Anti-dumping duty.
risk	1
formulary	List of preferred pharmaceutical products to be used by a managed care plan's network physicians
juridical person	An entity other than a natural person, such as a partnership or a corporation, that is given some of the same rights as persons under the law.
relevant assertion	is a financial statement assertion that has a reasonable possibility of containing a misstatement or misstatements that would cause the financial statements to be materially misstated.
administrator	A person appointed by a probate court to settle the affairs of an individual dying without a will.
disclaimer opinion	An opinion letter accompanying audited financial statements in which the CPA states that he or she cannot express an opinion because of limitations in either the scope of the audit and/or because of uncertainties about the future which either have an effect that cannot be estimated or which cannot be resolved.
canada premium bond	A new savings product for individual Canadians, introduced by the Government of Canada in 1998
government procurement agreement	A plurilateral agreement in the WTO binding participants to principles of openness, transparency, and nondiscrimination on categories of government procurement that they have offered to be covered.
homogenous product	In the eyes of purchasers, a product every unit of which is identical to every other unit.
international tax	1
accommodating transaction	In the balance of payments, a transaction that is a result of actions taken officially to manage international payments; in contrast with autonomous transaction
surcharge	See import surcharge.
gatt articles	The individual sections of the GATT agreement, conventionally identified by their Roman numerals
on line	1
payee of the note	Entity, to whom a note is made payable.
poll tax	A lump sum tax per head of the population
customs area	A geographic area that is responsible for levying its own customs duties at its border.
container vessel	An ocean going vessel designed specifically to handle the loading, carriage and removal of standard freight containers.
group insurance	Life and health insurance provided by employers or other organisations to their employees or members
great depression	The depression that began in 1929 and lasted well into the 1930s, in the United States, Europe, and other industrialized parts of the world.
gerrymander	To divide an area into districts, against the obvious natural divisions, in order to accomplish an unlawful purpose
transfer of technology	The movement of modern or scientific methods of production or distribution from one enterprise or country to another.
instrument	A written legal document, created to affect the rights of the parties.
elasticity of demand	A measure of the responsiveness of quantity of a product demanded to a change in market price.
hundred dollar bill	a United States bill worth 100 dollars
consumer surplus	The difference between the maximum that consumers would be willing to pay for a good and what they actually do pay
accounting and review services	are governed by official pronouncements covering compilation and review engagements
self-regulatory organization	An organization that has been given the responsibility and authority to regulate its members
public corporation	1
hallmark	1
lawson doctrine	The view, attributed to Nigel Lawson, U.K
sticky	(1) A term used by economists to describe changes in dependent variables that tend to lag behind changes in the independent variables with which they are associated
g-24	A group of developing countries established in 1971 with the aim of taking positions on monetary and development finance issues.
futures	A future is a tradeable contract that commits you to taking delivery (if you buy), or making delivery (if you sell), of an agreed amount of something at an agreed time.
reexport	The export of imported goods without appreciable added value.
adverse	An audit opinion that the financial statements as a whole are not in conformity with U.S
country of origin	The country in which a good was produced, or sometimes, in the case of a traded service, the home country of the service provider
marginal change	A small change in some quantity.
class b building	An building that offers useful space without special features and has a functional layout and design although not unique and maintenance and management average to good which is usually from 10 to 50 years old..
complete specialization	1
bond	A written instrument given by a corporation or government entity as evidence of a debt and also meaning a guarantee of performance.
employment	The number of adult workers (16 years of age and older) who hold full-time jobs.
collusion	A secret agreement between two or more parties for fraud or deceit.
reduced form	The system of equations that results when an economic model is solved, with each endogenous variable expressed as a function of only exogenous variables.
edp	"Electronic Data Processing"
readmission	Patient admission to a hospital for the same or similar diagnosis as a previous, recent admission
third world	Refers to all less developed countries as a group
hub and spoke routing	Air cargo routing pattern that feeds traffic from many places to a central airport where it is sorted and rerouted on other aircraft to final destinations.
source country	See FDI.
quitclaim deed	A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.
real exchange rate	1
leontief production function	See Leontief technology.
cumulative frequency	The total frequency up to a particular item or class boundary.
food security	1
statutory	A term pointing to the laws created by the enactment of legislation as opposed to law created by court decisions.
termite shield	A shield of non-corrodible metal located on top of the foundation wall or around pipes to prevent the entrance of termites.
back title letter	Also called "back title certificate" in some areas, and "starter" in others
levy	To impose and collect a charge.
generalized audit software	Packaged computer programs used on a variety of computers during audit field work to read computer files, select information, perform calculations, create data files, and print reports in a format specified by the auditor.
industrial union	A labor union that includes all the workers in a particular plant or industry (such as autos or steel).
commercial grade	An optimistic grade assigned to a coin that likely is truly a grade lower by most accepted grading standards.
industrial policy	Encompasses traditional activist governmental policies intended to provide a favorable economic climate for the development of industry in general or specific industrial sectors.
economies of scope	Economies achieved by a firm that is large enough to engage efficiently in multi-product production and associated large scale distribution, advertising, and purchasing.
stakeholders	Those with a stake in the cost and quality of health care services, including patients, employers, providers, and government.
processed good	A good that has been transformed in some way by a production activity, in contrast to a raw material.
broadband	Refers to telecommunication in which a wide band of frequencies is available to transmit information
non-qualified stock options	MAY be transferred to your charity, IF the company's plan permits
patriot act	Short name for the "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001" ("USA PATRIOT Act")
nonbearing wall	A wall used only to separate areas, and which carries only its own weight.
combined financial statements	1
marking: country of origin	The physical markings on a product that indicate the country of origin where the article was produced
claim	An adverse right or interest asserted by one party against another or against an insurer or indemnitor
east asia summit	A meeting of the heads of state of a dozen or so countries to discuss both political and economic issues of common interest
afloat	Refers to a shipment of cargo which is currently on board a vessel between ports
subrogation	The substitution of one person for another, so that the former may exercise certain rights or claims of the latter
tying contract	The practice whereby buyers must purchase other items in order to get the product they want.
section 404	Requires that company management document and assess the effectiveness of all internal control processes that can affect financial reporting
independent	In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditors
bit	Cut piece from a Spanish Milled Dollar or Piece of Eight
rate of economic growth	The percentage increase , in output over a 12-month period.
fee-for-service reimbursement	Payment for services based on each visit or service rendered
narrative	A comment appended to an entry in a journal
market equilibrium	Equality of quantity supplied and quantity demanded
double remedy	The use of both an anti-dumping duty and a countervailing duty on the same imports.
public-sector borrowing requirement	The old name for the public-sector net cash requirement
trade triangle	In the trade-and-transformation-curve diagram, the right triangle formed by the world price line and the production and consumption points, the sides of which represent the quantities exported and imported.
veblen good	Are a theoretical group of commodities for which peoples' preference for buying them increases as a direct function of their price, instead of decreasing according to the theory of supply and demand.
treasury bill	A short-term bond issued by a government, usually referring to those issued by the U.S
loan modification	Any change in the terms of the loan, any change in the property or any change in the borrower's liability for the loan.
trade share	This can mean a variety of things, but most commonly it refers either to imports or exports as a percentage of GDP.
scenario	An outline of a hypothetical situation or chain of events
fringe benefits	Non-monetary rewards given to employees.
petty cash slip	A document used to record petty cash payments where an original receipt was not obtained (sometimes called a petty cash voucher).
domicile	A place where a person has his true, fixed, permanent home and principal establishment and the place where he has the intention of returning whenever he is absent
execute	To sign a deed or other document, or to perform a contract.
foreign commerce	Trade between individuals or legal entities in different countries.
income & expenditure statement	This is the total amount of GST you have paid out during a reporting period, that you are able to claim back via your BAS.
sustainability	The ability of the environment to survive its use for economic activity.
b/d	Brought Down (T Account).
competitive marketing strategies	Marketing strategies directly based upon particular approaches to dealing with competitors.
abstracter's certificate	A certificate contained in an abstract which shows the time period and scope of the search of public records done by the abstracter.
european communities	The name adopted in 1967 by the European Economic Community when it merged with the ECSC and Euratom
parity bit	A redundant bit added to a string of bits to increase the accuracy of data transmission.
breach of contract	Failure of a party to a contract to perform any or all of his obligations under the contract.
audit	a careful review of financial records to verify their accuracy.
piecemeal opinion	Expression of an opinion on an item in financial statements is not permitted as part of a disclaimer or adverse opinion on the financial statements as a whole because it would tend to overshadow or contradict a disclaimer of opinion or an adverse opinion.
labor-using	A technological change or technological difference that is biased in favor of using more labor, compared to some definition of neutrality.
scope paragraph	The paragraph in the audit report that explains the scope of the engagement
note	A common reference to a promissory note.
relative poverty	The minimum level of income needed to achieve an adequate standard of living
internalisation	A process that results in a producer or consumer taking account of a previously external effect.
marginal cost	The increase in the total costs of a producer of producing one more unit of output, or the decrease in producing one less unit of output.
right of way	(1) The right to pass over property owned by another usually based upon an easement
negative list	1
poverty gap	The number of dollars per year required to raise the income of everyone below the poverty level to that level.
hatch	The opening in the deck of a vessel which gives access to a cargo hold.
block	Prefix and Suffix letter combination of serial number
multimodal transport	Transportation which includes at least two modes of transport, such as shipping by rail and by sea.
green belt	Areas designated by government, usually in rural areas, where the development of business is prohibited.
port of entry	A place designated by law at which Customs is stationed and carriers from foreign ports, foreign goods and persons are permitted to arrive.
diversionary dumping	Dumping of a good, not directly into a country, but indirectly through a third country where it is minimally further processed for export.
development finance	Provision of credit to a developing country to permit it to undertake development projects that it could not otherwise afford.
zero based budget	This is a budgeting method where the budget starts at zero and each item must be justified before it is included in the budget.
multi-level governance	A theoretical perspective on the organization of modern states that acknowledges flexible structures of overlapping jurisdictions, both above and below the national government as well as in a lateral relationship to it.
laureate	Head crowned with laurel wreath.
net worth	The difference between total assets and liabilities of an individual, corporations, etc.
regional policy	In a trade context, this usually refers to a regional aid.
critical path	A sequence of those tasks (e.g., in payment processing) which must be completed before the next task can be started
airwaybill	The shipping document used for the transportation of air freight: includes conditions, limitations of liability, shipping instructions, description of commodity, and applicable transportation charges
public domain	A piece of land owned by the government and belonging to the community at large.
balance sheet	A statement showing the assets and liabilities that a company has at its year-end
basic rate of tax	The main marginal rate of tax, applying to most people's incomes.
fat tail	Informal descriptive term used to describe the portions of a probability distribution that have a larger than normal number of values that are far from the mean
dispute settlement mechanism	The procedure by which the WTO settles disputes among members, primarily by means of a three-person panel that hears the case and issues a report, subject to review by the Appellate Body.
manufacturing	Production of goods primarily by the application of labor and capital to raw materials and other intermediate inputs, in contrast to agriculture, mining, forestry, fishing, and services.
redeliver	1
operating activities	The business activities that involve the cash effects of transactions and other events that enter into the determination of net income.
trade pattern	What goods and services a country trades, with whom, and in what direction
quitclaim deed	A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.(back to top)
bowed	Curved
vra	Voluntary restraint agreement, same as a VER.
deflationary gap	The shortfall of national expenditure below national income (and injections below withdrawals) at the full-employment level of national income.
remainder	The amount remaining in a trust after income payments have ended.
bond system	(USA) An automated electronic system, part of the Automated Customs System, whose purpose is to control and track indemnity bonds issued to Customs to secure compliance with various laws.
network effects or externalities	Situations where the value of a product to one user increases with the number of other users.
big bang	The ‘Big Bang’ refers to the deregulation of the London Stock Exchange, which took place on 27 October 1986.
general cargo vessels	A vessel designed to handle breakbulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads.
ration	1
disparity	Inequality, usually income disparity.
critical path	In an operation which consists of a sequence of activities, this is the one sequence which cannot afford any delays without prolonging the operation.
normal distribution	A naturally occurring frequency distribution where many of the values cluster around the mean, but where there are a few high and low values away from the mean.
contingent protection	Administered protection.
functional distribution of income	The distribution of total national income among the major factors of production.
policy instruments	The variables that the government can control directly to achieve its policy objectives.
export quota	A quantitative restriction on exports, often the means of implementing a VER.
merger	Any combination that forms one company from two or more previously existing companies.
nonbinding	Refers to a restriction that currently has no effect because the behavior that it would prevent would not happen even without the restriction
general standard	In the ten U.S
ribs or ribbing	The fine vein liens on the surface of a leaf.
automated commercial environment	(USA) A US Customs electronic data system, which provides support for enforcing trade and contraband laws, ensuring trade compliance, and providing service and information to the international trade community
protective service	Some airlines offer a protective service where shippers can arrange to have their shipments under carrier surveillance at each stage of transit.
nonsampling risk	is audit risk not due to sampling
balassa-samuelson effect	The hypothesis that increase in productivity of tradables relative to nontradables, if more than abroad, will cause appreciation of the real exchange rate and thus the Penn Effect
limited company	A limited company is one in which the liability of the shareholders is limited to what they have put in to the company.
corruption	Dishonest or partial behavior on the part of a government official or employee, such as a customs or procurement officer
non-market economy	1
rebalancing	1
regression analysis	A statistical procedure for estimating the average relationship between the dependent variable (sales, for example) and one or more independent variables (price and advertising, for example).
performance budget	1
dac	Development Assistance Committee of the OECD.
trade negotiation	A negotiation between pairs of governments, or among groups of governments, exchanging commitments to alter their trade policies, usually involving reductions in tariffs and sometimes nontariff barriers.
foreign corrupt practices act	U.S
usa patriot act	An acronym for the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, ("USA PATRIOT Act")
gatekeeper question	A qualifying question asked by an insurance company at the time of application to help identify risk(s)
option to purchase	A contract giving one party the right but not the obligation to buy the property of another party within a certain time, for a stated amount, and subject to specific conditions
acp countries	A group of African, Caribbean, and Pacific less developed countries that were included in the Lomé Convention and now the Cotonou Agreement
agricultural good	A good that is produced by agriculture
container load	A shipment of cargo that, according to weight or volume, will fit a standard container.
mussa diagram	1
onu	Organización de Naciones Unidas (Spanish for United Nations)
fees	Charges billed for services rendered
low-income developing countries	Countries with a low standard of living such that many people cannot meet even their basic needs
year-on-year	Compared to the corresponding data from one year previously
chinese economic area	Unofficial name for the area comprising Hong Kong, Taiwan, and either China as a whole or just its Special Economic Zones.
work study	A process which investigates the best possible way to use business resources.
crises	Unstable situations which arise
mission statement	A brief statement of the purpose of a company.
wants	The unlimited desires or wishes that people have for goods and services.
city terminal service	A service provided by some airlines that involves receiving or delivering cargo at terminals in-town instead of at airports.
sales forecast	The projection or prediction of future sales. This is the starting point of the budgeting process.
ton	(1) A measure of weight; two thousand pounds
byrd amendment	A US law enacted in 2000 requiring that revenues from anti-dumping duties and countervailing duties be given to the US domestic producers who had filed the cases
blood diamonds	Also called conflict diamonds these are diamonds the mining and marketing of which have been used to finance, or have otherwise contributed to, civil war
fixed charges	1
marginal rate of transformation	The increase in output of one good made possible by a one-unit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve.
optimum optimorum	The best of the best, or the global optimum
lis pendens	A recorded notice that a lawsuit is pending concerning real property.
attorney’s opinion	A statement by an attorney as to the validity of a title, arrived at after investigation of the history of the title as recorded in the public records.
sensitive	1
gross exports	Exports, as opposed to net exports.
bastable's test	One of two conditions needed for infant industry protection to be welfare-improving, this requires that the protected industry be able to pay back an amount equal to the national losses during the period of protection
recording	The act of filing documents for record in the office of the County Recorder.
automated broker interface	(USA) A module of the U
letter of indemnity	A document which the writer issues to another party agreeing to protect them from liability for the performance of certain acts
twenty dollar bill	a United States bill worth 20 dollars
principal	A person for whom another acts as and agent or representative.
post-shipment verifications	(USA) An inspection or other action to determine that an exported strategic commodity is being used in the places and for the purposes for which its export was licensed.
double counting	Counting the same thing twice, or more than twice
set off	(1) In general, the legal right to reduce the amount owed by one party to another party by the sum that the second party also owes to the first party.
judgment	A general lien, which attaches to all the lands of the judgment debtor when docketed; the final determination of the rights of the parties in an action or special proceeding.
unsigned checks	Money orders
lower-middle income country	See Middle Income Country.
ingot	A bar, typically composed of precious metal.
pay back	Cash used to pay back a prior debt to another party.
channel of distribution	The means by which the product is passed from the place of production to the customer or retailer.
import substitution	The process by which many LDCs have attempted to industrialise, i.e
protectionism	Any government policy that interferes with free trade in order to give some protection to domestic industries against foreign competition.
millennium development goals	A set of objectives for economic development agreed upon at a September 2000 meeting of world leaders at the United Nations, and intended to be achieved by the year 2015.
develop	To experience a sustained and substantial increase in per capita income; thus to undergo economic development.
procedural protectionism	The use of cumbersome legal procedures to restrain trade, as when imports that will ultimately be permitted must first go through costly or time-consuming certification processes.
logarithmic scale	A scale in which equal proportional changes are shown as equal distances (for example, 1 inch may always represent doubling of a variable, whether from 3 to 6 or 50 to 100)
cost per dollar raised	A measurement that attempts to calculate the effectiveness of a development office or some special effort such as a campaign
c.p.a.	certified public accountant.
export quantity index	Quantity index of the goods that a country exports.
technique	1
equity	The difference between a property's fair market value and current indebtedness, usually referred to as the owner's interest.
technological change	A change in a production function that alters the relationship between inputs and outputs
physician-hospital organization	Group practice arrangement that occurs when hospitals and physicians organize for purposes of contracting with managed care organizations
eagle	A United States $10.00 gold coin
polish plumbers	Shorthand for migrant workers from central and Eastern Europe into Western Europe, after the enlargement of the European Union from 15 to 25 members
motivated	Being encouraged to do something.
gold standard	A method of exchange-rate determination prevailing until the 1930s, under which currencies were convertible into a certain amount of gold.
specialization	The usage of economic resources for specific tasks; “resources” can refer to materials or labor.
trend analysis	An analysis of the change in something over time
ducat	A popular gold coin used by several European countries
verification	A sworn statement before a qualified officer (notary public), that the contents of a writing are true; or an unsworn statement by an individual under penalty of perjury.
natural trading partner	A country with whom another country's trade is likely to be large, because of low transport or other trade costs between them
market disruption	A situation where a surge of imports of a certain product causes a sharp decline in the domestic sales of that product and creates a hardship for domestic producers.
sustainable development	Is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
export subsidy	1
specie	The precious metal of a circulating coin, typically gold or silver content.
cafeteria plan	A plan which offers a choice between two or more benefits, or a choice between cash and one or more qualified benefits, and which complies with Section 125 of the Internal Revenue Code
back haul	The return of a carrier to the original point or area from which its journey began
packet switches	Is designed specifically for data traffic, as it cuts the information up into small packets, which are each sent across the network separately and are then reassembled at the final destination
fiscal stimulus	A tax cut and/or an increase in government spending
supply of labour	The total number of hours of work that the population is willing to supply.
job description	Document which outlines the responsibilities and duties expected to be carried out by someone employed to do a specific job.
catchline	A memorable phrase which seeks to strengthen a product's brand identity.
basing rate	A freight rate which is used for the sole purpose of determining other freight rates
less developed country	Refers to any country whose per capita income is low by world standards
conflict diamonds	Blood diamonds.
liquid	Possessing liquidity.
revenue sharing	The return of some of the revenue collected by the federal government to a state or local government for unrestricted expenditure; a non categorical or general grant-in-aid.
bias	1
microeconomic policy	Activities of governments designed to alter resource allocation and/or income distribution.
balanced budget multiplier	The change in income divided by the tax-financed change in government expenditure that brought it about.
valuation charges	Transportation charges assessed shippers who declare for carriage a value of goods higher than the carriers' limits of liability
billon	An alloy of copper and silver also known as potin, but containing more than half copper.
prima facie	In Latin meaning “at first sight” and refers to a fact which is presumed to be true or legally sufficient to establish that fact unless it is rebutted or disproved by evidence to the contrary.
negligence	Failure to act like a reasonably prudent person to protect the interest or safety of others.
disposable income	The total amount of income people receive after taxes.
nondistorting transfer	A transfer payment that does not introduce inefficiencies
swift	Originally the Society for Worldwide International Financial Communication, now just called SWIFT, this is a member-owned cooperative of financial institutions that provides a platform for exchanging financial information
management audit	The examination and appraisal of the efficiency and effectiveness of management in carrying out its activities.
long term capital gain	Gain on the sale of a capital asset which has been held for a specified time or longer
product groups	Classification of products into groups for various purposes: statistics, export control, import quotas etc.
address of record	The official or primary location for an individual, company, or other organization.
corporate bond	Essentially IOUs issued by large companies
uruguay round	The most recent talks of GATT concluded in January 1994
currency convertibility	See convertible currency.
seasonal quota	A restriction on the quantity of imports of a good for a specified period of the year.
deficiency	An internal control shortcoming or opportunity to strengthen internal controls.
internalization	One of the three pillars of the OLI paradigm for understanding FDI and the formation of multinational enterprises, this refers to the advantage that a firm derives from keeping multiple activities within the same organization.
equitable subordination	A legal term used in bankruptcy to describe a process in which a bankruptcy judge decides that fairness can only be achieved by giving lower priority (subordinating) the claims of one or more creditors (usually a secured bank) to the claims of other (usually unsecured) creditors.
compilation statement	Financial statement put together for the client firm by a CPA that is entirely based upon data submitted to the CPA by the firm with no review, no testing, and no opinion expressed by the CPA.
vertical equity	The idea that taxpayers with a greater ability to pay taxes should pay larger amounts.
freighter	A ship or airplane used primarily to carry cargo.
international cocoa organization	An intergovernmental organization set up in 1973 to administer the International Cocoa Agreement, the most recent version of which was negotiated in 2001
line managers	Managers with direct authority over subordinates in their departments; they are able to take decisions in their departmental area.
hat algebra	The Jones (1965) technique for comparative static analysis in trade models
frequency distribution	Schedule showing the number of times each observation in the data occurs
industrial inertia	The tendency for firms in the same industry to locate in the same region even when the original locational advantages have disappeared.
fisher effect	The theory that a change in the expected rate of inflation will lead to an equal change in the nominal interest rate, thus keeping the real interest rate unchanged
consistency	To achieve comparability of information over time, the same accounting methods must be followed
volt	A term in electronics, being the force necessary to cause one ampere to flow through a conductor with a resistance of an ohm
operating effectiveness	How an internal control was applied, the consistency with which it was applied, and by whom.
per review	Traditional quality assurance program to monitor standard processes of care or adverse outcomes of provider practice by other professional peers
frictional unemployment	Temporary joblessness, such as that occurring among people who have quit jobs, people looking for their first job, and seasonal workers.
persuasive	Having the power to influence
reverse engineering	The process of learning how a product is made by taking it apart and examining it.
foreign institutional investor	An institutional investor based in another country
administrative guidance	In the context of trade policy, this usually refers an informal system of Japanese industrial policy, called gyosei-shido, where official pronouncements serve as guidelines for domestic businesses.
accession	Accession is a process by which a country becomes a member of an international agreement (usually an agreement that has already been accepted by other countries).
optimal tax	1
trade integration mechanism	A policy introduced in 2004 by the IMF to make resources more "predictably available" to member countries meeting balance of payments problems due to multilateral trade liberalization.
quantity quota	A quota specifying quantity, in units, weight, volume, etc
special items	Gain or loss resulting from circumstances that are, by their nature, uncharacteristic of the corporation's normal evolution
certainty	Precise knowledge of an economic variable, as opposed to belief that it could take on multiple values
standby charge	The standby charge is an amount included in the income of an employee or shareholder when a company owned or leased automobile is available for the personal use of the employee or shareholder. See Auto taxable benefits on the Small Business page.
transformation curve	Same as production possibility frontier
merit goods	Goods or services provided for free by a government based on need, rather than ability to pay.
nontradable	1
arbitration	The submission of a disputed matter for resolution outside the normal judicial system
representative	Person with responsibility to communicate union information between members and regional offices and to represent the union members to management.
commodity code	The system of identifying a commodity by an assigned number.
line haul vessel	A vessel which is on a regularly defined schedule between ports,
correlation coefficient	A measure of the extent of the relationship between two sets of variables.
zone status	(USA) Merchandise admitted to a U
presidential trade authority	Informal name for trade promotion authority or fast track.
in-bond system	(USA) A part of U.S
applicable federal rate	Also known as the IRS discount rate is part of the calculation used to determine the charitable deduction planned gifts, such as charitable remainder trusts and gift annuities.
bilateral investment treaty	A treaty between two countries with the goal of ensuring that investments made by either of them in the other receive treatment equal to that afforded their domestic entities or any third country entities.
bank bills	Bills that have been accepted by another institution and hence insured against default.
directionally correct	An expression used to indicate that a measurement is accurate to the extent that it shows the quantity to be measured to be positive or negative even though the degree to which the quantity is positive or negative may be measured inaccurately.
inherent risk	The susceptibility of a balance or transaction class to error that could be material, when aggregated with other errors, assuming no related internal controls.
barcelona process	The Euro-Mediterranean Partnership.
mrq	Most recent quarter. Some ratios reported on investment information websites may be calculated from the company's financial statements for the most recent quarter (3 month period).
immaterial	Of no importance
memos	Written records supporting journal entries
commodities	Raw products such as oil and metals such as gold, copper and zinc
published rate	1
wharfage	A charge assessed by a pier or dock owner for handling incoming or outgoing cargo.
periphery	This is something that is on the edge
transit zone	An area in a port of entry in a coastal country that is established as a storage and distribution center for the convenience of a neighboring country which lacks adequate port facilities or access to the sea.
static model	An economic model that has no explicit time dimension
mishandled proof	A proof coin that is less than perfect due to handling, cleaning, or some other detriment following its production
trademark	A symbol and/or name representing a commercial enterprise, whose right to the exclusive use of that symbol is, along with patents and copyrights, one of the fundamental intellectual property rights that are the subject of the WTO TRIPS agreement.
trailer	A vehicle without motor power designed to be drawn by another vehicle.
obverse	The “heads” or face side of a coin.
gross tuning	The use of macroeconomic policy to stabilise the economy such that large deviations from high employment do not occur for extended periods of time.
computer aided design	The use of computers when designing products.
fas 149	Statement of Financial Accounting Standard No
integrated cargo service	A blend of all segments of the cargo system providing the combined services of carrier, forwarder, handlers, and agents, utilizing all forms of transport.
advice	1
marginal propensity to import	The fraction of a change in income (or perhaps disposable income) spent on imports
petrodollars	Hard currency, principally U.S
ex officio	The power to act by virtue of holding of a particular office.
navigation acts	Laws passed by England in 1651 and 1660 that required goods shipped to, and later also from, England to and from the colonies to be carried in English ships
import relief	Any of several measures imposed by a government to temporally restrict imports of a product or commodity to protect domestic producers from competition
portfolio flow	The sale or purchase of financial assets across countries.
reversal	1
willingness to pay	The largest amount of money that an individual or group could pay, along with a change in policy, without being made worse off
variable life insuance	See "Permanent Life Insurance"
strategic variable	An economic variable that is chosen with regard to, and sometimes with a view to influencing, economic behavior by someone else
attestation risk	is the risk the CPA may unknowingly fail to modify the report on management's assertion
alteration	The act of adding or changing a date or mint mark outside of a mint, usually to create the appearance a coin is a rarity.
note	A unilateral agreement containing an express and absolute promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand
electronic data interchange	Electronic transmission of data and information according to particular protocols .
attorney's opinion	A statement by an attorney as to the validity of a title, arrived at after investigation of the history of the title as recorded in the public records.
public records	The records of all documents, which are necessary to give notice and are available to the public.
income inelastic	Having an income elasticity less than one.
cost-benefit analysis	The use of economic analysis to quantify the gains and losses from a policy or program as well as their distribution across different groups in a society.
anticipated	Expected.
2:00 pm	4:00 pm and 7:00 pm
foreign trade	Trade (definition #3)
dollar standard	An international financial system in which the U.S
balance sheet	Financial report showing the status of a company's assets, liabilities and owners' equity on a given date, usually the close of a month.
disposable income	Income minus taxes
quintile	One of five segments of a distribution that has been divided into fifths
maundy money	Small English silver coins specially struck for distribution
mile	A linear measurement equal to 5280 feet on land and 6076 feet across water (nautical mile).
pickup and delivery service	An optional additional service for the transport of shipments from shipper's door to originating carrier's terminal and from the terminal of destination to receiver's door, offered by some airlines, railroads and sometimes by other shipping modes
constant returns to scale	A property of a production function such that scaling all inputs by any positive constant also scales output by the same constant
freight charge	The charge assessed for transporting cargo.
audit	Means of collecting data relevant to the determination of taxability, situs, and value of property.
common trade policy	In addition to the common external tariff required by a customs union, the European Union has a common trade policy that encompasses rules for exports and imports, export credit insurance, and the administration of anti-dumping and countervailing duties.
knot	(1) The hard, irregular shaped defects in boards, caused by cutting at the point where the branch of the tree meets the trunk
gross international reserves	International reserves, without any deduction for the fact that some of them may have been borrowed
mfn status	The status given by the U.S
tracer	A request upon a transportation line to trace a shipment for the purpose of locating its whereabouts, expediting its movement or establishing delivery.
exchange traded funds	or ETFs. The MER rate can make a huge difference in investment returns over a period of 20 years.
creditor	A party who is owed money by another party.
united nations organizations	The complex and extensive system of organizations that exist under the umbrella of the United Nations
visegrad group	Also called the Visegrad Four, the group consists of Czech Republic, Hungary, Poland, and Slovakia
positive list	In an international agreement, a list of those items, entities, products, etc
nominal accounts	Accounts in which expenses, income and capital are recoreded.
warranty	A promise by a contracting party that the other party can rely on certain facts or representations as being true.
nontraded good	A good that is not traded, either because it cannot be or because trade barriers are too high
purport	Intending to present.
histogram	A table or bar chart displaying a probability distribution
intensive margin	Refers to varying the amount of trade (or other activity) of a firm, industry, or country by varying the quantity that it trades of a given number of products, as opposed to the extensive margin at which it would vary the number of products.
distribution	Payment made to the shareholders of a company.
clip	Sometimes used to denote an incomplete planchet coin; in earlier days, clipping was a process of shaving edges of coins to remove small amounts of metal for illegal gain (which gave rise to lettered or reeded edges).
audit committee	A committee of the board of directors responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results.
residue	Property left for the final beneficiaries named in a will after all other bequests have been paid.
international grains council	An intergovernmental organization, concerned with grains trade, that administers the Grains Trade Convention of 1995
controller	An officer who supervises financial affairs of an entity
voluntary restraint agreement	Same as a VER.
dynamic effects	Refers to certain poorly understood effects of trade and trade liberalization, including both multilateral and preferential trade agreements, that extend beyond the static gains from trade
cross-reference	a reference at one place in a work to information at another place in the same work
convention	A statement of principle as to acceptable behavior
capitalism	An economic system characterized by private ownership of the tools of production, freedom of choice and enterprise whereby consumers and firms can pursue their own self-interest, competition for sales among producers and resource owners, and reliance on the free market.
solvent	The condition of a company able to satisfy its debt obligations when due.
simple average	The arithmetic mean of a set of numbers, weighting each of them equally
frequency ratio	A measure of the presence of nontariff barriers, defined as the percentage of a country's tariff lines that are subject to one or a group of NTBs
software	(1) A computer program, any informational content included in the program, and any supporting information provided in connection with a transaction relating to the computer program or informational content.
certificate of incorporation	A certificate issued by the secretary of state of a state indicating that a company's articles of incorporation have been accepted for filing and that the company is incorporated.
post	See ex post.
sunset clause	A provision within a piece of legislation providing for its expiration on a specified date unless it is deliberately renewed.
exergue	The small area at about six o'clock on a coin, usually separated from the balance of the coin design by a line, where the date, value, or country of origin may appear.
money supply	The total amount of money that is available to be spent in an economy at a given time
export requirement	A requirement by the government of the host country of FDI that the investor export a certain amount or percentage of its output.
indebtedness	The amount that is owed; thus amount of an entity's (individual, firm, or government's) financial obligations to creditors.
trade act of 1962	Trade Expansion Act of 1962.
development bank	A multilateral institution that provides financing for development needs of a regional group of countries
zoning map	A map showing the various sections of the community and the division of the sections into zones of permitted land uses under the zoning ordinance in specific areas.
timeshares	Most charities do not accept a gift offer of a timeshare
standard	Rule and/or procedure specifying characteristics that must be met for a product to be sold in a country's domestic market, typically to protect health and safety
circular flow of income	The flow of money around the economy.
acute care	Care for illness or injury that develops rapidly, has pronounced symptoms ad is finite in length
profiling	Systematic method of collecting, collating, and analyzing patient data to develop provider-specific information about medical practice.
procedure	An action, such as a step performed as part of an audit program or as part of the client's internal controls.
optimum	1
stabilize	To reduce the size of fluctuations in an economic variable over time
ppi	Producer price index.
price to sales ratio	A company’s market cap divided by the company’s annual sales (or revenue) gives us the price to sales ratio.
import-competing	Refers to an industry that competes with imports
unincorporated business	One which does not have a separate legal identity
form 940	IRS form used to report an employer's federal unemployment taxes on an annual filing basis.
voluntary export restraint	A restriction on a country's imports that is achieved by negotiating with the foreign exporting country for it to restrict its exports.
assets	Anything owned by the company having a monetary value; e.g
concave	Said of a curve that bulges away from some reference point, usually the horizontal axis or the origin of a diagram
recession	The most common definition of a recession is a fall in real (inflation-adjusted) gross domestic product for two or more quarters in a row.
product differentiation	See differentiated product.
collusive oligopoly	Where oligopolists agree, (formally or informally) to limit competition between themselves
subagent	A person upon whom the powers of an agent have been conferred not directly by the principal but by his or her agent and who has been as authorized to do so by the principal.
immigration	The migration of people into a country.
export multiplier	The multiplier for a change in exports; that is, the increase in GDP caused by a one-unit increase in exports.
common point	1
equal opportunities	Where everyone has the same chance in business. This can mean the same chance of promotion etc.
import cover	The number of months of imports that could be paid for by a country's international reserves; thus a measure of the adequacy of its reserves as a hedge against a crisis.
competitive	1
triangular trade	Trade between three countries which creates a more favorable flow of trade for each than would exist between only two of them dealing directly with each other.
monetary aggregate target	A specific level of a money-supply measure deemed appropriate for a desired level of GDP; often implemented in theory by targeting a specific growth rate of a money-supply measure thought to be appropriate for a desired level of GDP growth.
written record	a written document preserving knowledge of facts or events
periodic audit	1
mint set	A year set of uncirculated coins specially packaged and sold by a mint to collectors
gms	Greater Mekong Subregion.
passive fund	A fund that tracks rather than tries to beat a particular stockmarket index.
forecast	1
international monetary fund	An international organisation that monitors members' balance of payments and exchange rate activities.
prohibition	Denial of the right to import or export, applying to particular products and/or particular countries
trade balance ratio	The ratio of value of exports to value of imports
recalculate	Perform procedures again and compare to original results.
vertical integration	Production of different stages of processing of a product within the same firm.
aec	1
net economic welfare	Same as MEW
vertical integration	Vertical integration is when two businesses at different stages of production join to form one bigger company.
disequilibrium price	A price at which quantity demanded does not equal quantity supplied.
cyclically balanced budget	Refers to running a surplus in boom years and a deficit in lean years; in theory the two offset each other over time.
deflator	The ratio of a nominal magnitude to its real counterpart
ballast	Heavy material or water placed in the lower holds of a ship or in strategically placed tanks along the sides to improve its stability.
terminal charge	A charge made for services performed at transportation terminals.
mfn tariff	The tariff level that a member of the GATT/WTO charges on a good to other members.
export promotion	A strategy for economic development that stresses expanding exports, often through policies to assist them such as export subsidies
world bank group	An integrated group of international institutions that provides financial and technical assistance to developing countries.
venue	Used to refer to the county or place in which an acknowledgment is made before a notary; also refers to the county in which a lawsuit may be filed or tried.
households' disposable income	The income available for households to spend: ie
absolute advantage	The situation that exists when a given amount of resources can produce more of some product in one country than in another.
power of attorney	A document by which one person (called the “principal”) authorizes another person (called the “attorney-in-fact”) to act for him/her in a specific manner in designated transactions.
attribution analysis	The process by which the return on an investment portfolio is attributed to its manager's investment decisions, typically, stock selection, asset allocation and market timing.
perfect capital mobility	1
lift van	A wooden or metal container used for packing household goods and personal effects.
beneficiary	The person designated to receive the income from a trust, estate, or deed of trust.
waybill	A document prepared by a transportation line at the point of shipment for use in the handling of the shipment showing the point of origin, destination, route, consignor, consignee, description of shipment and amount charged for the transportation service and other services connected with the transport It is similar in point of information to a bill of lading..
built ins	Cabinets, ranges and ovens, or similar features that are part of the structure.
facsimile	An exact copy of something, such as a signature.
no-strike agreements	Trade unions and management agree to have pay disputes settled by an independent arbitrator instead of tiling strike action.
relay	In marine transportation, a procedure in which a shipment is shipped to an intermediate port and transferred to another vessel for delivery to the ultimate destination port.
communism	An economic system in which capital is owned by government
perturbation control	is a restriction control to limit the access a particular user has to details in a database. It introduces noise into the output (perturbs, or changes it) to shield the specifics of one record from the person who has only access to summary information.
positive sum game	A game in which the payoffs to the players may add up to more than zero, so that it may be possible for all players to gain
caveat	A warning or caution.
excess demand	A situation in which, at the given price, quantity demanded exceeds quantity supplied
educational note	This refers to any of three issued U.S
vertical intraindustry trade	Intraindustry trade in which the exports and imports either are differentiated by quality or (less commonly) are at different stages of processing
hold for pickup	Freight to be held at the carrier's destination location for pickup by the recipient.
transfer pricing	A system operated by multi-national companies
capacity	The legal ability of a person or entity to enter into a contract that is legally binding and to perform certain other civil acts such as making a will.
effective tariff	Effective rate of protection.
input-output table	A table of all inputs and outputs of an economy's industries, including intermediate transactions, primary inputs, and sales to final users
fcpe	Formerly centrally planned economy
domestic exports	Exports of goods which were grown, produced, mined, or manufactured in the country from which exported.
stepping stone	See stumbling bloc.
except for	A qualified opinion
default judgment	A court order resulting from the failure of a defendant to answer a complaint in a lawsuit.
electronic meat health certificate	(USA) A demonstration project that illustrates the electronic transmission of fresh meat health certificates.
competition for corporate control	The competition for the control of companies through takeovers.
insurance companies act	Federal legislation governing the structure and operation of federally incorporated or registered insurance companies in Canada.
international financial statistics	Publication of the International Monetary Fund.
business investment loss	A business investment loss is a capital loss arising from an arm's length disposition of:
european payments union	An international arrangement for settling payments among member countries in Europe during a period in which many of the countries' currencies were not convertible
jobs argument for protection	Employment argument for protection.
edit checks	Reasonableness, validity, limit, and completeness tests that are programmed routines designed to check input data and processing results for completeness, accuracy and reasonableness.
doubloon	Popular slang name given to Spanish gold 8escudo pieces of the Conquistador era, often associated with pirate treasure; also, a medal in special circumstances Mardi Gras doubloon.
socialism	An economic system in which some of the individual needs of the population are provided by government
rest of world	In a model or in a display of data that include one or more countries specifically, row=rest of world is used to represent collectively all of the other countries of the world (or all other countries for which data are available).
african development bank group	A multinational development bank for Africa.
export substitution	1
european economic area	The group of countries comprised of the EU together with EFTA
tariff act of 1930	Smoot-Hawley Tariff.
numismatist	A person knowledgeable in numismatics, with greater knowledge than a collector.
qualitative	1
property search guarantee	A Property Search Guarantee is designed to disclose to the Assured the identity of all real property apparently owned by a designated party or parties on or after a certain date
economic indicator	A variable that is measured and publicly reported and that is considered meaningful not only for itself but as a sign of how rapidly the larger economy is expanding or contracting.
kondratieff cycle	A cycle in economic activity hypothesized by Kondratieff (1926) to operate over a period of several decades and divided into four phases: spring (expansion), summer (recession), autumn (plateau), and winter (depression)
index	A quantitative measure, usually of something the measurement of which is not straightforward, such as an average of many diverse prices, or a concept such as economic development or human rights.
provision	In the context of international economics, a provision is likely to mean a portion of an agreement, such as the investment provisions of NAFTA or the balance of payments provisions of the GATT
reshoring	The reversal of offshoring
self-sufficiency argument for protection	The view that a country is better off providing for its own needs than depending on imports
final trade barrier	See definitive.
private letter ruling	A Private Letter Ruling (PLR) is a response issued by the IRS regarding the tax consequences of a proposed transaction or arrangement by the taxpayer or organization that requested the ruling
strategy	In game theory, a set of actions and contingent actions for the several stages of a sequential game, that is, a plan of action for each stage contingent on the outcome of preceeding stages.
date draft	A draft which matures a specified number of days after the date it is issued.
social regulation	The regulation of economic behavior to advance social goals when competition and economic regulation will fail to achieve those goals.
business process outsourcing	The outsourcing and/or offshoring of business processes, such as the back office functions such as accounting, human resource management, etc.
tenner	a United States bill worth 10 dollars
survey	A process of measuring a parcel of land and ascertaining its area and boundaries.
financial service charge	A fee charged by a financial institution for using its services—for instance, for making bill payments, writing cheques or using automated banking machines
validity	1
fas 138	Statement of Financial Accounting Standard No
ch	Choice Cherrypick - To recognize and buy a rarer variety which had been offered as
free trade zone	An area, often a port of entry, designated by the country for duty-free entry of goods
tracing	The principle, sometimes applied in rules of origin, that only the domestically-produced content of intermediate inputs can count as domestic in products that use them as inputs
direct tax	Tax liability targeted at one person on the basis of income.
economic profits or losses	The difference between the revenues received from the sale of output and the opportunity cost of the inputs used to make the output
diaspora bond	A bond issued by the government of a country and marketed to migrants from its country who are working in other countries.
sandblast proof	Special type of proof coin produced at the Philadelphia Mint
net exports	The amount spent by foreigners on a country’s goods and services (exports) minus the amount a country spends on foreign goods and services (imports).
international financial reporting standards	A set of accounting standards set by the International Accounting Standards Board and required for use throughout Europe and parts of Asia, Africa and Latin America
athwartships	Across a vessel form side to side.
rural	An area outside larger and moderate-sized cities and surrounding population concentrations that typically has farms, ranches, small towns and unpopulated regions
import monitoring	A practice introduced by the US, first for steel and later for textiles and apparel, whereby the Department of Commerce records the volume of imports of specified products in order to make these data publicly available earlier than would otherwise be possible
testator	The person making a will, and/or the person with a will in force at death.
mou	Memorandum of Understanding.
nullification	See nonviolation
export draft	A documentary order in the form of a draft drawn on the importing party to pay the seller for the exported goods.
sfas	See statement of financial accounting standards.
fiver	a United States bill worth 5 dollars
intermodal transport	Coordinated transport of freight using multiple methods of transportation.
trusts	A group of companies that illegally work together to reduce competition and control prices.
password	A sequence of characters required to gain access to a computer system
avoidance of risk	Taking steps to remove a hazard, engage in an alternative activity, or otherwise end a specific exposure.
subsistence economy	An economy composed mostly of subsistence farmers.
vernon product cycle	See product cycle.
eu15	The 15 members of the European Union from 1995 through 2003, prior to its 2004 enlargement.
principal component analysis	A mathematical tool used to reduce the number of variables while retaining the original variability of the data The first principal component accounts for as much of the variability in the data as possible, and each succeeding component accounts for as much of the remaining variability as possible
automaticity	The feature of the WTO dispute settlement mechanism whereby panel reports are adopted (subject to review by the Appellate Body) automatically unless blocked by a unanimous vote of the membership
monetary stimulus	Expansionary monetary policy
agreement on agriculture	See Agriculture Agreement.
gbp	United Kingdom Pound Sterling (Currency Code).
debt / equity ratio	Measure used in the analysis of financial statements to show the amount of protection available to creditors
privatization	The conversion of a government-owned enterprise to private ownership.
management	is the person(s) with executive responsibility for the conduct of the entity's operations.
global trade analysis project	A project based at Purdue University, providing a data base and CGE modeling tools for analysis of global trade.
consideration	A required element in all contracts by which some-thing of value, including a promise, is exchanged for the act or promise of another.
public procurement	Government procurement.
flexible spending accounts	Special accounts typically funded by an employee's salary reduction to help pay certain expenses not covered by the employer's plan or insurance contract
syndicate	An association of individuals, formed for the purpose of carrying on some particular business venture in which the members are mutually interested.
special purpose vehicle	An entity which may be a trust, company or other entity constituted or established by a ‘Deed' or ‘Agreement' for a specific purpose.
aggregate measure of support	Variation of aggregate measurement of support.
inspect	As an audit procedure, to scrutinize or critically examine a document
european single market	See single market.
corporacion andina de fomento	A financial institution created to "promote and foster the integration of the Andean region." It acts as a development bank for Latin America.
crude death rate	The number of deaths in a year per one thousand population e.g
control policies and procedures	Control activities are the policies and procedures that help ensure management directives are carried out
homeowners association	An organized group of homeowners whose members regulate and enforce the rules and standards of their community.
request for notice	Recorded request by anyone desiring written notice of the recording of a notice of default under a trust deed or of the scheduling of a trustee's sale thereunder
exchange rate pass-through	See pass-through.
notify address	Address of the party mentioned in the transport document to which the carrier is to give notice about the arrival of the shipment.
bank acceptance	A draft drawn on and accepted by a bank.
ray	A straight line drawn from the origin of a diagram
inside policy lag	The amount of time it takes for a government or a central bank to respond to a shock in the economy.
monetary equilibrium	A situation in which the demand for money equals the supply of money.
command-and-control systems	The use of laws or regulations backed up by inspections and penalties (such as fines) for non-compliance.
pro forma	The objective of pro forma financial information is to show effects on historical financial information as if a proposed event had occurred earlier.
doha declaration	The document agreed upon by the trade ministers of the member countries of the WTO at the Doha Ministerial meeting
productivity	A measurement of the efficiency of production.
double counting	Counting the expenditure on both the final good or service and the intermediate goods and services used in its production.
postulate	A proposition which is considered as true in order to give a basis for further logical reasoning.
trade flow	The quantity or value of a country's bilateral trade with another country.
enterprise zone	1
port charge	A charge made for various services performed at ports.
triad	1
assignment	(1) The act of transferring an interest, such as a loan secured by a mortgage, from one person to another
shortage	A deficiency in quantity shipped, stored, or received.
human capital density	The amount of human capital per unit land area in a country.
iphone ios 4.3.5+	Blackberry OS 6.0+
hvac	An abbreviation for Heat, Ventilation, and Air-Conditioning and refers to the climate control system in a building.
poverty level	The official government estimate of the annual family income that is required to maintain a minimum adequate standard of living.
appurtenance	An accessory, adjunct, or appendage connected to a primary property and used in conjunction therewith.
induced spending	A variable which depends on the level of income is said to be induced.
agriculture	Production that relies essentially on the growth and nurturing of plants and animals, especially for food, usually with land as an important input; farming
partnership agreement	The written and legal agreement between business partners.
cell	The space constructed on a ship into which one container fits.
vendors	Term describing a person, persons, groups, and organizations providing health care services for reimbursement.
economies of scale	Reduction of costs per unit output resulting from an expansion in the scale of a firm's operations so that more of all inputs are being used.
bankrupt	When either an unincorporated business or liabilities are greater than it has in assets. The person can file or have their creditors file for them to be declared bankrupt.
herfindahl index	A standard measure of industry concentration, defined as the sum of the squares of the market shares (in percentages) of the firms in the industry.
signatory	One who has signed an agreement.
free at frontier	Refers to the value of an imported product at the moment that it falls under the customs jurisdiction of the importing country
perfection	The name for a procedure established by Article 9 of the Uniform Commercial Code
export platform fdi	Foreign direct investment from a source country into a host country for the purpose of exporting to a third country.
centralised	A management structure in which most decisions are taken at the centre, or at higher levels of management.
rental price	The payment per unit time for the services of a unit of a factor of production, such as land or capital.
joint and several liability	Liability for damages imposed on two or more individuals or legal entities who are responsible together and individually, allowing the party harmed to seek full remedy against all or any number of the wrongdoers.
container on flatcar	A container without wheels put on railcars for transport inland,
priority air freight	Reserved air freight or air express service wherein certain shipments by special arrangement, at extra cost, have a priority after mail and the small package services.
automatic licensing	The licensing of imports or exports for which licenses are assured, for gathering information, or as a holdover from when licenses were not automatic
secondary financing	A loan secured by a mortgage or trust deed, which lien is junior (secondary) to another mortgage or trust deed.
marketing budget	A financial plan for the marketing of a product or product range for a specified period of time.
poverty line	The level of annual income below which a household is defined to be living in poverty
burst	In the case of a price bubble, the usually sudden reversal of a price from rising over time to falling.
capital flow	International capital movement.
overdate	A date made by superimposing one more numbers on a previously
annecy round	The second (1949) of the trade rounds conducted under the auspices of the GATT.
classical unemployment	See real wage unemployment.
ecolabel	See eco-label.
probability density	For a continuous random variable, a function whose integral over any set is the probability of the variable being in that set.
market forces	The forces of demand and supply that cause prices to rise and to fall, as opposed, for example, to the actions of particular market participants or government which might otherwise be blamed for such changes.
annuity	An arrangement under which periodic payments are made to a person in return for the investment of a lump sum, usually for the purpose of providing retirement income.
default	The failure to fulfill a duty or promise or to discharge an obligation or the failure or omission to perform an act.
developing country	A country whose per capita income is low by world standards
ex parte	A one sided action or an act done in behalf of one person only.
group of seventy seven	G-77.
index number	An average that measures change over time of such variables as the price level and industrial 'production; conventionally expressed as a percentage relative to a base period, which is assigned the value 100.
consulted	Sought advice or information.
port-of-origin air cargo clearance	(USA) U.S
special entry procedure	An administrative procedure that is required as a condition of entry for an imported good, such as transport by the importing country's national fleet, or entry through a specific port or customs station.
bequest notification	A notification from an official representative of a donor's estate that a gift has ‘matured', meaning the donor is deceased
stripping	The unloading of cargo from a container or truck; (also called devanning.)
less than truckload	A shipment which does not completely fill a truck or which weighs less than the weight required for the application of the truck load freight rate (which is usually a lower freight rate than applied to less-than-truckload cargo.)
balance of payments deficit	A negative balance of payments surplus.
central tendency	A measure of the most likely or common result from a set of data (the average).
kiosk	A small structure suitable for use as a newsstand, display stand, bandstand, study stand etc.
individual voluntary arrangement	Individual Voluntary Arrangements are an alternative to bankruptcy, whereby a debtor in financial difficulty comes to an arrangement with his creditors on how the debt will be cleared.
autarkic	Associated with the situation of autarky.
human resources management	An integrated approach which ensures the efficient management of human resources.
disaggregation	The opposite of aggregation, this refers to the categorization of data into a greater number of smaller categories.
peso problem	1
gini coefficient	A measure of income inequality within a population, ranging from zero for complete equality, to one if one person has all the income
npv	Net Present Value.
returns to scale	Increases in output that result from increasing all the inputs by the same percentage.
wasting asset	1
freight claim	1
pure silver	Silver to the purity of .999 fine or .9999 fine (99.9 percent).
third world countries	Developing countries, especially in Asia, Africa, and Latin America.
mean gift value	The mean gift value is used to determine gift value on a publicly traded stock and is the average of the high and low prices on the date of gift.
casus major	An extraordinary casualty such as a fire, shipwreck etc.
multiplier	The ratio of the change in national income to the change in autonomous expenditure that brought it about
assignment	A transfer in writing of an interest in property or other things of value from one person or entity to another.
factor proportions model	The Heckscher-Ohlin Model of trade.
primary health care	Health service provision based upon preventing rather than curing diseases
ex ante	Before the fact; that is, before some event has taken place.
normative	Refers to value judgments as to "what ought to be," in contrast to positive which is about "what is."
mobile penetration	Vodacom calculates penetration or teledensity based on the total number of customers at the end of the period per 100 persons in the population of each country
standardisation	The use of uniform resources and activities.
no show	Freight that has been booked for shipment on a carrier, but has not physically arrived in time to be loaded before departure of the carrier
labour turnover	The number of people that leave a business over a period of time as a percentage of the number of people employed.
dairy agreement	See International Dairy Agreement.
entry documents	The documents required to complete customs entry to secure the release of imported merchandise.
unctad meetings	The inter-governmental meetings from which UNCTAD gets its name, which occur every four years and began in 1964.
review	To examine again
test count	As part of inventory audit procedures auditors normally observe the client's employees counting physical inventory
soft budget constraint	This characterizes an economic entity, usually a firm, that is likely to receive government support if it gets into financial difficulty
musical notation	(music) notation used by musicians
etal	Used after a name to mean "and other people whose names are not mentioned.
accession	The process of adding a country to an international agreement, such as the GATT, WTO, EU, or NAFTA.
affidavit	A written statement or declaration, sworn to before an officer who has authority to administer an oath.
co-operative credit associations act	Federal legislation governing the structure and operation of co-operative credit associations in Canada.
cet function	Constant elasticity of transformation function.
marginal propensity to save	The fraction of a change in income (or perhaps disposable income) that is saved.
intermediate good	Same as intermediate input.
consular fees and formalities	Charges and procedures required of importers
trade diversion	Trade that occurs between members of a preferential trading arrangement that replaces what would have been imports from a country outside in the PTA
day order	An order to buy or sell securities, valid only on the day for which the order is placed.
workers compensation insurance	Programs mandated by the states, which requires employers to provide liability insurance coverage and pay benefits to dependents of employees killed to compensate for work related injuries or disabilities.
underemployment	The employment of workers for fewer hours or in less desirable jobs than they would prefer and are qualified for.
european recovery program	See Marshall Plan.
export performance requirement	Export requirement.
reconsignment	In transportation, a change in the name of the consignee; a change in the place of delivery; or relinquishment of the shipment by the carrier at the point of origin.
fed	The Federal Reserve System of the United States.
balanced trade	1
observe	Watch and test a client action (such as taking inventory).
float	1
cost-effectiveness analysis	Analysis of program costs with the purpose of finding the least-cost way to achieve a given result.
phare programme	A program of the European Union providing financial assistance to countries of Central and Eastern Europe prior to their accession to the EU.
hash total	A control total that has no meaning in itself except for control, e.g., total social security numbers of employees paid.
integrity	Consistent adherence to an ethical code
private efficiency	Where a person's marginal benefit from a given activity equals the marginal cost.
economics	The study of how people use their limited resources to try to satisfy unlimited wants.
agenda 21	A plan of action adopted at the Rio Summit to promote sustainable development.
compile	A compilation is presenting in the form of financial statements information that is the representation of management without expressing assurance
piece rates	A payment system where employees are paid an agreed rate for every item produced.
infant industry argument	The argument that new domestic industries with potential for economies of scale or learning by doing need to be protected from competition from established, low-cost foreign producers so that they can grow large enough to achieve costs as low as those of foreign producers.
economic growth	The increase in an economy's real level of output over time.
civil war token	Unofficial pieces made to approximate size of current U.S.
international organization for standardization	An NGO that develops and publishes international standards
pigouvian	1
subject to	Years ago there was a type of qualified audit opinion that was worded "In our opinion, subject to....." Auditors are no longer permitted to issue such opinions.
exchange regime	See exchange rate regime.
objectivity	The internal auditors' objectivity depends on the organizational status of the internal audit function, whether the internal auditor has direct access and reports regularly to the board, the audit committee, or owner-manager, and who oversees internal auditor employment decisions.
perpetrate	Carry out an action such as a crime.
power of attorney	An instrument authorizing a person to act as the agent of the person granting it
bank holding company	(USA) Any company which directly controls, with power to vote, more than five percent of voting shares of two or more banks (as defined by the Bank Holding Company Act .
basic balance	One of the more frequently used measures of the balance of payments surplus or deficit under pegged exchange rates, the basic balance was equal to the current account balance plus the balance of long-term capital flows.
endowment	Endowment funds are funds given to the charitable organization with the donor-imposed restriction that the funds are not to be expended, but are to be invested for the purpose of producing income
domestic content protection	Use of trade policies such as domestic content requirements to increase the portion of a product's value that is provided by domestic factors of production, either in direct production or through produced inputs.
improve the trade balance	This conventionally refers to an increase in exports relative to imports, which thus causes the balance of trade to become larger if positive or smaller if negative
waive	The voluntary and intentional relinquishing of a known right, claim, or privilege.
international services agreement	A proposed plurilateral agreement to be negotiated by a group of willing countries outside the framework of the Doha Round, liberalizing trade in services
federal budget deficit	The budget deficit of the federal (i.e., national, in a country composed of states) government.
risk aversion	Desire to avoid uncertainty
ag	Comparable to "Inc" in the U.S
regulatory capture	A theory associated with George Stigler, a Nobel laureate economist, whereby an agency—formed to set parameters on industry movements for the sake of public interest—eventually acts in ways that benefit the very industry they set out to control.
ethics	The values and beliefs of individuals or groups.
plaintiff	The party bringing a civil action against the defendant.
attest	Formal statement by an auditor after thorough examination and consideration, as to whether financial statements fairly present financial position and operating results
tick marks	in audit work papers are footnotes represented by a symbol instead of by a number
confidence interval	The degree of certainty that an event will fall outside of boundaries on a distribution
jeton	A small medal, counter, or token.
environmental charges	Charges for using natural resources (e.g
producer subsidy equivalent	1
extended credit facility	A program of the International Monetary Fund to provide financial assistance to low income countries with protracted balance of payments problems
voluntary export restriction	An agreement by an exporting country to limit the amount of a good exported to another country.
supervise	Supervision is directing efforts of assistants in the audit and determining whether objectives were accomplished
transit zone	A particular type of free trade zone where a port is provided by a coastal country for a neighbor that is landlocked or lacks port facilities
bronze	Coinage metal alloy containing chiefly copper and tin.
nash	Used as an adjective applied to a strategy in a game, this means that it is part of a Nash equilibrium.
informationally efficient	Reflecting all available information in a rational way.
promissory note	An unconditional written promise, signed by maker, to pay, absolutely a sum certain in money, either to the bearer or to person therein designated or his order.
goodwill	An order to buy or sell securities that continues to be a valid order until the end of the current m
venue	Neighborhood; often used to refer to the county or place in which an acknowledgment is made before a notary; also refers to the county in which a lawsuit may be filed or tried.(back to top)
lender	Any person or entity advancing funds which are to be repaid
insourcing	Same as inshoring, and opposite of outsourcing.
x-inefficiency	The use of resources at a lower level of productivity than is possible, even if they are allocated efficiently, so that the economy is at a point inside its production possibility frontier.
executory contract	A contract in which something remains to be done (or executed) by one or more of the parties..
per capita	Per person.
compensation	For example, sales (as opposed to donations, which are “free deeds”)
scenario analysis	(1) In investment analysis, the process of examining the anticipated performance of an investment under a variety of alternative potential interest rate environments.
price stabilization	1
long-term debt	Liability due in a year or more
euro zone	The countries of the EMU
temporary importation	A customs procedure under which certain goods can be brought into a customs territory temporarily, conditionally relieved from the payment of import duties and taxes; such goods must be imported for a permitted purpose and must be intended for exportation within the permitted period.
trade facilitation	One of the Singapore Issues, this refers in the Doha Declaration to "expediting the movement, release and clearance of goods, including goods in transit." This includes customs procedures and other practices that may add to the cost or time requirements of trade.
optimal output	1
basket of currencies	A composite unit consisting of weighted amounts of the currencies of a group of designated nations.
accelerated depreciation	Method recognising high, amounts of depreciation in the earlier years and lower amounts in the later years of a fixed asset's life.
reaction function	The function specifying the choice of a strategic variable by one economic agent as a function of the choice of another agent
direction of trade	1
extradition	The surrender by one state or country to another of an individual accused or convicted of an offense within the jurisdiction of the other.
due process	A legal principle that notice must be given to all affected parties along with an opportunity to be heard when any governmental powers are exercised.
medalet	Depending on sources, a small medal no larger than 1 inch in diameter or a medal 35 millimeters in diameter or less.
boeing-airbus dispute	A trade dispute between the US and EU, concerning subsidies that each alleges the other provides to its large aircraft manufacturer.
internet	System of linked smaller computer networks, international in scope, that facilitates data communication such as file transfer, electronic mail, and newsgroups between different entities.
elliott wave theory	According to Elliott wave theory, market movements conform to patterns – a series of waves reflecting the fact that people tend to think and behave in a herd-like way.
classification	The process of separating and distributing items into classes/categories of the same or similar type
non-reciprocal	Not reciprocal
replacement cost	The cost of erecting a building to take the place of or serve the functions of a previous structure.
world trade organisation	An organisation which seeks to promote free trade between nations and monitors world trade.
wage	The payment for the service of a unit of labor, per unit time
donee	Person who receives a gift.
development	A process to improve the lives of all people in a country
current balance	The difference between the value of money entering and leaving a country for trade in goods and services income from abroad and transfers.
asset turnover	A measure of the productivity of assets. This ratio measures the efficiency of corporate assets in generating revenue. A higher ratio is desired. What is considered a high ratio for one industry, however, may be considered a low ratio for another industry
depression	A period when national output is well below its potential (full-employment) level
administrative entry procedure	Formalities required to bring a product into a country
emerging economy	1
trade cycle	The fluctuation of national income around its long term trend.
asymmetric information	The failure of two parties to a transaction to have the same relevant information
control stock	Control stock is stock held by a person who directly or indirectly controls the management of the issuing company
return on equity	the amount, expressed as a percentage, earned on a company’s common equity for a given period.
financial statement	An accounting statement showing assets and liabilities of a person or company
statute of limitations	Time period during which an assessment can be made
deductible	The amount of covered expenses that the insured must pay before a plan or insurance contract starts to reimburse for eligible expenses.
country of dispatch	The country from which a cargo is shipped.
commemorative	A piece issued to mark, honor or observe an anniversary, other event, place or person, or to preserve its memory.
guardian	One appointed by the court to administer the affairs of an individual not capable of administering his/her own affairs.
non collusive oligopoly	Where oligopolists have no agreement between themselves, either formal, informal or tacit.
random sample	Identical probability of each population item being selected for a sample
conservator	A person appointed by the court to care for the person and/or property of an incompetent adult or an adult unable to care for their person or property because of health.(back to top)
jones' hat algebra	See hat algebra.
aes grave	Cast bronze issue of the Roman republic; literally "heavy bronze."
tacit collusion	Where oligopolists take care not to engage in price cutting, excessive advertising or other forms of competition
diminishing returns	The fall in the marginal product of a factor or factors that eventually occurs as input of that factor rises, holding the input of at least one other factor fixed, according to the Law of Diminishing Returns.
triple option plan	An employer plan that usually offers an insured an opportunity to choose between an indemnity HMO or PPO level of benefits at time of claim.
point of sale	The place where the product is being sold, e.g.
free enterprise	A system in which private business firms are able to obtain resources
field research	Primary research.
transaction	Two or more entries made in a journal which when looked at together reflect an original document such as a sales invoice or purchase receipt.
return on investment	a measure of the effectiveness and efficiency with which managers use the resources available to them, expressed as a percentage
first best	See second best.
material	1
corroborate	(corroborating) (corroboration) (corroborative) To strengthen with other evidence, to make more certain.
decision making	Purposeful selection from among a set of alterna\tives in light of a given objective
shanzhai culture	Originally used in China to describe copies of branded electronic products, the term has expanded to include copying of cultural activities, such as songs and movies, and even celebrities
inelastic offer curve	An offer curve with inelastic demand for imports
command economy	An economic system where the decisions about allocation of resources, production, distribution and consumption are made by a central government authority instead of being determined by market forces
principal auditor	The auditor responsible for the greater portion of financial statements
customer	User of health care services, such as patients getting care or providers getting support services from laboratories; payer of service, such as individuals, employers, or the government; or the general public.
negative income tax	A system whereby families with incomes below a certain break-even level would receive, rather than make, a government income tax payment.
waiver	The voluntary and intentional relinquishment of a known right, claim or privilege.
probability distribution	A specification of the probabilities for each possible value of a random variable.
marginal costing	The process of costing the production of one more unit of output.
non-domicile	Non-domicile status is given to people who were either not born here or whose parents spent most of their lives in another country.
horizontal integration	One firm merges with or takes over another one in the same industry at the same stage of production.
yuan	The principal unit of the renminbi, the currency of China
harbor master	An officer who is commander of harbor activities and directs the berthing, etc
annuity	A contract entered into with a life insurance company to purchase a steam of income payments, normally for a fixed period, such as 10 years, or life.
amendment	A change to alter, add to, or correct part of an agreement without changing the principal idea or essence.
shipment	1
count	Enumerate some characteristic such as the number of items in inventory.
oim	French acronym of International Organization for Migration
geographical indication	A label identifying where a product was produced or grown, and implying characteristics or quality particular to that location
poste restante	a notation written on mail that is to be held at the post office until called for (not in the United States or Canada)
objective	A goal.
ministerial	A meeting of ministers
economic cooperation	This could mean many things, including any of the many ways that countries work together in the economic sphere to achieve mutual objectives
net profit after taxes	A company's net profit before taxes, minus federal, state or local income or franchise taxes.
classical transfer problem	The transfer problem
flag	A reference to the country of registry of a vessel.
isb	Independence Standards Board.
harbor fees	Charges assessed to users for use of a harbor, used generally for maintenance of the harbor.
transportation	A method designed to solve problems where there are a number of different points of supply and demand, such as a number of manufacturers distributing their products to a number of different wholesalers.
transhipment	See transshipment.
são paulo consensus	An "action plan" adopted by the 2004 meeting of UNCTAD, UNCTAD XI, insisting "on the need to focus on the plight of the least developed countries and the ability of global trade to contribute to poverty alleviation."
cash management	One or a combination of various techniques for accelerating cash receipts, delaying cash disbursements, effectively utilizing banking services, managing or augmenting liquidity, increasing the amount of cash available for investment, and/or increasing returns from liquid investments.
date of issue	The arbitrary date on a contract or on a financial instrument fixed as the date from which the term runs
international organization for migration	International organization assisting migrants and the management of migration.
disarticulation	The absence of linkage among sectors of an economy, so that growth in some does not spill over into improved productivity and well being in others.
cross elasticity	1
asset	Any item of economic value owned by an individual or corporation, especially that which could be converted to cash.
manual controls	are controls performed manually, not by computer.
paradox	As used in economics, it seems to mean something unexpected, rather than the more extreme normal meaning of something seemingly impossible
discharging	The unloading of cargo from a carrier, or of the contents from a container.
screwdriver plant	A factory that only assembles a product, from parts that were produced elsewhere
plr	Acronym of Private Letter Ruling – A response issued by the IRS regarding the tax consequences of a proposed transaction or arrangement by the taxpayer or organization that requested the ruling
intertemporal trade	Trade across time, as when a country imports in one time period paying for the imports with exports in a different time period, earlier or later
surety	A bond or other security that protects a person, corporation, or other legal entity in case of another's default in the payment of a given obligation, improper performance of a given contract, malfeasance of office, etc
defect	A blemish, imperfection or deficiency
random walk	Characterizing the behavior of a random variable that is, essentially, equally likely to rise as to fall at each step
engagement letter	A letter that represents the understanding about the engagement between the client and the CPA
tariff preference	A lower (or zero) tariff on a product from one country than is applied to imports from most countries
federal income tax	The federal tax on an individual's income.
quango	Quasi Autonomous Non-Governmental Organisations.
civil war tokens	Privately-issued emergency coin-like tokens, the approximate size of current U.S
reverse consensus	The requirement, in the WTO DSM, of a consensus to reject a panel report, rather than to accept it as was required under the GATT, thus achieving automaticity.
accounting	a system for keeping score in business, using dollars.
trill	a note that alternates rapidly with another note a semitone above it
nordic countries	Denmark, Finland, Iceland, Norway, and Sweden.
islamic development bank	A development bank for Muslim countries and communities.
complementation agreement	1
income-to-expenses ratio	The ratio of your monthly income (gross unless self-employed — in which case net income) to monthly expenses
cod	Cash On Delivery; which is exactly what it means.
emi	European Monetary Institute
g	Good
allowance method	The allowance method results in a good matching of bad debt expense against sales
closely held corporation	A corporation owned by a specific group of individuals, usually family members or business partners
producer surplus	The difference between the total amount that producers receive for all units sold of a product and the total variable cost of producing the product.
aircraft	Also referred to as general aircraft
moral rights	In terms of IP , these are the rights of an author or other creative person over how their creation is used, modified, etc
consultation	The first step in the WTO dispute settlement process, whereby countries are expected to consult directly regarding any objection or disagreement and seek to resolve it without further steps.
caf	Corporacion Andina de Fomento.
global production sharing	Trade in intermediate inputs; thus an aspect of fragmentation
off-the-job training	Being trained away from the workplace, usually by specialist trainers.
retrospective analysis	Ex post analysis.
12:00pm	2:00 pm
auto pact	See Canada-US Auto Pact.
continuous time	The use of a continuous variable to represent time, as in an economic model.
market mechanism	The process by which a market solves a problem allocating resources, especially that of deciding how much of a good or service should be produced, but other such problems as well
core workers	Workers, normally with specific skills, who are employed on a permanent long-term basis.
leading indicators	Series of indicators that tend to predict future changes in economic activity.
comprehensive basis of accounting	A complete set of rules other than U.S
ancillary services	Health care services conducted by providers other than physicians and surgeons
pictograph or pictogram	A chart where numerical data is represented by pictorial symbols.
biological agents	A complex substance of organic origin which can treat or cause disease.
trigger price mechanism	The system put in place for US imports of steel in 1978 to speed up investigations of dumping
invention	The creation of something new, such as a production technique or a product.
affidavit	A written statement or declaration, sworn to before an officer who has authority to administer an oath (usually a notary).
at sight	See payment at sight.
cargo	Merchandise hauled by transportation lines.
unstable	Not stable, by either of its definitions
income disparity	Inequality of income, usually referring to differences in average per capita incomes across countries.
g-10	Group of Ten.
law of diminishing returns	The principle that, in any production function, as the input of one factor rises holding other factors fixed, the marginal product of that factor must eventually decline.
forensic accounting	A science (i.e., a department of systemized knowledge) dealing with the application of accounting facts gathered through auditing methods and procedures to resolve legal problems
pattern	An experimental or trial coin, generally of a newer design,
private saving	Saving on the part of individuals, the part of disposable income that is not spent on consumption.
macroeconometric model	An econometric model of macroeconomic relationships, usually intended to capture the overall functioning of a national economy.
savings and loan association	Originally an association chartered to hold savings and make real estate loans
an expired identification document.	An individual customer who presents any unusual or suspicious identification document or information.
gain	1
cross-elasticity of demand	The percentage change in the quantity demanded of one commodity resulting from a one-percent change in the price of another commodity
economic relations	Economic activity that involves participants of two countries, most obviously trade but other forms as well
star notes	MOdern note with a star symbol in the serial number distinguishing it as a replacement for a note that was removed because it contained a flaw that was caught
point	See basis point.
substitution effect	The tendency of people to substitute in favour of cheaper commodities and away from more expensive commodities:
lic	Low income country.
dual-use	Applied to a good or a technology, this refers to being useful by both civilians and the military
documents upon payment	As a procedure to collect payment for an export shipment, instructions are given that the documents necessary for the buyer to obtain the shipment from customs and the carrier are to be released to him only upon payment of the draft
clean draft	A draft with no commercial documents attached.
temporary admission	Permission to import a good duty free for use as an input in producing for export
customs valuation code	A plurilateral agreement of the Tokyo Round specifying rules for customs valuation.
import share	The fraction of domestic purchases in an industry that are spent on imports.
branch mint	A remote mint facility that aids coinage production centralized at the main mint.
judicial foreclosure	A court action to taken to collect a debt owed.
landbridge	The movement of cargo (usually in containers) from one foreign country by vessel, transiting another country by rail or truck, and then being loaded aboard another vessel for delivery to the destination country
gold standard	A monetary system whereby every form of currency issued by a country is convertible on demand into its legal equivalent in gold or gold coin
consumer subsidy equivalent	Same as consumer support estimate
production function	The relationship between the quantities of various inputs used per period of time and the maximum quantity of output that can be produced per period of time; that is, the most output that existing technology permits the firm to produce from various quantities of inputs.
laches	An unreasonable delay by a party making a claim or bringing an action, so that the rights of said party are waived
ad	Anti-dumping
detective control	A control designed to discover an unintended event or result.
import-substituting industrialisation	A strategy of restricting imports of manufactured goods and using the foreign exchange saved to build up domestic substitute industries.
cusfta	Canada-US Free Trade Agreement.
gold exchange standard	A monetary system in which U.S
primary product	A good that has not been processed and is therefore in its natural state, specifically products of agriculture, forestry, fishing, and mining.
joint and several liability	A responsibility where two or more parties are liable for the full payment of a debt or obligation and where the creditor may enforce payment against all of the parties together (jointly) or against each individually (severally).
computer controls	Internal controls performed by computer (software controls) as opposed to manual controls
trade service	A service that is an input to an act of international trade
zero sum	By analogy with a zero sum game, a situation is said to be zero sum if a gain for anyone requires a loss for someone else
commercial tort claim	A claim rising as a result of a tort that (a) does not include damages arising out of a personal injury or death and (b) arises out of the normal course of business from either an individual or organization
cumulation	1
evidence	(evidential matter) includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.
external equilibrium	External balance, in contrast to internal equilibrium or internal balance.
political economy of protection	The study of reasons, especially political ones, that countries choose to use protection
international investment	1
empowerment	To give official authority to employees to make decisions and control their own activities.
covenant	A contractual promise that may be positive by agreeing to do or negative by agreeing not to do a particular act such as a promising to build a house of a particular size or to not use property in a certain way.
gep	Global Economic Prospects.
international finance	The monetary side of international economics, in contrast to the real side, or real trade
integrated carriers	Carriers that have multiple varieties of fleets (i.e
coin board	A board, folder, or book with holes of a specific diameter drilled into each page for the coins
ratio analysis	Interpretation of financial performance by calculating and interpreting ratios
independent variable	A variable that may take on any value in a relationship.
labor-saving	A technological change or technological difference that is biased in favor of using less labor, compared to some definition of neutrality.
trade model	An economic model that explains certain causes, effects, and/or characteristics of international trade.
declaration	See customs declaration.
cashflow statement	The Cashflow statement shows the movement and availability of cash through and to the business over a given period and it is fundamental that financial forecasting and reporting of cash movement and availability is accurate
attorney's letter	is signed by the client's lawyer and addressed to the auditor
decision lag	The period of time between perceiving problem and reaching a decision on what to do about it.
co-payment	A small charge paid at the time a medical service is received
coinsurance	Ordinary coinsurance is defined as a transaction under which each of two or more insurers assumes a designated portion of the liability for the total risk and is liable for only such portion of any loss beginning at the first dollar of loss
isoquant	A curve representing the combinations of factor inputs that yield a given level of output in a production function.
import substitute	A good produced on the domestic market that competes with imports, either as a perfect substitute or as a differentiated product.
fifty years is enough	50 Years Is Enough.
auditing standards board	Statements on Auditing Standards are issued by the auditing standards board, the body of the AICPA designated to issue auditing pronouncements.
allocation	Distribution according to a plan
net exports	1
open conference	A shipping conference in which there are no restrictions upon membership other than ability and willingness to serve the trade and abide by the rules of the conference.
decreasing returns to scale	A property of a production function such that changing all inputs by the same proportion changes output less than in proportion
cargo manifest	A list of cargo being transported or warehoused.
quid pro quo fdi	FDI in response to the threat of protection
judicial review	In a case of unfair trade, the mechanism for appealing a decision.
trade surplus	A nation's excess of exports over imports over a period of time.
exogenous variable	A variable that is taken as given by an economic model
remission	See duty remission.
generally accepted accounting principles	The accounting principles set by the Financial Accounting Standards Board and required for use by United States companies
analytical procedure	A comparison of financial statement amounts with an auditor's expectation
zero profit	A situation in which profit in an industry is zero, usually as a result of free entry and exit
convex	1
frosting	When coin design elements are set apart from a mirrorlike surface by a sandblast-like or crystallized-metal appearance, this is referred to as frosting or frosted devices.
meade geometry	The geometric technique introduced by Meade (1952) of deriving a country's offer curve from its transformation curve and community indifference curves by first constructing a set of trade indifference curves.
montreal protocol	The Montreal Protocol on Substances that Deplete the Ozone Layer, signed in 1987, limited trade in products containing CFCs
trade promotion authority	New (in 2000) name being used for Fast Track.
drawee	The party to whom a check or draft is written
procurement	The act of obtaining; attainment; acquisition; purchasing; buying.
application control	Programmed procedure in application software designed to ensure completeness and accuracy of information.
european commission	The highest decision-making body of the European Union
point of origin	1
lloyds registry	An English society, independent of Lloyds of London, which surveys and classifies the ships of the world according to their description, condition, seaworthiness, and compliance with codes and protocols
employers' association	A group of employers join together to give benefits to their members
bankers acceptance	A draft calling for payment at a future date on which the drawee is a bank, and the bank has agreed to pay by signing "accepted" on the draft.
tertiary production	Activities which involve the provision of services.
mixed economy	An economy in which some production is done by the private sector and some by the state, in state-owned enterprises.
labour force participation rate	The percentage of the population of working age that is actually in the labour force (either working or seeking work).
rediscounting bills of exchange	Buying bills before they reach maturity.
chlorinated chicken dispute	The issue of whether Europe should be able to restrict, or require labeling of, US exports of chicken that has been bathed in a chlorine solution to kill bacteria.
port	The facility at which ships dock and transfer cargo and passengers to and from land.
vessel	Every description of watercraft used or capable of being used as a means of transportation on water.
forfeiture	The taking of an individual's properly by a government, because the individual has committed a crime
group norm	The usual characteristics of the behaviour of a group.
fluctuate	To move up and down.
prisoners' dilemma	A strategic interaction in which two players both gain individually by not cooperating, but leading to a Nash equilibrium in which both are worse off than if they cooperated
sunrise industry	An industry that is new and expected to grow rapidly, often through high technology
bribe	A payment made to person, often a government official such as a customs officer, to induce favorable treatment.
certificate of title	In areas where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract.
united nations	An organization of countries established in 1945 with 51 members, expanded to 193 countries as of August 2012
bareboat charter	The charter of a vessel where the charter party has the right to use his own master and crew on the vessel
patina	The natural finish on the surfaces of a coin due to exposure to the environment.
assignment	The transfer of ownership to another party.
bond of indemnity	A bond to indemnify and save harmless the party to whom the bond is issued against some anticipated loss.
inflation adjusted	Adjusted for inflation.
fama puzzle	The forward premium puzzle.
natural scale	A scale in which equal absolute amounts are represented by equal distances.
radar note	One whose serial number reads the same, forward or backward
can	Comunidad Andina (Spanish for Andean Community)
attest	An official act establishing authenticity or to affirm that a statement or document is true, genuine or accurate.
webtrust engagements	A CPA issues an opinion on a web site when the business and information privacy practices, transaction integrity, and protection of customer information meet certain standards.
compliance agreement	The Commissioner of the Financial Consumer Agency of Canada may enter into an agreement, called a "compliance agreement," with a financial institution for the purposes of implementing any measure designed to further compliance by that institution with federal consumer provisions (see below).
short-run shut-down point	This is where the AR curve is tangential to the AVC curve
distributor	An agent who sells for a supplier at wholesale and usually maintains an inventory of the supplier's products.
compulsory licensing	A requirement for a patent holder to let others produce its product, under specified terms
green tax	A tax on output designed to charge for the adverse effects of production on the environment
credibility	The condition of being believed
gold-exchange standard	An exchange-rate system developed after World War II, under which the dollar was directly convertible into gold at a fixed price, and other currencies, since they could be converted into dollars at fixed exchange rates, were thus indirectly convertible into gold at a fixed price.
immediate delivery	(USA) In certain circumstances, merchandise may be released by U
transfer payments	A payment to a private person or institution that does not arise out of current productive activity; typically made by governments, as in welfare payments, but also made by businesses and private individuals in the form of charitable contributions.
assisted areas	Areas that are designated as having problems by the UK or EU and are eligible for support in a variety of forms.
developed country	A country whose per capita income is high by world standards.
shrimp-turtle case	A case filed in the WTO against the United States for restricting imports of shrimp from countries whose shrimp were caught by means that endangered sea turtles
skill premium	The difference between the wage of skilled labor and that of unskilled labor, usually measured, in developed countries, by the wage difference between college-educated and high-school educated workers
contract of employment	A legal agreement between employer and employee listing the rights and responsibilities of workers.
non renewable resources	Any productive resource that is available as a fixed stock that cannot be replaced once it is used.
gross	Before deduction
interstate commerce	(USA) Trade, transport, and communication between or among the several states of the United States.
tacking	(1) Annexing a lien to one superior to it in order to gain the priority of the superior lien and defeat an intermediate lien
share split	This is done for the same reasons as a bonus/scrip issue, ie
communication nets	The ways in which members of a group communicate with each other.
cash flow statement	The actual movement of cash within the business: cash inflow minus cash outflow.
collections	Also called receipts
satisficing	A hypothesised objective of firms to achieve levels of performance deemed satisfactory rather than to maximise some objective.
unilateral recission	A legal action taken by one party to repeal a contract when the other party has breached a contract
phantom gdp	The portion of real GDP, or of an increase real GDP, that occurs when domestic producers switch to lower cost imported inputs
leasehold improvements	Things such as walls, air conditioners, and shelves that are added to leased space.
intermediate targets	Variables that the government cannot control directly and does not seek to control ultimately, yet that have an important influence on policy variables.
inter-american development bank	A development bank for the countries of Latin America and the Caribbean.
latest finish time	In program evaluation and review technique (PERT), latest time at which an activity must be completed without holding up the complete project.
compensating variation	An amount of money that just compensates a person, group, or whole economy, for the welfare effects of a change in the economy, thus providing a monetary measure of that change in welfare
dishonor	1
schedule	1
incompatible duties	Internal control systems rely on separation of duties to reduce the chance of errors or fraud
plant economies of scale	Economies of scale that arise because of the large size of the factory.
bust	Device including head, neck, and some part of shoulder or chest.
production factor	Factor of production.
transfer paradox	A transfer that makes the recipient worse off (i.e., an immiserizing transfer) and/or that makes the donor better off.
non-resource financing	Is a type of ‘Project Financing' wherein the stream of future returns from the projects are used for servicing the debt and equity.
sovereign compulsion	The principle of exemption from anti-trust liability for actions taken at the direction of a government agency
batch	A set of computer data or jobs to be processed in a single program run.
preventive medicine	Wellness and health promotion services that are part of the basic benefits package of a managed health care plan.
coronet	Style of Liberty Head used on U.S
pickup order	An order to a carrier to pick up freight at a location.
debtor	(1) A party who owes money or other performance to another party
will	A written expression of the desire of a person as to the disposition of that person's property after death
trilemma	1
box diagram	The Edgeworth Box.
internal communication	Messages between people working in the same organisation.
fertility rate	The average number of children born to each woman in a country.
designated agency	The party selected to represent a principal/client in a designated agency office
economies of scale	Efficiencies that result from carrying out a process (such as production or sales) on a large scale.
decree of distribution	A probate court decree which determines how the estate of a decedent shall be distributed.
rio summit	The United Nations Conference on Environment and Development, held 3-14 June 1992 in Rio de Janeiro, Brazil
fdi spillover	See spillover.
clearance	1
cargo agent	An agent appointed by an airline or shipping line to solicit and process international air and ocean freight shipments.
voidable	That which is capable of being adjudged void in a court of law but which is not in and of itself unless and until some action is taken to have it declared void.
webb-pomerene act of 1918	(USA) Federal legislation exempting certain exporters' associations from certain antitrust regulations.
money gdp	Nominal GDP; contrasts with real GDP.
arab league	Informal name of the League of Arab States.
subsistence farming	The production of farm output mainly for own consumption.
autarky	A situation in which a country engages in no foreign trade.
stolper-samuelson theorem	1
preliminary	With reference to a tariff or other trade barrier applied as a result of administered protection, this refers to a barrier imposed part way through the administrative process, as opposed to the definitive barrier that is imposed when the administrative process is complete.
by-products	Materials which are produced as a result of a process designed to produce a different material.
article	A specific section of a negotiated agreement.
dynamic gains from trade	The hoped-for benefits from trade that accrue over time, in addition to the conventional static gains from trade of trade theory
longshoreman	A laborer who loads and unloads ships, handles cargo and containers at shipping terminals, and loads and unloads containers at shipping terminals.
multiplier	In Keynesian macroeconomic models, the ratio of the change in an endogenous variable to the change in an exogenous variable
venue	(1) The county (or other geographical division) in which an action or prosecution is brought for trial and which is to furnish the panel of jurors
process	The method used to convert inputs to final goods or services.
less-developed countries	The lower-income countries of the world, most of which are in Asia, Africa, and South and Central America
bm	Banco Mundial (Spanish for World Bank)
at par	At equality
environmental trade policy	The use of trade policies for environmental purposes.
liberal	Associated with freedom and/or generosity
apostille	An authentication of a notary used by countries who are parties to the Hague Convention.
unit trust	A type of investment fund
buy american acts	U.S
truncation	The sharply cut off bottom edge of a bust.
codicil	An addition or amendment to a person's will.
hipc	Heavily indebted poor countries.
pallet loader	A device employing a vertical lift platform for the mechanical loading or unloading of pallets of freight at plane side.
market reserve policy	See law of similars.
route	1
open regionalism	Regional economic integration that is not discriminatory against outside countries; typically, a group of countries that agrees to reduce trade barriers on an MFN basis
liability adjustment	Write-downs of liability amounts are sometimes included on financial statements
linear regression model	A linear relationship between a dependent variable Y and one or more independent variables X plus a stochastic disturbance u: Yi=b0+b1X1i+...+bnXni+ui.
costing	The process of measuring the likely economic consequences of a particular business activity or operation.
exported protection	The protective effect that rules of origin have on the partner country's input producers when applied to a country's imports within a free trade area
g-3	1
conveyance	An instrument in writing, such as a deed or trust deed, used to transfer (convey) title to property from one person to another.(back to top)
industrial union	A trade union which represents all types of workers in a particular industry.
nominal rate of protection	The protection afforded an industry directly by the tariff and/or NTB on its output, ignoring effects of other trade barriers on the industry's inputs
group of fifteen	The Summit Level Group of Developing Countries, or Group of Fifteen, is a group of developing countries, now numbering 17, formed in 1989 to meet regularly and issue "pronouncements reflecting their common standpoint on the major developments in the world economy and international economic relations."
ship's manifest	A list of the individual shipments constituting the ship's cargo.
downstream dumping	The sale of products below cost or below fair value by a producer to a another producer in its own domestic market by whom the product is then further processed and exported to another country at a price lower than would otherwise be charged and thus causing injury in that country.
state trading enterprise	An entity of government that is responsible for exporting and/or importing specified products
subordination	The act or process by which a person's rights are ranked below the rights of others
net investment	Net additions to the capital stock gross investment minus replacement investment (depreciation).
ramsey growth model	A growth model in which savings is determined endogenously to be optimal, in contrast to the Solow Model in which the savings propensity was a parameter.
cost containment	Efforts or activities designed to reduce or slow down the cost increases of medical care services.
loan company	A financial institution that operates under either provincial or federal legislation and conducts lending activities similar to those of a bank.
community preferences	A set of consumer preferences, analogous to those of an individual as might be represented by a utility function, but representing the preferences of a group of consumers
misrepresentation	A false or misleading statement or assertion or presenting something not in accordance with the facts from one person to another in words or by conduct.
portal	A gateway or entry point to the Internet incorporating significant functionality such as search engines, news alerts and personal preferences that enable users to access the data they want from the Web from a central point.
executrix	A woman executor.
yield	The ratio of investment income to the total amount invested over a given period of time.
air express	Expedited air freight service.
guardian	A person appointed by a court to manage the person and/or property of one who is legally incompetent to handle his/her own affairs.(back to top)
communication	The transferring of a message from the sender to the receiver, who understands the message.
hammered coins	Coins struck by hand rather than struck by machine.
p&l	Profit and loss statement.
easement	A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place pole lines, pipe lines or roads thereon.
capital good	A good, such as a machine, that, once in place, becomes part of the capital stock.
associate company	A company in which a substantial stake (more than 20% but less than 50%, a level above which the company would move from being an associate to a subsidiary) is held by another company and where the owner of that stake is in a position to influence its operations.
tax adjustments	Could result from company buying or selling a business entity.
zollverein	The German customs union formed among various German states starting in 1818 and viewed as a precursor to German unification.
marine mammal protection act	The 1972 U.S
labor force	The number of people employed plus the number of those unemployed (actively looking for work and willing to take a job if one were offered).
wan	Wide Area Network comprises network in different geographic locations that are connected often over the public network
payroll	Department that determines amounts of wage or salary due to each employee.
quantitative restriction	A restriction on trade, usually imports, limiting the quantity of the good or service that is traded; a quota is the most common example, but VERs usually take the form of QRs
sovereign risk	1
audit documentation	(working papers) are records kept by the auditor of procedures applied, tests performed, information obtained, and pertinent conclusions reached in the engagement
status quo	The current situation
europe agreement	An agreement between the EU and each of ten Eastern European countries (starting with Hungary and Poland in 1994) creating free trade areas and establishing additional forms of political and economic cooperation in preparation for these countries' eventual membership in the EU.
hard times tokens	Pieces either of a political or advertising nature,
certificate of weight	A document certifying to the weight of a shipment.
pep	Personal equity plan
european investment bank	The "long-term lending bank of the European Union." It supports projects within the member states as well as in countries that are working to become members states of the EU.
objectivity	Freedom from subjective valuation and bias in making an accounting decision
interquartile range	The range between the central 50 percent of a set of data.
collection service	A service performed by a neutral third party in receiving and disbursing loan payments as instructed by the parties concerned.(back to top)
cash flow analysis	This is a analysis that considers the amount and timing of cash in to a entity with the timing and amount of cash out
skill-biased	A technological change or technological difference that is biased in favor of using more skilled labor, compared to some definition of neutrality.
booking	The making of arrangements for a shipment with the representatives of a vessel or airline.
earth summit	Rio Summit.
merchandise exports	The goods a country produces and sells to other countries, they account for most of a developing country's exports.
balance of trade	The difference between the value of visible exports and the value of visible imports.
dollarization	1
productivity	A measure of output from a production process, per unit of input.
long-run average cost function	The minimum average cost of producing various output levels when any desired type or scale of plant can be built.
insignificant	1
growth	See economic growth.
cica	CICA is the Canadian Institute of Chartered Accountants. The CICA publishes the CICA handbook, which provides the primary source of generally accepted accounting principles.
expansionary gap	When the equilibrium level of real national income exceeds the full capacity level of real national income; the positive difference between total desired spending and the full capacity level of real national income.
materials quantity variance	Difference between the actual quantity of materials used in production and the standard quantity of materials allowed for actual production, multiplied by the standard price per unit.
corrosion	Any form of rust or oxidation appearing on the surface of a coin.
dirigiste	Centrally planned; that is, under the direction of a central authority, normally the government
kiting	Drawing a check on insufficient funds to take advantage of the time required for collection.
comparative statistics	Short for comparative static equilibrium analysis; the derivation of predictions by analysing the effect of a change in some exogenous variable on the equilibrium position.
risk measurement unit	A defined quantity or unit of risk
median	The value within any set of data at which half of the observations are greater and half are less
lorenz curve	1
borderless world	The concept that national borders no longer matter, perhaps for some specified purpose.
incuse	When coin design elements are impressed rather than raised above the surface of the coinage blank.
trade dollar	Silver dollar issued especially for trade with a foreign
complementary exporting	The export of one firm's products through the distribution channels of another firm.
suspension	See duty suspension.
intermediate good	A good that is not sold to the ultimate user but is used as an input in producing final goods and services (such as flour to be used in manufacturing bread).
apron	1
partial capitation risk contracts	State Medicaid contracts with HMOs or similar managed care organizations that accept risk for a defined set of services (for example, physician services and laboratory, x-ray, or clinic services)
quota sample	People selected on the basis of certain characteristics (e.g
prospective analysis	Ex ante analysis.
after date	A notation used on financial instruments (such as drafts or bills of exchange) to fix the maturity date as a fixed number of days past the date of drawing of the draft.
line graph	A line which shows the relationship between two variables.
average daily balance	The total of the daily outstanding credit card balances each day in the billing period, divided by the number of days in the billing period.
box	1
econometric model	A set of equations that have been estimated by econometric methods and that are then used, together, to forecast the economy or to calculate effects of changes in the economy
control premium	an amount or a percentage by which the pro rata value of a controlling interest exceeds the pro rata value of a non-controlling interest in a business enterprise to reflect the power of control.
organisation theory	A set of hypotheses that predicts that the substance of a firm's decisions is affected by its size and form of organisation.
short-term charitable lead trust	See "Revisionary Living Trust" - An irrevocable trust that becomes a revocable trust after a certain number of years
f	Fine
national asset formation	The sum of investment and net exports.
commercial officers	Embassy and consular officials who assist their country's citizens and businesses in a foreign country through arranging appointments with local business and government officials and providing counsel on local trade regulations, laws, and customs.
quota system	(USA) A part of the U.S
inter vivos trust	A trust established during the life of its creator.
no-load fund	and back-end load fund.
antitrust laws	Legislation (such as the Sherman Act, the Clayton Act, and the Federal Trade Commission Act) intended to promote competition and control monopoly.
voting control	de jure control of a business enterprise.
first degree homogeneous	Homogeneous of degree 1.
moral hazard	A position taken by an insured that increases the chance of a loss or the seriousness of a loss.
notice of irregularity	After 60 days from the notice has been sent and the intermediary has failed to act, the taxpayer will be sent, by registered mail, a notice of irregularity and from that moment the thirty days provided by the law begin for the reduced definition of the irregularities detected.
decree of distribution	A probate court decree, which determines how the estate of a decedent shall be distributed.
earliest finish time	In program review and evaluation technique (PERT), earliest time at which an activity may be completed.
deadweight	1
mixed economy	An economy in which some decisions about the allocation of resources are made by firms and households and some by the government.
mint mark	A symbol, usually a small letter, used to indicate at which mint a
fogs negotiations	In the Uruguay Round, this portion of the negotiations dealt with the Functioning of the GATT System and resulted ultimately in the formation of the WTO and its dispute settlement mechanism.
dependency	Where the development of a developing country is hampered by its relationships with the industrialised world.
venue	(1) the county (or other geographical division) in which an action or prosecution is brought for trail and which is to furnish the panel of jurors
uniform commercial code	State laws which regulate the transfer of personal property
motivators	Those things that can lead to workers being satisfied.
rule of law	A legal system in which rules are clear, well-understood, and fairly enforced, including property rights and enforcement of contracts.
technological change	Any change in the available techniques of production.
civil aircraft agreement	See Agreement on Trade in Civil Aircraft.
productivity	Output per unit input, usually measured either by labor productivity or by total factor productivity.
means test	Measures need based on income and assets.
smac function	An acronym for the CES function based on the names of the four authors who introduced it in Arrow et al
deep mirror prooflike	A coin with prooflike surfaces sufficient that a reflection of the person viewing the coin can be seen.
barge	A flat bottomed cargo vessel primarily used on rivers and canals
delocation	1
feu	Forty foot equivalent units of shipping containers
rescission	The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent
organisation chart	A diagram which illustrates the structure of an organisation.
fiscal crisis	This occurs when a unit of government runs a fiscal deficit and is unable to borrow to finance it
encroachment	The extension of an improvement onto land of another.
adjusted gross income	Amount of income remaining after the expenses of earning that income have been deducted.
proprietary asset	An asset that falls under the category of intellectual property and therefore should not be disclosed by an employee e.g., all information to do with customers or clients including names, addresses, telephone numbers and other contact information, as well as any business related or personal information and unique proprietary asset to a company
dynamic comparative advantage	A changing pattern of comparative advantage over time due to changes in factor endowments or technology.
right of way	(1) The right to pass over property owned by another, usually based upon an easement.
revocable living trust	Synonym of "Living Trust" – A trust in which the person who establishes its benefits from it during his/her lifetime and, in common usage, is revocable by the donor
quasi-endowment	Assets donated by individuals or organizations to an institution that the institution's governing board has decided to treat as permanent capital
free-astray	A shipment or part of a shipment which has been dropped off at a wrong location by a carrier
negotiation	See trade negotiation.
reserved freight space	A service by some carriers (airlines and ship lines) enabling shippers to reserve freight space on designated voyages.
ideal capacity	The largest volume of output possible if a facility maintained continuous operation at optimum efficiency, allowing for no losses of any kind, even those deemed normal or unavoidable; also called maximum capacity, theoretical capacity, or engineered capacity.
standardised unemployment rate	The measure of the unemployment rate used by the ILO and OECD
capitalism	An economic system in which capital is mostly owned by private individuals and corporations
regional policy	Measures used by central and local government to attract businesses to 'depressed' areas.
mutual funds	also know as open-end funds 2. Closed-end funds, and 3. Unit investment trusts (UITs) 4. Exchange-traded funds (ETFs)
colonial architecture	The traditional design, usually using the characteristics of New England homes that is usually a two-story house with balanced openings along the main facade, with windows constructed of small panes, shutters and dormer windows on the third floor with attention to small detail.
technical inefficiency	See X-efficiency.
employment	People working for pay or in a family-owned enterprise or farm
crown	A general term embracing most silver coins from about 20 to 30 grams in weight and from about 33 to 42 millimeters in size
external debt	Part of the total debt in a country that is owed to creditors outside the country.
binding	1
nondiscrimination	The treatment of all others equally, or at least subject to the same rules and procedures
co-operative credit association	An association that is organized and operated on co-operative principles, with one of its principal purposes being to provide financial services to its members.
fairness opinion	an opinion as to whether or not the consideration in a transaction is fair from a financial point of view.
substitution effect	That portion of the effect of price on quantity demanded that reflects the changed tradeoff between the good and other alternatives
technical progress	Same as technological progress.
trial balance	A statement which lists all the balances on all the accounts in the double entry system.
dray	A vehicle used to haul cargo or goods, usually drawn by a horse.
public debt	The amount that has been borrowed by a government.
field work	The performance of audit procedures outside the CPA's office
treasurer	The officer who controls the entity's funds
tax evasion	It also collects elements and information regarding economic movements that are relevant for tax purposes, which can be used by other public administrations with cross-reference verifications.
envelope	The outermost points traced out by a moving curve.
product mix diagram	A diagram introduced by Hausmann et al
registration statement	A statement submitted to officially provide the SEC with information about an offering of securities
market loans	Short-term loans (e.g
grant in aid	A transfer from one level of government to another.
at sight	A notation on a draft which indicates that payment is due upon its presentation.
rodrik trilemma	See Trilemma of the World Economy
footloose industries	Those industries which are neither influenced by their market or the source of raw materials when deciding where to locate.
helms-burton act	A United States law enacted in 1996 that penalized companies for doing business in Cuba
construction loan	A loan that is made to finance the actual construction of improvements on land and the funds are usually dispersed in three payments as the construction progresses..
mrt	Marginal rate of transformation.
assurance engagement	is an engagement in which an accountant issues a report designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).
balancing charge	This is a charge that is calculated when a fixed asset is sold or disposed of. It may be an income or expense item.
pallet transporter	A vehicle for the movement of loaded pallets from one place to another.
lagged claims	The time between when service is incurred and when it is submitted and processed for payment.
levy	It exists when the condition laid down by the law is met, including an income, also imputed, the possession of an asset or any other fact relevant for fiscal purposes.
social accountability international	A U.S.-based nonprofit organization that develops and implements the SA8000 international workplace standards.
softwood lumber dispute	A trade dispute between the U.S
affidavit	A written statement or declaration, sworn to before an officer who has authority to administer an oath
option	A contract that permits one party to buy from (or sell to) the other party something at a prespecified price during a prespecified period of time, leaving the choice of whether to do this or not (whether to "exercise" the option) up to the first party, which buys the option
annual general meeting	A legal requirement for all companies; all shareholders may attend
financial reporting framework	is a set of criteria used to determine measurement, recognition, presentation, and disclosure of all material items appearing in the financial statements.
pervasive	Having the ability to permeate
primary school enrolment rate	The number of children of primary school age, usually 6 to 11 years, who are enrolled at school as a percentage of the age group
quality review	The evaluation by one accounting firm or accountant of the soundness of the practices of another accounting firm or accountant.
experimental pieces	Struck from any convenient dies to test a new metal, new alloy or new denomination; those testing a new shape; those testing a standard metal for a new denomination; and those representing changes in planchets for the purposes of combating counterfeiting.
execution sale	Sale of real property under a writ of execution by a court
labor standard	Any of many conditions of workers in the workplace that are viewed as important for their well being, and minimum levels of which are advocated by labor rights activists and have been agreed to by many of the countries that are members of the ILO.
fair trade	1
panel	A three-person committee assembled by the WTO to hear evidence in disputes between members, as part of the WTO dispute settlement mechanism
device	The main design element or achievement on a specific side of a coin.
pie chart	A chart which consists of a circle where the data components are represented by the segments.
elasticity	A measure of responsiveness of one economic variable to another -- usually the responsiveness of quantity to price along a supply or demand curve -- comparing percentage changes (%Δ) or changes in logarithms (d ln)
execute	To sign a legal instrument
homothetic	A function of two or more arguments is homothetic if all ratios of its first partial derivatives depend only on the ratios of the arguments, not their levels
deed	A written instrument which when properly executed (signed) and delivered (accepted) conveys title to real property from one party, the grantor to another party, the grantee.
production	The conversion of natural, human and capital resources into goods and services.
supranational	Transcending nations, especially through organizations that encompass more than one nation, such as the European Union
pilot	1
trade sanction	Use of a trade policy as a sanction, most commonly an embargo imposed against a country for violating human rights.
foreign	Other nations than your own.
internal trade deflection	The shift of domestic sales from a low-tariff member of an FTA to a high-tariff member, displacing imports there and inducing additional imports at home, thus having the same effects as trade deflection without potential for interruption by rules of origin
canadian payments association	A financial network established in 1980 to operate a national clearing and settlement system
tort	A legal term for a wrongful act that results in an injury or damages to another person or entity that is not contractual in nature
columbian exchange	The exchange of goods, but also populations, diseases, and ideas that took place between the Eastern Hemisphere and the Western Hemisphere, across the Atlantic Ocean, in the centuries following the voyage of Christopher Columbus in 1492.
international sanction	See sanction definition #2.
tariffication	Conversion of NTBs to tariffs at the level of their tariff equivalents
satisficing	Seeking or achieving a satisfactory outcome, rather than the best possible
exergue	(Pronounced "EXsurge") Area on a coin generally below the main design area, often site of date.
export licensing	See licensing.
absolute advantage	An advantage of one nation or area over another in the costs of producing an item in terms of used resources.
structural adjustment program	The list of budgetary and policy changes required by the IMF and World Bank in order for a developing country to qualify for a loan
gantry crane	A specialized crane which travels on a structure which can span a wide area and raises and lowers cargo
documents against acceptance	As a procedure to collect payment on an exported shipment
kanban	A card which acts as a signal to move or provide resources in a factory.
bad faith	The intent to mislead or deceive
audit risk	A combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests
captain's protest	A written sworn statement of the master of a vessel to the effect that damage suffered by the ship during the voyage was caused by storm or other peril of the sea, without any negligence or misconduct on his own part.
majority-owned foreign affiliate	A company in another country more than 50% of which is owned by a domestic person or company; thus one form of foreign direct investment.
cepii	"The CEPII is France's leading institute for research on the international economy." Known particularly for the economic data that it makes available.
corporation	An entity authorized by law and established by a group of people, the stockholders, which is endowed with certain rights, privileges, and duties similar to an individual.
pending	Legal proceedings not yet decided.
aso	A type of contract with an insurance company or a third party administrator that provides an employer with administrative service
easement	A right, privilege or interest limited to a specific use or control purpose which one party has in the land of another party and which runs with the land and is not a personal right of an individual.
detection risk	The risk audit procedures will lead to a conclusion that material error does not exist when in fact such error does exist.
distribution	1
export control	The establishment of procedures for the governmental control of exports for statistical or strategic purposes.
national sovereignty	See sovereignty.
liberalism	The set of views associated with being liberal, in the sense of freedom.
forced sale	The act of selling property under a compulsion as to time and frequently the result of legal proceedings ordering the sale.
rational expectations	Expectations that are correct on the average (forecasting errors are random)
factor proportions	1
entrepreneurship	The initiating and organising of the production of new goods, or the introduction of new techniques, and the risk taking associated with it.
majority interest	an ownership interest greater than 50% of the voting interest in a business enterprise.
defalcation	To misuse or embezzle funds.
icasa	The Independent Communications Authority of South Africa (ICASA) is the regulator for the South African communications, broadcasting and postal services sector
invisible hand	The self-regulating nature of a free-market system, as coined by economist Adam Smith.
accelerated tariff elimination	The reduction of import duties faster than originally had been agreed upon or projected.
comity	1
dixit-stiglitz utility	The Dixit-Stiglitz function used as a utility function.
simulation	A technique which imitates what might happen in reality by using random numbers.
condominium conversion	A process by which rental units are turned into individually owned units..
export subsidies	Government payments to induce exportation by domestic producers.
neutral	1
just in time	The principle of production and inventory control that prescribes precise controls for the movement of raw materials, component parts and work-in-progress
leontief paradox	The finding of Leontief (1954) that U.S
default	(1) noun — A condition in which a loan or investment is not performing as expected because of the debtor's failure to act or refrain from acting in ways contractually agreed upon
liberalization	1
export statistics	The statistics that cover the exports from one country to other countries.
lost decade	There is, sadly, no single meaning for this term, as it has been applied to many episodes of economies that stagnated for most of a decade
foreign repercussion	The feedback effect on a domestic economy when its macroeconomic changes cause large enough changes abroad for those in turn to cause further changes at home
mark 2	Washington Consensus Mark 2 (or Mark II)
karat	A way in which the purity of gold can be expressed, based on 24 karat gold being pure gold
distribution service	A transportation service that accepts a shipment from a shipper and at destination separates and sorts the packages and distributes them to many receivers.
eurodollar	Originally referred to U.S
dilution	(1) The difference between gross sales and net sales
expectation	The expectation of a variable is the same as its expected value, and is also used with both meanings.
un/edifact	United Nations Electronic Data Interchange for Administration, Commerce and Transport: A United Nations approved Electronic Data Interchange standard.
hazard insurance	Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.
obligations	Assertions about obligations deal with whether liabilities are obligations of the entity at a given date
contemporary counterfeit	A fake coin or note produced during the period when the coins were being struck or the notes were being printed to deceive the public, rather than at a later date strictly to deceive collectors.
berne convention	The Berne Convention for the Protection of Literary and Artistic Works requires that signatory countries provide national treatment in the protection of copyrights
certificate of title	A written document issued by an attorney or a qualified person who has examined the record of the real estate title reporting the state of that title.
homestead	A statutory protection from execution or the establishment of title by occupation of real property in accordance with the laws of various states or the Federal Government.
endorsement	A written statement on a document, usually on the back of the document, in which the owner assigns his rights to an individual or entity named in the endorsement.
proportion	The degree of relationship or ratio between two things.
shipper	1
investment risk	the degree of uncertainty as to the realization of expected returns.
particular average	A partial loss of cargo or hull which falls entirely upon the interest concerned
grout	(1) Thin mortar used in masonry work to fill joints between bricks, blocks, tiles
trade theory	The body of economic thought that seeks to explain why and how countries engage in international trade and the welfare implication of that trade, encompassing especially the Ricardian Model, the Heckscher-Ohlin Model, and the New Trade Theory.
trade diversion	A consequence of reduced trade barriers among a set of countries whereby trade with the group replaces trade that used to take place with countries outside the group.
analytical technique	See technique of analysis.
omc	Organización Mundial de Comercio (Spanish for World Trade Organization)
alienable	Ability to be transferred or conveyed.
case management	Planned approach to manage service or treatment to an individual with a serious medical problem
base metal	Non-precious metal; e.g., copper.
representation	A letter from management to the auditor representing that the financial statements are fairly presented
economic model	A formal presentation of an economic theory.
border protection	1
united states trade representative	A cabinet-level official with the rank of Ambassador who is the principal adviser to the President on international trade policy, and has responsibility for setting and administering overall trade policy
increasing returns	A situation in which output increases more than in proportion to inputs as the scale of a firm's production increases
commentary	a written explanation or criticism or illustration that is added to a book or other textual material
pareto efficient	Same as Pareto optimal.
estoppel	A legal theory under which a person is stopped or barred from asserting or denying a fact because of the person's previous actions or words..
renewable resources	Productive resources that can be replaced as they are used up, as with physical capital; distinguished from non renewable resources, which are available in a fixed stock that can be depleted but not replaced.
centre william rappard	The building in Geneva, Switzerland, that houses the World Trade Organization.
enemy	See natural enemy.
fama coefficient	See Fama regression.
reconcile	(reconciliation) A schedule establishing agreement between separate sources of information, such as accounting records reconciled with the financial statements.
iso 9000	Certification standards developed by the International Organisation for Standardization (ISO) that serve as a basis for quality standards for global manufacturers.
yield	Ratio of income from an investment to the total cost of the investment over a given period of time.
eu enlargement	The process of taking more member countries into the EU.
cogsa	Carriage of Goods by Sea Act.
two-way communication	When a receiver gives a response to a message and there is a discussion about it.
international institution	An organization established by multiple national governments, usually to administer a program or pursue a purpose that the governments have agreed upon.
tequila crisis	Refers to the economic and financial crisis that began in late 1994 when the Mexican peso devalued, causing disruption in the Mexican economy that then spread through other countries of Latin America
executor	A person appointed in a will and affirmed by the probate court to distribute a deceased person's estate in accordance with the will.
welfare proposition	In trade theory, this usually refers to any of several gains from trade theorems.
formal groups	Groups specifically set up by a carry out tasks
closed form solution	A solution to a math problem that can be obtained from simple formulas
load bearing wall	An integral and relatively permanent part of a house which helps support the floors or roof.
endogenous variable	A variable that is explained within a theory.
gross national income	1
spread-over treasuries	The difference between the bond equivalent yield for any investment and the bond equivalent yield for a Treasury investment with the same maturity
remuneration	Payment in return for services rendered.
national trade estimate	The National Trade Estimate Report on Foreign Trade Barriers is issued each year by USTR, reporting on the trade barriers faced by US exports in other countries.
charitable gift annuity reserves	A portion of a gift made to a charity in exchange for a gift annuity that the charity is required by state law to hold in a reserve fund
distress dumping	Intermittent dumping.
triad	a three-note major or minor chord; a note and its third and fifth tones
quiet title	To free the title to a piece of land from the claims of other persons by means of a court action called a "quiet title" action
internal sources	Sources of information within the company, used to compile market research as a basis for marketing decisions.
export parity price	The price that a producer gets or can expect to get for its product if exported, equal to the f.o.b
outright gift	An outright gift is a gift transferred immediately from the donor to the charitable organization
north-south trade	Trade between the developed countries (North) and developing countries (South)
fama regression	A regression of the future spot exchange rate minus the current spot rate on the forward premium, the estimated coefficient of which is sometimes called the Fama coefficient
uncorrected misstatements	are misstatements that the auditor has accumulated during the audit and that have not been corrected.
bill of health	An official certificate (Pratique) issued by the authorities upon the departure of a vessel or airplane showing the state of health at the place of departure, and of the passengers and crew.
zaibatsu	A large capitalist enterprise in pre-World-War-II Japan, usually centered around a single family and encompassing a wide variety of companies
insolvent	A company is insolvent if it has insufficient funds (all of its assets) to pay its debts (all of its liabilities).
section 421	The special safeguards provision of US law that was agreed to by China as part of its accession to the WTO
mate's receipt	A declaration issued by an officer of a vessel stating that certain goods have been received on board his vessel.
implied control performance	deals with expected changes to data.
port of export	A place where Customs is stationed to control departures of carriers, passengers, and goods to foreign countries.
infant mortality rate	The number of live-born infants who die before one year of age per 1000 of the population
specific rate of duty	A specified amount of duty per unit of weight or other quantity.
production possibilities schedule	A table reporting various combinations of outputs that are possible for an economy, given its technology and factor endowments
right of way	A right to pass over or to cross a parcel of land.
balassa index	See revealed comparative advantage.
public relations	An organisation's attempts to communicate with interested parties.
monotone	a single tone repeated with different words or different rhythms (especially in rendering liturgical texts)
belly pits or holds	Compartments beneath the cabin of an aircraft used for the transport of cargo or baggage.
home bias	1
lifetime employment	The practice, common in Japan since the early 20th century and covering about 20% of the labor force, of (male) workers remaining employed by the same large firm from graduation to retirement
macroeconomic equilibrium	A situation in which the quantity of real GNP demanded equals the quantity of real GNP supplied.
exhaustion	1
voucher	Internal file used to store documents information to control cash disbursements and to ensure that a transaction is properly authorized and recorded.
bilateral agreement	An agreement between two countries, as opposed to a multilateral agreement.
token	A round metal object issued privately rather than by a government issuing authority, able to be vended or used at a specific place as a substitute for government-issued money, sometimes within a certain time period.
shadow currency	1
program budget	A budget where the inputs of any resources and outputs of the final services are identified by different specific programs without any regard to the number of different organisational units involved in the performing and completing of various different aspects of the specific program.
market balance	Market equilibrium
in bond	(USA) A procedure under which goods are transported, stored, or handled, prior to clearance and release by customs, and the government's interest is secured by indemnity bonds.
expected value	1
guest worker	A foreign worker who is permitted to enter a country temporarily in order to take a job for which there is shortage of domestic labor.
gmo	Genetically modified organism.
quartile	One of four segments of a distribution that has been divided into quarters
division of labor	Splitting a production process across multiple workers, each performing a different task repeatedly rather than having a single worker perform all tasks
closing	(1) In real estate sales, the final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed
packaging	The physical container or wrapping for a product, also used for promotional purposes.
north-south model	An economic model in which two countries, North and South, represent developed and less developed countries respectively.
trade bloc	Trading bloc.
cafta	U.S.-Central American Free Trade Agreement, also called CAFTA-DR.
carbon tariff	A tariff levied on the basis of carbon dioxide that an import's production emits into the atmosphere
negotiation	Another name for collective bargaining - joint decision-making involving bargaining between representatives of the management and of the workforce within a firm.
financial markets	Markets through which saving passes before it goes either to governments or to business firms for investment purposes.
lead time	The amount of time between when an action is initiated and when it is completed, and thus the amount of time before you want it to be done that you must initiate the action
locomotive effect	The effect that economic expansion in one large country can have on other parts of the world economy, causing them to expand as well, as the large country demands more of their exports.
working papers	(written audit documentation) Records kept by the auditor of procedures applied, tests performed, information obtained, and pertinent conclusions in the engagement.
intestate	Without leaving a will, or leaving an invalid will so that the property of the estate passes according to the laws of succession rather than by direction of the deceased.
fka	Formerly known as.
type coins	Coins that are an example of their design type, typically collected in order to have an example of this design rather than due to the specific date and mint mark on the coin.
automated commercial system	(USA) The comprehensive electronic data system of U
variance analysis	The process of calculating variances and attempting to identify their causes. This is done by comparing the actual results with the budgeted or predicted results and investigating any discrepancies.
zoning ordinance	An act by city or county authorities to regulate and control the use of real estate for the health, morals, safety and welfare of the general public.
reciprocal	Applied to an agreement, especially a trade agreement, this means that both (or all) parties to the agreement make concessions to the other(s)
tramp line	A transportation line operating tramp steamers in waterborne commerce.
jettison	The act of throwing overboard at sea part of a vessel's paraphernalia or cargo or hull - usually in hopes of saving the ship from sinking.
collection service	A service performed by a neutral third party in receiving and disbursing loan payments as instructed by the parties concerned.
spotting	The placing (or parking) of a container in the place where required, to be loaded or unloaded, or held for further action.
enterprise zones	Small inner city areas designated by the government which qualify for financial assistance.
federal reserve system	A governmental agency established by Congress to organize and regulate banking throughout the United States
gastarbeiter	Guest worker.
guardian	A person appointed by a court to manage the person and/or property of one who is legally incompetent to handle his/her own affairs.
invisible balance	The balance of all items on the current account of the balance of payments except for exports and imports of goods.
schengen agreement	An agreement (later, convention) signed in 1985 to remove all frontier controls and permit free movement of persons between the participating countries of the Schengen Area
coastal trade	Trade by vessel between the ports of one nation.
intensity	The amount that something is used, as compared to something else
middle income country	The middle income group in the World Bank's classification of countries by GNI per capita, calculated by the Atlas Method
review evidence	is information used by the accountant to provide a reasonable basis for the obtaining of limited assurance.
die	A hardened metal punch, the face of which carries an intaglio or incuse mirror-image to be impressed on one side of a planchet.
entrepot	An intermediary storage facility (often in an intermediate country) where goods are kept temporarily for distribution.
duplex	Two separate housing units that are contained in a single structure.
positive statement	A statement about what actually is (was or will be), as opposed to what ought to be
s&ed	Strategic and Economic Dialogue.
zeroing	The practice used by the U.S
parsimonious	Stingy
bankrupt	One who is adjudicated a bankrupt by a court having proper jurisdiction
on line searching	Is using a computer retrieval system to obtain information from a database such as on the Internet. Now sometimes referred to as Googleing.
autocratic leadership	A leadership style where the leader makes all decisions independently. The instructions and strategies are issued from above with little opportunity for contributions to decision-making from less senior employees .
fixtures & fittings	This is a class of fixed asset which includes office furniture, filing cabinets, display cases, warehouse shelving and the like.
a.m. best	An organization that rates the financial stability of insurance companies
receiver	A court-appointed person who holds property and any income from that property,pending a court-ordered final resolution of the legal dispute.
settlement	(1) Noun — The standard number of days between the date that a purchase or sale is agreed upon (the trade date) and the date that the security and the payment actually change hands (the settlement date)
advertising elasticity of demand	The responsiveness demand to a change in advertising expenditure.
trust	An arrangement under which money or other property is held by one person or company (often a trust company) for the benefit of another person or persons
real property	A piece of land, from the center of the earth and extending above the surface indefinitely, including all inherent natural attributes and any man-made improvements of a permanent natural place thereon
stevedore	1
prices and incomes policies	Government policies which restrict the increase of prices and incomes in order to attain price stability.
automated manifest system	(USA) A module of the Automated Commercial System of U
fully insured plan	The employer pays the entire premium and, in return, transfers all of the risk and responsibility for claims payments to the insurance company.
warp	Weak axiom of revealed preference.
certificate of manufacture	1
logrolling	The exchange of political favors, especially among legislators who agree to support each others' initiatives
apb opinions	The Accounting Principles Board existed before the Financial Accounting Standards Board
annuity trust	See "Charitable Remainder Annuity Trust"
intertemporal	Occurring across time, or across different periods of time.
iso	Acronym of the International Organization for Standardization, chosen to be used in all languages even though it may not exactly match the organization's name in any.
incomplete strike	A coin lacking part of the design due to a problem during production.
execution	The completion of an act or process such as an escrow.
economic structure	The classification of a country according to the proportion of output produced by the primary sector, secondary sector and tertiary sectors.
lump-sum tax	A fixed amount that has to be paid by everyone regardless of the level of his or her income.
vent for surplus	When international trade enables a country to exploit resources that would otherwise be unused.
cross correlation	Statistical term for the degree of similiarity for two different sets of data.
online	Access to a computer for immediate processing without having to wait for a batch of transactions to be processed at a later time.
export declaration	(USA) The Shipper's Export Declaration is a required customs document for exportation of goods from the United States which provides statistics and facilitates control where applicable.
weighted average	The average of several items, where each item is ascribed a weight
narrative	A written description of an internal control system.
horizontal integration	Production of different varieties of the same product, or different products at the same level of processing, within a single firm
discipline	See GATT discipline.
free rider	Someone who consumes a good, service without paying for it.
principle of progression	An appraisal principle that holds that the worth of a residence of lesser quality will tend to be increased by being in association with residences of higher quality in the same area
authorization	The power or right to act on behalf of another.
product family	A group of products or services that have a defined relationship because of physical and production similarities.
notice of adverse action	In many cases, lenders are required by law to provide applicants with timely notice of adverse action, such as denial of credit applications
non-cooperation	A form of industrial action when employees refuse to comply with new working practices.
minor	One who because of insufficient age or status is legally incapable of making contracts.
discouraged workers	People who would like to work but have ceased looking for a job and hence have withdrawn from the labour force because they believe that no jobs are available for them.
subacute care	Health care services that are less intense than hospital care but more intense than skilled nursing home services.
comparability	Users evaluate accounting information by comparison
two-part tariff	A method of charging for a good or a service, usually a utility such as electricity, in which the consumer pays a flat access fee and a specified amount per unit purchased.
negotiation	The bargaining process that precedes a successful contractual agreement and generally creates a win-win situation for all of the parties
constructive notice	Notice given by public records.
nace	Nomenclature statistique des activités économiques dans la Communauté européennui, this is the Statistical Classification of Economic Activities in the European Community
merger	The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock.
short-term	1
mala fides	In bad faith
pattern	A coinlike product that is produced by a mint to test or demonstrate a potential new design, diameter, or metal composition for coinage.
call	In a metes and bounds description, the angle and distance of a given line or arc
tokyo round	The 7th round of multilateral trade negotiations that took place under GATT auspices, commencing 1973 and completed in 1979
capitalism	An economic system individuals privately own the productive resources of land and capital.
snake	An arrangement in which currencies were pegged to each other but left free to float as a group against the U.S
customs station	An office through which imported goods must pass in order to be monitored and taxed by customs officers.
abstract of judgment	A brief transcript of the essentials of a court judgment.
power of attorney	A document by which one person, the "principal," authorizes another person, the "attorney-in-fact," to act for him/her in a specific manner in designated transactions.
index number problem	A question the answer to which depends on a choice of weights
related use rules	The benefactor is allowed a deduction for the full fair market value of the TPP only if the item is related to the tax-exempt purposes of the charity
aging	a process where accounts receivable are sorted out by age (typically current, 30 to 60 days old, 60 to 120 days old, and so on.) Aging permits collection efforts to focus on accounts that are long overdue.
intraindustry trade	Trade in which a country exports and imports in the same industry, in contrast to interindustry trade
tombstone	The informal name for a published notice listing the major participants in a syndicated loan or newly issued security.
import licensing	See licensing.
holding company	A company that has control over other companies through ownership of a sufficient proportion of those companies' common stock.
letters testamentary	Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.
qualified	An audit opinion that the financial statements as a whole are presented in conformity with U.S
gang	Maritime: A group of longshoremen under a supervisor who are assigned to load or unload a portion of a vessel.
negative assurance	A statement of what the CPA does not know as opposed to what the CPA believes (positive assurance)
expense	an expenditure which is chargeable against revenue during an accounting period
nontradable good	A good that, by its nature, is nontradable.
listed investments	Refers to the investments which have been listed and/or quoted on the stock exchange.
secondary action	Industrial action taken against a company not directly involved in a dispute (e.g
title plant	The information warehouse of a fide company in which it has accumulated and is constantly updating the records of properties in its area which it can use to search title to real property.
sling	A contrivance into which freight is placed to be hoisted into or out of a ship.
mitigating	Reducing in force or intensity.
frictional unemployment	Unemployment of people who are changing jobs, careers, or locations.
multilateral aid	Aid provided by a group of countries, or an institution representing a group of countries such as the World Bank, to one or more recipient countries
technology	Society’s pool of knowledge concerning how goods and services can be produced from a given amount of resources.
alloy	A combination of two or more metals.
gravity equation	An estimated equation of the gravity model.
price system	A system under which every good and service has a price and which in a purely capitalistic economy carries out the basic functions of an economic system (determining what goods and services will be produced, how the output will be produced, how much of it each person will receive, and what the country’s growth of per capita income will be).
administrative agency	A unit of government charged with the administration of particular laws
sales revenue maximisation	Producing a level of output where sales revenue is greatest, where average revenue is equal to average cost or unit cost.
c	(music) the keynote of the scale of C major
import quota	A protective device establishing limits on the quantity of a particular product that may be imported into a country.
chain of command	The structure within an organisation which allows instructions to be passed down from senior management to the lower levels of management.
balance sheet	a statement of the financial position of a company at a single specific time (often at the close of business on the last day of the month, quarter, or year.) The balance sheet normally lists all assets on the left side or top while liabilities and capital are listed on the right side or bottom
ergonomics	The study of people in their working environment and the adaptation of machines and conditions to improve efficiency.
regulation	Management of an economy by an outside (usually governing) body or set of pre-existing laws.
accounts payable	amounts owed by the company for the goods or services it has purchased from outside suppliers.
vessel ton	A unit of measurement of vessels which provides that 100 cubic feet of vessel volume equals one ton.
international monetary fund	An organization formed originally to help countries to stabilize exchange rates, but today pursuing a broader agenda of financial stability and assistance
mutatis mutandis	Latin phrase meaning, approximately, "allowing other things to change accordingly." Used as a shorthand for indicating the effect of one economic variable on another, within a system in which other variables that matter will also change as a result
gondola car	An open railway car with sides and ends, used principally for hauling coal, sand, etc.
lay order	The period during which imported merchandise may remain at the place of unloading without some action being taken for its disposition.
production frontier	Production possibility frontier.
fiscal union	A form of integration among countries in which they share and coordinate fiscal policies to some degree
rule of reason	The principle that not all trusts but only unreasonable combinations in restraint of trade require conviction under the antitrust laws.
international exhaustion	See exhaustion.
european monetary system	A currency union formed by some of the members of the EEC in 1979 that continued, with changing membership, until replaced by the EMU and the euro in 1999.
political economy	1
service	1
lhs	Left-hand side, usually referring to what appears to the left of the equal sign in an equation, and therefore usually the dependent variable that is explained by the right-hand side.
fixed factor	An input that cannot be increased in supply within a given time period
subsidized loan	A subsidized loan is awarded on the basis of financial need, which is determined by the information provided on the Free Application for Federal Student Aid (FAFSA)
ascertain	An audit procedure to determine or to discover with certainty
irs publication 526	Everything you want to know about IRS charitable deductions
materiality constraint	Prescribes that accounting for items that significantly impact financial statement and any inferences from them adhere strictly to GAAP.
execution lag	The time that it takes to put policies in place after a decision has been made.
discrimination	A failure to treat all persons or parties equally where no reasonable distinction can be found between those favored and those not favored
regional trade	Trade among countries that are geographically close together, especially on the same continent.
hos model	Heckscher-Ohlin-Samuelson Model.
market failure	Failure of the unregulated market system to achieve optimal allocative efficiency or social goals
trading arrangement	An agreement between two or more countries concerning the rules under which trade among them will be conducted, either in a particular industry or more broadly.
portability	Provides access to continuous health insurance coverage so the insured does not lose coverage due to any change in health or personal status (such as employment, marriage, or divorce).
maximax	The strategy of choosing the policy that has the best possible outcome.
gateway	1
green room group	A group of GATT/WTO member countries or their delegates -- including the larger members and selected smaller and less developed ones -- that have met together during negotiations (originally in a green room at WTO Geneva headquarters) to agree among themselves, before taking decisions to the full membership for the required consensus.
courier	1
judgement creditor	A party who has received from the court a decree or judgment against a debtor to to have him or her pay all money due.
deterministic	Not random
knot	(1)The hard, irregular shaped defects in boards, caused by cutting at the point where the branch of the tree meets the trunk
managed trade	The use of trade policies to manipulate trade for political purposes.
title	(1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy and dispose of real estate or a right or interest therein.
certainty	Situation in which there is absolutely no doubt about which event will occur, and there is only one state of nature with 100% probability attached.
embargo	The prohibition of some category of trade
primary data	Information which does not already exist and is collected through the use of field research.
webb-pomerene act	US legislation enacted in 1918 exempting certain exporters and exporter associations from anti-trust legislation.
moorage	Charges assessed for mooring a vessel to a pier or wharf.
perpetual	An inventory accounting system updated for each addition to inventory and each issuance from inventory, so the records indicate the exact quantity on hand at any moment
stochastic	A term used to describe outcomes based on uncertain relationships
government	All public officials, agencies, and other organisations belonging to or under the control of state, local, or federal governments.
cross rate	1
maker of the note	Entity who signs a note and promises to pay it at maturity.
product differentiation	Slight differences in products which may be real or perceived.
united states trade representative	The cabinet-level official of the U.S
dispute settlement	In the GATT, the adjudication of disputes among parties
node	In program evaluation and review technique (PERT), circle in a network representing the beginning and ending of activities
debt crisis	1
escalation clause	A clause in a lease providing for an increased rental at a future time
computer numerically controlled machines	Machines which have their operations controlled by a computer program.
deductions	1
elastic demand	The situation in which, for a given percentage change in price, there is a greater percentage change in quantity demanded; elasticity greater than unity.
technical regulation	A requirement of characteristics (such as dimensions, quality, performance, or safety) that a product must meet in order to be sold on a country's market
device	The principal element, such as a portrait, shield or heraldic emblem, of the design on the obverse and reverse of a coin, token or medal.
administrator	An individual appointed by a court to administer the estate of a person who dies without a will.
theory of second best	See second best.
embargo	A government prohibition of exports or imports with respect to specific products or specific foreign countries.
memorandum of understanding	An informal record, document, or instrument that serves as the basis of a future contract.
bulk cargo	Cargo that is made up of an unpacked commodity; examples include grain, oil, and ore.
acknowledgement	A formal declaration before a duly authorized officer (such as a notary public) by a person who has executed an instrument that such execution is his own act and deed
constructive notice	A notice imparted by the public records of the county when documents entitled to recording are recorded.
recomputation	Perform procedures again and compare to original results.
revocable gift	A charitable gift that the donor can take back (will or living trust)
uncertainty	When an outcome mayor may not occur and its probability of occurring is not known.
endogenous	1
spillover	A positive externality
agreement	An understanding between two or more parties that is often embodied in a legally binding, written contract.
memorandum bill of lading	Sometimes the duplicate (non-original) copies of bills of lading are marked "Memorandum" and are intended for informational purposes only.
rhs	Right-hand side, usually referring to what appears to the right of the equal sign in an equation, and therefore usually the portion of the equation that explains the the dependent variable on the left-hand side.
undivided partial interest	A great way for a donor to make a significant gift in a very simple manner. Example: the donor is selling his second home in Vail, CO. The home has no liens or mortgages and because it has been owned for many years it has enjoyed a huge increase in value
delegation	Authority (and sometimes responsibility) passed down from superior to subordinate.
population per physician	The population of a country divided by the number of doctors
risk	the possibility of loss; inherent in all business activities
similars	See law of similars.
x	In economic models involving international trade, X is usually chosen to represent exports, and M to represent imports, perhaps because E and I have too many other uses.
gsp social clause	See social clause.
indemnify	1
external sources	Sources of information outside the company used to compile market research as a basis for marketing decisions.
mean	The sum of the values of each of the members of the sample divided by the total number in the sample.
developing countries	The lower-income countries of the world, most of which are in Africa, Asia, and Latin America
tunnel	See snake in the tunnel.
land	The material of the earth, whatever it may be such as soil, rock or other substance and it includes the free or unoccupied space for an indefinite distance upwards as well as downwards.
customs union	A group of countries that adopt free trade (zero tariffs and no other restrictions on trade) on trade among themselves, and that also, on each product, agree to levy the same tariff on imports from outside the group
liquidity preference function	The function that relates the demand for money to the rate of interest
normative statement	A statement about what ought to be, in an ethical sense, as opposed to what actually is, in a positive sense
net international reserves	International reserves minus reserves that have been borrowed from the IMF and other governments.
bullion	Uncoined precious metal in the form of bars, plates, ingots, and other items.
execution	An order directing a sheriff, constable, marshal, or court-appointed commissioner to enforce a money judgment against the property of a debtor
chose in action	A personal right to receive or recover a debt or damages, but only through a lawsuit.
immediate transportation entry	(USA) A form of U.S
behavioural theories	Theories which state that business objectives are determined jointly by groups of interested parties.
quid pro quo	1
ricardian neutrality	The proposition that the financing of a government deficit has no current effect because private saving will just offset any government dissaving
alternate care benefit	Payment for a special arrangement of services specifically designed to allow the person to reside in a setting other than a nursing facility (i.e
homestead	A personal residence.
action ex contractu	1
interest-coverage ratio	A ratio that uses historical financial information
import penetration	A measure of the importance of imports in the domestic economy, either by sector or overall, usually defined as the value of imports divided by the value of apparent consumption.
added value	The difference between the selling price of a product or service and the cost of inputs such as materials and components.
world production possibility frontier	The aggregate production possibility frontier for all of the countries of the world
scatter graph	A graph showing the performance of or variable against another independent variable on a variety of occasions
mixing regulation	1
unit labor requirement	The amount of labor used per unit of output in an industry; the ratio of labor to output
client	A party to a transaction with whom the broker has entered into a specific written agency agreement to provide services.
special product	Same as sensitive product.
net present value	The present value of a series of future net cash flows that will result from an investment, minus the amount of the original investment
mint set	Group of Uncirculated coins of one date, as sold by the mint in
collection system	(USA) In U.S
intermodalism	The use of more than one form (mode) of transportation, as when a shipment travels by both sea and rail.
enterprise value	The Enterprise value is the sum required to secure 100% of the company's cash flows/acquire all its liabilities
stop-or-go sampling	Taking a sample from a population and checking after each sample item is drawn whether the sample supports a desired conclusion
currency union	A group of countries (or regions) using a common currency.
bankruptcy	A special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor’s creditors and the debtor.
delta	(1) The Greek letter used by mathematicians to refer to change or the quantity of change.
trade openness	See openness.
cariforum-ec epa	An economic partnership agreement between the European Community and the CARIFORUM countries, signed in 2008.
chassis	1
covered put	The sale of a put option while holding sufficient cash to buy the underlying.
boundary line survey	A mathematically closed diagram of the complete peripheral boundary of a site, reflecting dimensions, compass bearings and angles
reparations	Payment or other compensation provided by a government to a group of people or to another country to compensate for loss or damage that it has caused
command economy	An economy in which the decisions of the government (as distinct from households and firms) exert the major influence over the allocation of resources.
bad debts	amounts owed to a company that are not going to be paid
potential pareto improvement	A change that could become Pareto-improving if it were accompanied by suitable redistribution
pnud	Programa de Naciones Unidas para el Desarrollo (Spanish for United Nations Development Programme)
breast height	The height at which the diameter of a tree is measured
cac	The government body responsible for union recognition.
nuncupative will	An oral will, usually in a deathbed situation, before witnesses who later testify to its authenticity.
piggyback	The transportation of truck trailers and containers on specially equipped railroad flat-cars.
dilution	The reduction, weakening, or decrease in a item
marshall plan	A U.S
comparative	Financial statements of a prior period shown with those of the current period to aid in comparisons between periods.
improvements	Generally, buildings, but may include any permanent structure or other development
letter of intent	A document that describes the preliminary understanding between parties who intend to make a contract or join together in another action.
plurilateral	Among several countries -- more than two, which would be bilateral, but not a great many or all, which would be multilateral.
normal profit	The opportunity cost of capital and risk taking just necessary to keep the owners in the industry
bancor	The international currency proposed by Keynes for use as the basis for the international monetary system that was being constructed at the end of World War II
marrakesh protocol	The agreement entered into by all signatories of the GATT at the April 1994 ministerial in Marrakesh, Morroco
trade regime	The rules and practices prevailing in a country's international trade relationships.
trade remedy	Protection provided by any of the following: anti-dumping duties, countervailing duties, or safeguards protection.
official settlements balance	One of several measures of the balance of payments surplus, this one equal to the change in official reserves minus the net increase in foreign official holdings of the country's assets.
permanent-income theory	A hypothesis that relates actual consumption to permanent income rather than (as in the original keynesian theory) to current income.
trade mission	1
venue	Neighborhood; often used to refer to the county or place in which an acknowledgment is made before a notary; also refers to the county in which a lawsuit may be filed or tried.
fixed budget	A budget that does not get adjusted for any changes in the level of sales or service.
cellular manufacturing	Involves producing a 'family of products' in a small self-contained unit (a cell) within a factory.
diseconomies of scale	1
isa	International Services Agreement.
financial reports	Reports that show the financial status of a company at a given time.
reliability	1
transshipment	1
population size	The number of items in the population from which a sample is drawn.
bilateral trade	The commerce between two countries.
advanced technology products	Products whose technology is from a recognized high technology field, represent leading edge technology in that field, and constitute a significant part of all items covered in the selected classification code.
file	Collection of information stored as records
fpe	Factor price equalization.
authorized user	A person who has been given permission to make changes to a credit account
10:00 am	12:00pm
pallet	A platform with or without sides, on which a number of packages or pieces may be loaded to facilitate handling
unitization	The practice or technique of consolidating many small pieces of freight into a single unit for easier handling.
productive efficiency	A situation where firms producing the maximum output for a given amount of inputs, or producing a given output at the least cost.
accessorial services	`In transportation, services performed which are additional, supplemental, or special, in addition to the basic transportation service.
f.u.t.a. federal unemployment tax	Payroll taxes on employers assessed by the federal government to support it's unemployment insurance program.
accommodation	An arrangement or engagement made as a favor to another, not dependent upon a consideration received.
actuarial tables	Actuarial, life expectancy, and other tables issued by the U.S
love token	A coin which has been altered by smoothing one or both surfaces and engraving initials, scenes, messages, etc., thereon
accession country	A country that is waiting to become a member of the EU.
economic integration	See integration.
standard	A quantitative expression of a performance objective, such as standard hours of labor allowed for actual production or a standard purchase price of materials per unit.
html	Hypertext Mark-up Language - the language used to create web documents.
asset position	See net foreign asset position.
aicpa	American Institute of Certified Public Accountants
amendment	An addition, deletion, or modification of a document.
apportionment	The division of rights or liabilities among several persons entitled to them or liable for them in accordance with their respective interests.
appeal	The formal request to have an assessment reviewed by the Assessment Appeals Board
poverty datum line	Same as poverty line.
certificate of title	In areas where attorneys examine abstractor chains of title, a written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract.
metes and bounds	A land description in which boundaries are described by courses, directions, distances and monuments.
key lot	A lot in such a position that one side is adjacent to the back of other lots
overnight	The period in which settlement is required on a transaction such as a currency trade or a swap - on the next business day after the transaction.
certificate of taxes due	A written statement or guaranty of the condition of the taxes on a certain property made by the County Treasurer of the county where the property is located and any loss sustained due to an error in the tax certificate will be paid by the county reporting.
trading partner	A trading partner of one country is any other country with which it trades
factor price equalization	The tendency for trade to cause factor prices in different countries to become identical
preferential trading arrangement	1
international rubber study group	An intergovernmental organization, founded in 1944, that provides a forum for the discussion of matters affecting the supply and demand for both synthetic and natural rubber
advanced country	Developed country.
cross-hauling	The simultaneous shipment of the same product in opposite directions over the same route
euro area member states	Counties that have adopted the euro; the euro zone.
panel report	The finding of a WTO dispute settlement mechanism panel.
berth	The place beside a docking area where a ship is secured and cargo can be loaded or unloaded.
significant risk	is an identified and assessed risk of material misstatement that, in the auditor's judgment, requires special audit consideration.
dispersion	The distribution pattern of measurements
net imports	Imports minus exports
return on invested capital	the amount, expressed as a percentage, earned on a company’s total capital for a given period.
efficiency	The ratio of the audit evidence produced to audit resources used.
swap rate	The difference between the spot and forward exchange rates
international commodity agreement	An agreement among producing and consuming countries to improve the functioning of the global market for a commodity
preference set	The set of vectors of goods or other economic magnitudes that are prefered by an economic decision maker (e.g., consumer) to a given one.
harter act	(USA) An 1893 Federal Statute regarding ocean bills of lading and limitation of some carrier liabilities
executor	A person appointed in a will and affirmed by the probate court to cause a distribution of the decedent's estate in accordance with the will
occurrence	Assertions about occurrence deal with whether recorded transactions have occurred during a given period
average tax rate	The total tax payment divided by total income
objective probability	Characteristic obtained as a result of repeated experiments or repeated trials rather than on the basis of subjective estimates
closely held corporation	Firm that has only a few stockholders
letters of administration	Formal written evidence of court appointment of a conservator of the person, or of the estate of an intestate decedent.
rescind	To abrogate, annul, avoid, cancel a contract; declare it void in its inception and put an end to it as though it never were.
donor	Person who makes a gift.
pse	Producer support estimate or producer subsidy equivalent.
accelerated biweekly payment	A payment frequency that allows you to pay half the monthly payment every two weeks
audit planning	is developing an overall strategy for the audit
demographic transition	The change that typically takes place, as a country develops, in the birth and death rates of its population, both of which tend eventually to fall as per capita income rises.
warsaw pact	A "treaty of friendship, co-operation, and mutual assistance" including the Soviet Union and its satellite states in Central Europe
eurostat	The statistical office of the European Union, which provides statistics on economic and other variables at the level of the EU member countries.
market power	1
chapeau	In the context of GATT articles, this means an introductory paragraph.
authority	The right to command a situation, a task or an activity.
specific factor	A factor of production that is unable to move into or out of an industry
conveyance	A transfer of title.
information technology	The recording and use of information by electronic means.
basic earnings per share	net income available to common stockholders divided by the weighted-average number of shares outstanding
nordic investment bank	An international financial institution, owned by a group of the five Nordic countries plus the three Baltic countries, that funds clients in the private and public sectors of the member countries as well as in emerging markets around the world.
intermediaries	Firms which act as a link between producers and consumers in a channel of distribution
self-sufficiency	Provision by one's self of all of one's own needs
dual exchange rate	The existence of two exchange rates for a single currency for use in different circumstances as mandated by the government.
short term interest rate	1
x	A mark executed by an individual who cannot write
encased postage stamp	A postage stamp unofficially encased in a metal, plastic or cardboard frame and intended to be used as small change.
contingency	Action conditioned upon a certain event
usance	The common period fixed for payment by usage, custom, or habit of dealings between the country where a bill of exchange is drawn and that where it is payable
new product	See product cycle.
probability distribution	The mathematical function describing the probability of different events, as described by values for a variable
domestic	From or in one's own country
business decisions	These include strategic decisions (very important ones which can affect the overall success of the business), tactical decisions (those which are taken more frequently and which are less important) and operational decisions (day-to-day decisions which will be taken by lower-level managers).
abstract	A summary, an abridgement
retaliation	1
shop steward	An elected union official who represents workers' interests in the place in which the shop steward works.
production possibility set	The set of all technically feasible combinations of inputs and outputs, representing the technology of a firm, industry, or country.
testamentary trust	A trust established by the will of its creator for the benefit of survivors.
long-run shut-down point	This is where the AR curve is tangential to the long-run average cost (LRAC) curve
sterling	British money, particularly the British pound, a formal name for which is the pound sterling.
yield	The annual return on an investment expressed as a percentage on an annual basis
blair house accord	An agreement on agricultural subsidies between US and EC negotiators in November 1992 that broke an impasse in the Uruguay Round negotiations.
syngraphics	The study of printed currency and related items; from "syngraph," a writing signed by all parties to a contract or bond.
liquidated damages	A sum of money that a contracting party agrees to pay to the other party for breaching an agreement.
judgement lien	A legal claim placed on all of the real and personal property of a judgment debtor which enables a judgment creditor to have the property of the debtor sold for payment of the amount of the judgment.
wage insurance	A program to pay displaced workers, when they become re-employed and for a limited period of time, a specified fraction of the difference between their old wage and their lower new wage
notarize	To prove execution of a document by means of a notary public's certificate of acknowledgment.
international trade data system	A proposed electronic system that would integrate the different government trade and transportation data processes into a system that provides a standard means of gathering, processing, storing and disseminating import and export trade data
invisible	In referring to international trade, used as a synonym for "service." "Invisibles trade" is trade in services
verify	Prove accuracy of numbers or existence of assets.
invertible	Said of a matrix if its inverse exists
lower deck containers	Carrier owned containers specially designed as an integral part of the aircraft to fit in the cargo compartments of a wide body aircraft
intermediate products	All outputs that are used as inputs by other producers in a further stage of production.
slope	The ratio of the vertical change to the horizontal change between two points on a curve.
fixed exchange	1
attachment	The seizure of real or personal property of a party to a lawsuit by the court for the purpose of acquiring jurisdiction over the property to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation.
resource curse	The idea that countries with abundant natural resources are actually likely to be worse off than countries where such resources are scarce
black sea economic cooperation	A group of eleven countries, formed in 1992, with the objective of fostering "interaction and harmony" among the members through political and economic cooperation.
baltic countries	Estonia, Latvia, and Lithuania
interstate carrier	(USA) A common carrier whose business extends beyond the boundaries of one state.
current dollars	The phrase, "in current dollars" means "not adjusted for inflation."
inequality	Differences in per capita income or household income across populations within a country or across countries.
life estate	A possessory estate in land held by a person only for the duration of a specific person's life.
t-bill	Treasury bill.
margin of preference	1
argument for protection	A reason given (not necessarily a good one) for restricting imports by tariffs and/or NTBs.
third best	Even further from optimal than second best.
operating decisions	The decisions that involve routine tasks, such as planning production and sales, scheduling personnel and equipment, adjusting production rates, and controlling the quality of production.
input tax credits	This is the GST you paid on an acquisition or the GST paid on an importation if is used in your business, but not to the extent that you use the acquisition or importation to make input taxed supplies.
sampling risk	The possibility that conclusions drawn from the sample may not represent correct conclusions for the entire population.
eminent domain	The right of a government to take private property for public use upon payment of fair market value
moor	To secure a vessel to an anchor, buoy, or pier.
labour	A factor of production consisting of all physical and mental efforts provided by people.
management information system	Is a computer based or manual system that transforms data into information useful in the support of decision making.
house air waybill	1
super 301	A U.S
tracking	A carrier's system of recording movements of shipments from origin to destination.
link	See Project LINK.
equitable lien	A lien granted by the court as a result of legal action taken rather than as a result of statute
bounties	A compensation paid to persons to induce certain actions
moderation	See Great Moderation.
burnishing	A minting process through which coinage surfaces are brightened.
transfer union	A group of countries that unite sufficiently to use transfer payments from one government to another as a regular means to accommodating changing needs across countries
upstream subsidization	Export of a good one of whose inputs has been subsidized.
business cycle dating committee	See National Bureau of Economic Research.
zero sum game	A game in which the payoffs to the players add up to zero, so that a gain for one is necessarily equaled by loss to others
v4	The Visegrad Group of countries.
development assistance committee	The group of member countries of the OECD that form the "principal body through which the OECD deals with issues related to co-operation with developing countries." It has 24 members (as of August, 2012), which are generally those OECD member countries with the highest per capita incomes, plus the Commission of the European Union.
informative advertising	Advertising where the emphasis of advertising or sales promotion is to give full information about the product.
rationalisation	The reorganising of production (often after a merger) so as to cut out waste and duplication and generally to reduce costs.
division of labour	When the production process is split up into different tasks and each worker performs one of these tasks
active position	The difference between the actual level of investment made in a particular asset class and the benchmark level of investment in that asset class.
personal checks	Cashier's or bank checks
single market	Removal of the remaining barriers among the countries of the European Union, permitting the free movement of goods, persons, services, and capital; also known as Europe 1992.
gross area	The total floor area of a building which is usually measured from its outside walls..
rules-based trade policy	Institutional arrangements in which national trade policies are governed by internationally agreed-upon rules, as in the GATT and WTO.
undistorted	The absence of any distortion.
innovation	The introduction of an invention into methods of production.
deep integration	Refers to economic integration that goes well beyond removal of formal barriers to trade and includes various ways of reducing the international burden of differing national regulations, such as mutual recognition and harmonization
export instability	Frequent and large fluctuations, over time, in the quantity and/or value of a country's exports, either individually or in aggregate.
accord and satisfaction	A means of discharging a claim whereby the parties agree to give and accept something in settlement and perform the agreement, the agreement being the "accord" and its performance "the satisfaction."
nota bene	a Latin phrase (or its abbreviation) used to indicate that special attention should be paid to something
line authority	The power to give orders to subordinates
prevailing charges	Amounts charged by health care providers that are consistent with charges from similar providers for identical or similar services in a given locale.
charitable deduction	A deduction permitted under each of the income, gift, and estate tax chapter of the Internal Revenue Code for transfers made to a qualified charity.
globalization	Pertaining to deeper integration and more rapid interaction of economies through production, trade, and financial transactions.
subgame	A portion of a game that is itself a game.
expert testimony	Testimony by one acknowledged to have special training and knowledge in a particular subject
net pay	Gross pay less all deductions
implicitly	Implied or understood even though not directly expressed.
revenue function	A function representing the maximum revenue attainable in an economy for given price vector P, factor endowment vector V, and technology set F representing the set of all feasible outputs X given V: R(P,V) = maxX{PX \| X∈F(V)
validity check	Software control over input of data to a computer system
previous balance	The balance that has carried over from the previous billing period.
monetary contraction	Contractionary monetary policy.
dixit-stiglitz function	Really just a symmetric CES function, the innovation of Dixit and Stiglitz (1977) (and earlier Spence (1976)) was to allow the number of arguments to be variable
bilateral aid	Aid from a single donor country to a single recipient country, in contrast to multilateral aid.
smuggle	To take a good across a national border illegally
producer price index	A measure of the average price change over time in the selling price received by the domestic producers within a country for their production.
fund risk	Measure of how risky a fund is
pooled income fund	These have fallen out of favor and are very seldom used today
test data	is run through a computer program to test the software
industrial countries	Developed countries or the North
business risks	are risks that could adversely affect an entity's ability to achieve its objectives and execute its strategies or from the setting of inappropriate objectives and strategies.
offshoring	Movement to a location in another country of some part of a firm's activity, usually a part of its production process or, frequently, various back office functions.
segment	A functional or responsibility area within a business that can be reported upon separately.
desk research	Secondary data.
trade liberalization	Reduction of tariffs and removal or relaxation of NTBs.
net migration	The difference between the number of people entering a country (or region) and the number leaving it.
acknowledgment	A formal declaration before a duly authorized officer (such as a notary public) by a person who has executed an instrument that such execution is his own act and deed
ticker symbol	A ticker symbol is a 1 to 5 letter symbol which is used to represent a security listed on a stock exchange. The ticker symbol for General Motors, for instance, is GM, and for Intel is INTC.
official development assistance	Official Development Assistance Financial flows to developing countries and multilateral institutions provided by official government agencies.
singapore issues	The issues on which it was agreed to form working groups at the Singapore Ministerial: trade and investment, competition policy, transparency in government procurement, and trade facilitation.
sez	Special economic zone.
notary public	A person authorized by law to take acknowledgments and to administer paths.
assumption agreement	The adoption or taking on a debt or contractual obligation primarily resting upon another party
weep holes	Small holes in a retaining wall or other wall where it may be necessary to drain off excess water to avoid pressure build-up.
branch plant economy	An economy that relies heavily on branch plants, i.e., production subsidiaries, of foreign companies, and therefore on foreign-owned capital and technology.
single-payment loan	Another name for a time or balloon loan
underdeveloped country	A synonym, not usually used today, for less developed country.
economy	A system which attempts to solve the basic economic problem
amicus brief	A document filed in a legal proceeding by an interested party who is not directly part of the case
submediant	(music) the sixth note of a major or minor scale (or the third below the tonic)
acknowledgment	A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his/her act
origin rule	See rules of origin.
lender	An institution or person who lends money to people or companies
adaptive expectations hypothesis	The theory that people base their expectations of inflation on past inflation rates.
bretton woods	A town in New Hampshire at which a July 1944 conference of 44 countries launched the IMF and the World Bank
hold-harmless agreement	A contract under which the liability of one party for damages is assumed by another.
interim audit procedures	are done during the year under audit, before year-end.
admiralty court	A court of law that has jurisdiction over maritime legal issues.
merit rating	Rating assigned to an employer by a state based on the employer's record of employment.
seigniorage	The difference between what money can buy and its cost of production
optimal solution	The most profitable or the least costly solution that simultaneously satisfies all the constraints.
factor intensity uniformity	The absence of factor intensity reversals.
extensive margin	Refers to varying the amount of trade (or other activity) of a firm, industry, or country by varying the number of products that it trades, as opposed to the intensive margin at which it would vary the quantity of trade of a given number of products.
encryption	is scrambling data so it is meaningless to anyone but the intended recipient, who has the key to unscramble the data.
technical change	Usually a synonym for technological progress.
trade indicator	A trade indicator can be any sort of data, or even an anecdote, that suggests how the volume or composition of trade compares across time or across countries
bovine meat agreement	See International Bovine Meat Agreement.
red tape	The bureaucratic inconvenience one must suffer (forms to be filled out and approved, etc.) in order to get action by an organization
eco-label	A label that certifies that a product and its production meet high environmental standards
international sugar organization	An intergovernmental body that administers the International Sugar Agreement of 1992
contemporary architecture	Modern design differentiated from traditional functional design.
long term liabilities	Are liabilities that do not fall due in the current accounting period. Normally liabilities that have to be paid back in more than one year.
patina	A green or brown surface film found on ancient copper and bronze
risk	(1) Noun — The possibility of loss.
ethical trading initiative	An alliance of multinational companies, nongovernmental organizations, and labor unions seeking to promote and identify ethical trade.
capital-labor ratio	The ratio of the quantity of capital (usually only physical) to the quantity of labor, usually as employed in a particular industry, but sometimes referring to the entire factor endowment of a country.
time rates	A payment system that rewards workers for the amount of time they spend at work.
gravity model	A model of the flows of bilateral trade based on analogy with the law of gravity in physics: Tij = AYiYj /Dij , where Tij is exports from country i to country j, Yi,Yj are their national incomes, Dij is the distance between them, and A is a constant
cpa	Classification of Products by Activity.
whole note	a musical note having the longest time value (equal to four beats in common time)
trade complementarity index	A measure of the extent to which one of two countries, j, exports what the other, k, imports
currency substitution	Dollarization.
nondistorted	Without distortions
article xix	The Safeguards Clause of the GATT.
long-term care facility	A place which is (1) licensed by the state; (2) provides skilled, intermediate, or custodial nursing care on an inpatient basis under the supervision of a physician; (3) keeps a daily medical record of each patient.
partial	Favoring one person or side over another; not impartial.
exports	The goods and services that a country sells to other countries.
bill of exchange	Any document demanding payment.
luster	The glossy mint bloom on the surface of an Uncirculated coin.
customs service	See U.S
devise	A disposition of property made by a will.
bunker fuel	The fuel used to power a ship.
statistical	Making inferences in uncertain situations using applied mathematics
valuation	See customs valuation procedure.
sufficiency	(sufficient) A measure of the quantity of audit evidence
penalties	1
permanent income	The maximum amount that a household can consume per year into the indefinite future without reducing its wealth
export-led growth	Growth of an economy over time that is thought to be caused by expansion of the country's exports
radical political economy	See political economy.
public saving	Saving on the part of governments
excess supply	A situation in which, at the given price, quantity supplied exceeds quantity demanded
sedar	The System for Electronic Document Analysis and Retrieval (SEDAR) was developed in Canada for the Canadian Securities Administrators (CSA) to facilitate the electronic filing of securities information as required by the securities regulatory agencies in Canada; allow for the public dissemination of Canadian securities information collected in the securities filing process; and provide electronic communication between electronic filers, agents and the Canadian securities regulatory agencies.This Web site provides a listing of filings that have become publicly accessible in the SEDAR database as of the most recently completed business day.
anticipated inflation	An inflation rate that has been correctly forecast.
ship's papers	The documents a ship must carry to meet the safety, health, immigration, commercial and customs requirements of a port of call or of international law.
isocost line	A line along which the cost of something -- usually a combination of two factors of production -- is constant
swaps	Company A issues its fixed-interest bond and Company B issues a floating-rate loan
third parties	are all persons, including those charged with governance, except for members of management.
investment bond	These are sold by life insurance companies and allow you to invest in a variety of funds
league of arab states	An association of mainly Arabic-speaking countries founded in Cairo in 1945 to strengthen ties amoung the members, coordinate policies among them, and promote their common interests
securities and exchange commission	The federal governmental agency that maintains order of the stock and securities exchanges.
unavoidable cause	A cause which reasonable prudence and care could not have prevented, such as death, illness, papers lost in the mail, etc.
incentive	A motivational force that stimulates people to greater activity or increased efficiency.
cent	One one-hundredth of the standard monetary unit
impossible trinity	The impossibility of combining all three of the following: monetary independence, exchange rate stability, and full financial market integration.
rent seeking	The using up of real resources in an effort to secure the rights to economic rents that arise from government policies
duress	Unlawful constraint exercised upon a person whereby he/she is forced to do some act against his will.
subagency	The relationship under which a person becomes an agent and the powers of an agent have been conferred not directly by the principal but by his or her agent and who has been as authorized to do so by the principal
amortize	to charge a regular portion of an expenditure over a fixed period of time
export quota agreement	An agreement among a group of exporters of a product to limit output and divide the market, each promising not to exceed its quota
conveyance	An instrument in writing, such as a deed or trust deed, used to transfer title to property from one person to another.
unilateral contract	A contract under which one party expressly makes a promise; the other party, although making no reciprocal promise, may have already given consideration.
millennium round	The name suggested by the European Union for the trade round that they and others hoped would be initiated at the Seattle Ministerial in 1999
unenforceable contract	A good contract but for some reason one that cannot be enforced under the law such as an unwritten real estate sales contract which cannot be enforceable due to the Statute of Frauds.
cost of sales	A formula that is used to work out the direct costs associated with the items sold. It is calculated as opening Inventory plus purchases (an freight in) minus closing inventory
canada-us auto pact	The "Canada-United States Automotive Products Agreement of 1965" which reduced trade barriers on specified trade between Canada and the United States in automobiles and original-equipment auto parts.
group accounts	The financial statements relating to a group of companies
knowledge transfer	In the context of international economics, this means more or less the same as technology transfer, although it could also include international education services.
export facilitation	Anything intended to make it easier to export, but usually refers to government services or programs with this objective.
cap	A limit placed on payments, interest rates and/or the balance of a loan
bulk carrier	A vessel designed for the shipment of bulk cargo.
flow	A flow, or flow variable, is an economic magnitude describing behavior that occurs over time and is therefore meaningful only relative to the unit of time
debt intolerance	In the context of the financial problems experienced by developing countries and emerging economies, this refers to their inability to manage levels of external debt that would be manageable for advanced countries
high relief	The design elements on a coin or a medal are sufficiently high that the item is unable to be stacked
estate in expectancy	A classification of estates by time of enjoyment when possession will be at some future time..
late charge	A charge assessed by a party against another party for failing to make agreed to payments when due
circulated	Released to the general public
corporation	An entity authorized by law and established by a group of people, the stockholders, which is endowed with certain rights, privileges and duties similar to an individual.
probate	The court-supervised process of proving that a will is genuine and distributing the property of a decedent's estate in the manner specified in the decedent's will
rescission	Cancellation of a contract without penalty
container	A reusable, rigid, exterior "box" in which merchandise is shipped by air, vessel, truck, or rail.
african economic community	An organization of African countries that aims to promote economic, cultural and social development among the African economies
aggregate	As an adjective or noun (with stress on the first syllable), this refers to the sum or total of multiple items
corporation	An entity authorized by law and established by a group of people, the stockholders, which is endowed with certain rights, privileges and duties similar to an individual.(back to top)
accommodation note or paper	A bill of exchange or banker's acceptance which is endorsed, accepted, or drawn by one party (the accommodating party) to benefit another party
above the line	This term means an item is included in the total that has been calculated. Below the line is items that are underneath the line at which the total is made.
public good	A good which is non excludable, non rivalry
chicken war	A trade dispute between the U.S
technological difference	A difference in production functions, usually for the same industry compared between two countries, such that one country has higher output for any given input than the other.
direct-plus-indirect factor content	A measure of factor content that includes factors used in producing intermediate inputs, factors used in producing intermediate inputs to the intermediate inputs, and so forth
import protection	See protection.
import surge	An unusual increase in the quantity of imports of a product, such as may be used as the basis for requesting safeguard protection.
openness index	1
underemployment	Where people who want fulltime work are only able to find part-time work.
order notify	A bill of lading which is negotiable because it is consigned to "order" with no entity named; but it does have a named party indicated to whom the carrier is expected to send a notice of arrival.
circulating assets	The opposite to fixed assets
bond	A certificate received for a loan made to a company or government
exporter identification number	(USA) An identification number assigned to exporters of goods from the United States which is required to be shown on the Shipper's Export Declaration for all shipments from the USA..
imbalance	1
canada-us free trade agreement	A free trade agreement between Canada and the United States signed in 1989 and superseded by the NAFTA in 1994.
copyright	The legal right to the proceeds from and control over the use of a created product, such a written work, audio, video, film, or software
trial balance	at the close of an accounting period, the transactions posted in the ledger are added up
bankruptcy	A special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor's creditors and the debtor.
special economic zone	These exist in several countries, including especially China, and their characteristics vary
output augmenting	Said of a technological change or technological difference if one production function produces a scalar multiple of the other
decree of distribution	A judgment of probate court as to person entitled to the property of a decedent.
free time	1
capital density	The amount of capital per unit land area in a country
elastic	Having an elasticity greater than one
centering	A method used in the calculation of a moving average where the average is plotted or calculated in relation to the central figure.
diversion	Any change in the routing of a shipment once it has been received by the carrier at point of origin and prior to delivery at destination.
homogeneous good	A good all units of which are the same; a homogeneous product.
reserves	The accumulated and retained difference between profits and losses year on year since the company's formation.
rational expectations	In forming opinion about future events, the use of all available information to assess the probabilities of the possible states of the world
annual report & accounts	A report made by the board of directors of a company, summarising its performance over the preceding year
search theory	This examines people's behaviour under conditions of ignorance where it takes time to search for information.
unfair trade	1
effective internal control	Reasonable assurance that operational objectives are achieved, that published financial statements are reliably prepared, and that the entity complies with applicable laws and regulations.
inverse	The opposite or reverse
dummy	In a regression analysis, a dummy (or dummy variable) is used to capture an explanatory variable that is either on (with a value of one) or off (zero)
finance	The field that studies how people make decisions regarding the allocation of resources over time and the handling of risk.
cross-country regression	The use of regression analysis on data from multiple countries, the purpose being to describe and perhaps explain their differences
closed economy	An economy that has no foreign trade.
counterfeit	An object made to imitate a genuine numismatic piece with intent to deceive or defraud, irrespective of whether the intended fraud is primarily monetary or numismatic.
overdate	A date digit or several date digits impressed over another date digit on a coin.
united states code	A set of volumes containing the official compilation of U.S
ex post	After the fact; that is, after some event has taken place.
contract curve	1
bank holiday	A day on which banks are closed.
trade and wages debate	The debate between and among trade economists and labor economists as to the reason for the increase in the relative wages of skilled labor, compared to unskilled labor, in the U.S
limitation period	A maximum period set by a statute within which a legal action can be brought or a right enforced..
import	1
eta	The expected date and time of arrival of a carrier.
plaintiff	The party bringing a civil action against a defendant.
public limited company	A company owned by its shareholders
high points	Areas of highest relief in a coin design
unfavorable balance of payments	A debit balance on some part of the international payments accounts (payments exceed receipts); often refers to the balance on current account plus capital account (that is, everything except the official settlements account).
elasticities approach	1
dock	1
group of ten	A group of ten countries, members of the IMF, that together with Switzerland agreed to make resources available outside their IMF quotas
operating income	The difference between the revenues of a business and the related costs and expenses, excluding income derived from sources other than its regular activities and before income deductions.
uniform laws	Laws approved by the National Conference of Commissioners on Uniform State Laws
mass production	Flow production.
mortgage company	A company authorized to service real estate loans, charging a fee for this service.
economic summit	A meeting, usually of government leaders, to discuss economic conditions and policies
assimilative capacity	The extent to which the environment can accommodate or tolerate pollutants.
ttm	Trailing twelve months is usually the total of the last 4 quarters of financial information reported by the company. Companies produce annual financial statements at the end of their fiscal year, and usually produce interim financial statements every 3 months.
commemorative	A coin struck for a limited amount of time to mark a person, place, or event
facilitation	1
serious injury	The injury requirement of the escape clause, understood to be more stringent than material injury but otherwise apparently not rigorously defined.
asian tigers	Four Asian nations, Hong Kong, Singapore, South Korea and Taiwan, with spectacularly high growth rates of manufactured exports.
balance of trade	The difference in value between a country's total imports and exports over a specific time period.
multi-skilling	The processes of enhancing the skills of employees.
waiting period	Date of hire and the employees eligibility to qualify for a plan of insurance or if already insured that time period before one is eligible for benefits (i.e
rational economic behaviour	Doing more of activities whose marginal benefit exceeds their marginal cost and doing less of those activities whose marginal cost exceeds their marginal benefit.
liquidated damages	A definite amount of damages, set forth in a contract, to be paid by the party breaching the contract
union density	The actual membership of a trade union as a percentage of the total possible membership
amendments	A change to alter, add to, or correct part of an agreement without changing the principal idea or essence.
industry	1
specialization index	See Krugman specialization index.
chapter 11	1
tiger economy	Any one of several economies that have developed extremely rapidly over a period of years
marginal product	In a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor
small and medium-sized enterprises	There is no uniform definition of how large, and by what measure, a firm has to be in order not to be an SME.
bulk solids	Dry cargo shipped loose, such as grain, ore, etc.
devanning	The unloading of cargo from a shipping container.
single european act	Treaty, signed in Luxembourg and The Hague and entering into force 1 July 1987, completing the Single Market
contracting party	A country that has signed the GATT
sap	Structural adjustment program.
bop	Balance of payments.
keelage	The charges paid by a ship entering or remaining in certain ports.
reverse engineering	A method of analysing a product's design by taking apart the product.
federal reserve checks	U.S
subdominant	(music) the fourth note of the diatonic scale
tier ii capital	Refers to one of the components of regulatory capital
lerner symmetry theorem	The proposition that a tax on all imports has the same effect as an equal tax on all exports, if the revenue is spent in the same way
strategic partnership	An alliance between organizations to achieve some objective
fixed asset investment	Fixed Asset additions during the period
resource	1
unqualified opinion	Term used to describe an opinion letter accompanying audited financial statements in which the CPA states that the financial statements fairly present the financial position and the results of operations
spoke	See hub and spoke integration.
household	All of the people who live under one roof and who make joint financial decisions or are subject to others making decisions for them.
short-run aggregate supply	The relationship between the aggregate quantity of final goods and services (real GNP) supplied and the price level (the GNP deflator), holding everything else constant.
title vii	Title VII of the Omnibus Trade and Competitiveness Act of 1988 is a US law to monitor and enforce international agreements on government procurement as they affect US exporters."
rapprochement	In international relations, an improvement in relations between two countries that have previously been less than cordial.
lighter aboard ship	Some ships are constructed to carry special barges (lighters)
ldc	For many years, the acronym LDC has stood for less developed country, which was more or less the same as developing country
abstract of title	A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title
webb-pomerene association	(USA) Associations engaged in exporting that handle the products of similar producers for overseas sales
concertina tariff reduction	The reduction of a country's highest tariff to the level of the next highest, followed by the reduction of both to the level of the next highest after that, and so forth
real terms	Same as real
tradable	1
marginal private cost	The marginal cost directly incurred by the producer of a good or service.
countervailing duties	(USA) Duties which are assessed, in addition to regular duties, to offset the effects of foreign subsidies or bounties upon the export of merchandise to the United States which has been found to materially injure, or threaten material injury to, an American industry.
annualised hours contracts	A payment system based on a fixed number of hours to be worked each year
reliable	Different audit evidence provides different degrees of assurance to the auditor
survey	The measurement of the boundaries of a parcel of land, its area, and sometimes its topography.
international trade administration	A part of the United States Department of Commerce, the ITA acts on behalf of U.S
indicative planning	A system which involves the government setting up general targets for the major sectors of the economy in order to guide the private sector in their decision taking.
appellation of origin	A geographical indication.
homestead	A statutory protection from execution or the establishment of title by occupation of real property in accordance with the laws of various States or the Federal Government.(back to top)
attorney in fact	One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.
steamship	Vessels powered by steam engines
stuffing	The loading of cargo into a container.
attest	report In an attest engagement, a practitioner issues a written conclusion about the reliability of a written assertion that is the responsibility of another.
diversification cone	For given prices in the Heckscher-Ohlin Model, a set of factor endowment combinations that are consistent with producing the same set of goods and having the same factor prices
compromise strategy	One whose worst outcome is better than the maximax strategy and whose best outcome is better than the maximin strategy.
subsistence certificate	A written form prepared by a state office or officer attesting to the fact that a named corporation is in good standing in that state.
monetary policy	An attempt to influence the economy by operating on such monetary variables as the quantity of money and the rate of interest.
group rrsp	See Group RRSPs on our Company Pensions page.
caveat emptor	"Let the buyer beware." Legal maxim stating that the buyer takes the risk regarding quality or condition of the item purchased, unless protected by warranty or there is misrepresentation
damages	1
de-industrialization	A decline over time in the share of manufacturing in an economy, usually accompanied by growth in the share of services
drawback system	(USA) An Automated Customs System module that provides the means for processing and controlling all types of drawback entries.
customs duty	An import tariff.
deposit-taking institution	A bank, trust company, credit union/caisse populaire or other financial institution that accepts deposits from the public and provides regular banking services, such as chequing and savings accounts.
receiving papers	In transportation, paperwork that accompanies a shipment when it is brought to a carrier.
sales allowance	The reduction in the selling price of goods because of a particular problem (e.g., breakage, quality deficiency, incorrect quantity).
eminent domain	The right of the government to acquire property for necessary public use with just compensation the right of which is found in the 5th Amendment to the Constitution..
quality assurance	Set of activities that measures the characteristics of health care services and may include corrective measures.
export quotas	Specified maximums which a nation places on the value or volume of certain of its exports.
waive	To voluntarily and intentionally relinquish a known right, claim or privilege.(back to top)
foreclosure	A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it.
stated capital	1
price system	Same as market mechanism.
barratry	1
technology spillover	Same as technology transfer, though usually not done intentionally by the transferor.
section 301	The provision of U.S
order bill	A bill of lading that states that goods are consigned "to the order" of the person named, or simply "to order" (of no one in particular.) Such a bill of lading is a negotiable document.
joint supply	Where the production of more of one good leads to the production of more of another.
revenue deficit	1
circulating fireplace	A type of fireplace which is built around a metal form, containing air ducts to distribute heat by convection.
strategic and economic dialogue	The US-China Strategic and Economic Dialogue, S&ED.
cefta	Central European Free Trade Agreement.
retainer	A sum of money paid in order to ensure a person or company is available when required.
unilateral transfer	Transfer payment.
product differentiation	The process by which producers create real or apparent differences between products that perform the same general function.
classification	Arrangement or grouping
child labor	1
taxes	Fees charged by a government on a product, income, or activity.
neotechnology model	Any model that focuses on evolving differences in technologies across countries over time to explain trade
exogenous	Coming from outside, usually in the context of an economic model, in which it means only that it is not explained within the model.
histogram	A chart which measures continuous data on the horizontal axis and class frequencies on the vertical axis.
externalities argument for protection	The (second best) argument that an industry should be protected because it generates positive externalities for other industries or consumers.
meti	Ministry of Economy, Trade and Industry.
programmed controls	are built into computer software and include reasonableness tests, control totals, and sequence checks.
credit crunch	A shortage of available loans
exports	Goods and services sold by people in one country to people in other countries.
price consumption line	A line connecting the points of tangency between a set of indifference curves and a set of budget lines where one absolute price is fixed and the other varies, money income being held constant.
engraver	The person who designs the coinage dies; known as a celator in ancient times.
cover	To use the forward market to protect against exchange risk
note	A unilateral agreement containing an express and absolute promise of the signer to pay to a named person, order, or bearer a definite sum of money at a specified date or on demand
lis pendens	A notice recorded in the official records of a county to indicate that a lawsuit is pending affecting the lands described in the notice.
director	Directors are the people elected by shareholders to oversee the management of the company.
code of conduct	Non-legislated guidelines that one or more organizations agree to follow
team building	The process designed to improve the effectiveness and motivation of people working together in groups.
sbtc	Skill-biased technical change.
cu	Crisp Uncirculated.
washington consensus	A set of economic practices and reforms deemed by international financial institutions (located in Washington, D.C.) to be helpful for financial stability and economic development; often imposed as conditions for economic assistance by these institutions
population growth rate	The increase in a country's population in a year expressed as percentage of the population at the beginning of the year
significant	Is important, essential, distinctive, or of sufficient nature to warrant special notice relative to a standard or norm.
nes	Not Elsewhere Specified
presentation	Assertions about presentation deal with whether particular financial statement components are properly classified and described
enabling clause	The decision of the GATT in 1979 to give developing countries special and differential treatment, thus permitting the Generalized System of Preferences, which would otherwise be a violation of the GATT's most favored nation principle.
form 1040	The U.S
liability	An amount that is owed, in contrast to an asset
metes and bounds	A form of land description in which boundaries are described by courses, directions, distances and monuments.
variable	Any well defined item, such as the price of a good or its quantity, that can take on various specific values.
applicable financial reporting framework	is the financial reporting framework adopted in the preparation of the financial statements that is acceptable in view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.
roman finish proof	A special finish on proof coins minted at Philadelphia
theory of the firm	A theory of how suppliers of commodities behave - how they make choices - in the face of changing constraints.
red seal	Nickname for U.S
trade sector	1
black wednesday	The day, September 16 1992, that the Bank of England was forced to withdraw from the Exchange Rate Mechanism because of speculation against the pound that drained its reserves
tort	A tort is a wrongful and harmful action addressable by some appropriate legal remedy.
sales volume variance	The difference between the actual number of units sold and the budgeted number, multiplied by the budgeted selling price per unit
free on board	See FOB.
content protection	See domestic content protection.
auditor	The law requires an independent person to sign off that a firm’s financial statements are “true and fair” and have been prepared using the relevant legislation…
mean deviation	The average deviation of all figures from the mean, which ignores plus or minus signs in its calculation.
secondary school enrolment rate	The number of children of secondary school age, usually 12 to 17 years, who are enrolled at school as a percentage of the age group.
fas 119	An accounting rule that used to govern disclosures of financial derivatives
ucc	See Uniform Commercial Code.
assets	Items of monetary value (e.g., house, land, car), owned by an individual or a company.
ullyses effect	The role played by a trade agreement such as the GATT/WTO or a PTA in constraining participating governments from acceding to demands of domestic interests, just as Ullyses had his crew lash his hands to the mast of his ship to help him resist temptation
forward roll	The sale of an investment position when the sale proceeds are used to acquire a new position that is very similar to the one that was sold.
corporation	An entity created by or under the authority of the laws of a state, composed of individuals united under a common name, and which for certain legal purposes is considered a natural person
profitability	The amount of profit earned in a period (absolutely measure) or rate of profit earned compared with revenue (relatively measure)
countermark	Or sometimes called counterstamp is a stamp or mark impressed
conveyance	An instrument in writing, such as a deed or trust deed, used to transfer (convey) title to property from one person to another.
technology gap	1
apparent consumption	Production plus imports minus exports, sometimes also adjusted for changes in inventories
supply chain	The sequence of steps, often done in different firms and/or locations, needed to produce a final good from primary factors, starting with processing of raw materials, continuing with production of perhaps a series of intermediate inputs, and ending with final assembly and distribution.
crown	A dollar-size silver coin, specifically one of Great Britain.
productivity	Output produced per unit of some input; frequently used to refer to labour productivity, measured by total output divided by the amount of labour used.
input-output	Refers to the structure of intermediate transactions among industries, in which one industry's output is an input to another, or even to itself.
dispersion	A measure of the spread of data.
municipal bond	Dept obligation of a state or local government entity
deed of partnership	A binding legal document which states the formal rights of partners.
factor abundance	The abundance or scarcity of a primary factor of production
letter of credit right	A right to payment or performance under a letter of credit whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance
assessment	A determination of physical and/or medical status by a health professional based on established medical guidelines
motto	An inspirational word or phrase used on a coin.
exon florio act	A law enacted in the United States in 1988 empowering the president to stop a foreign acquisition of a US company (or a merger) if it threatens national security.
unilateral contract	A contract under which one party promises to do something in exchange for the completed act of another.
counter-cyclical	Designed to offset or counteract the effects of fluctuations of an economic variable that rises and falls over time
federal estate tax	The tax imposed on the transfer of property by a decedent to others at the decedent's death
parallel	processing is the simultaneous performance of multiple operations, usually in reference to computer systems.
social benefit	The benefit to society as a whole from an event, action, or policy change
sporadic dumping	Intermittent dumping.
subordination	The act or process by which a person’s rights are ranked below the rights of others
total physical product	The total output product per period of time that is obtained from a given amount of inputs.
united nations development programme	The "development network" of the United Nations, operating in 177 countries (as of August 2012) "advocating for change and connecting countries to knowledge, experience and resources to help people build a better life."
fragmentation	The splitting of production processes into separate parts that can be done in different locations, including in different countries
open order	An open order is an order to buy or sell stock, which has not yet been filled.
creditor days	A ratio that estimates the average period (in days) taken to settle amounts owed by a business to suppliers
global competitiveness	Competitiveness, applied internationally.
de-industrialisation	Occurs when their is a decline in the importance of the secondary sector ( or manufacturing) of an industry in an economy.
performance report	A statement that displays measurements of actual results of some person or entity's activity over some time period.
amenity	A feature that enhances a property's value (examples: off-street reserved parking within a condominium community, proximity of public transportation, tennis courts, or a swimming pool).
misappropriate	To embezzle or appropriate dishonestly for one's own use.
normal value	Price charged for a product on the domestic market of the producer
invisibles	All items of foreign trade that are intangible services as opposed to goods.
irrevocable corporate purchase order	A purchase order completed by a buyer on corporate letter head indicating type and quantity of products being ordered from a supplier.
supply curve	The graphical representation of the relationship between the quantity of some product that producers wish to make and sell per period of time and the price of that product, other things being equal.
organization of american states	An international organization of the countries of the Western Hemisphere, fostering cooperation among them and advancing their common interests
high technology	This is a rather vague term referring to products and industries that arise from recently developed technologies such as electronics, genetic engineering, nanotechnology, etc
frequency	The speed of the up and down movements of a fluctuating economic variable; that is, the number of times per unit of time that the variable completes a cycle of up and down movement
life cycle	See product cycle.
clearinghouse	An institution where interbank indebtedness, arising from the transfer of cheques between banks, is computed and offset and net amounts owing are calculated.
condition precedent	A qualification of a contract or transfer of property, providing that unless and until a given event occurs, the full effect of a contract or transfer will not take place..
flow of funds	An accounting method used primarily by the Federal Reserve to describe the sources and uses of the nation's funds in a given period of time.
monopsony	A market state in which there is only one producer of a good or service.
amidships	The area of a vessel midway between the front (the bow) and the rear (the stern)
foul bill of lading	A bill of lading issued with notations on it which limit the carrier's liability; for example, a notation that the goods were received damaged, or short, or improperly packaged.
smuggling	Moving goods across a customs frontier in a clandestine manner, evading customs control
soe	1
indivisibilities	The impossibility of dividing factor into smaller units.
output	The goods or services resulting from production
feeder vessel	A vessel which is part of a cargo network in which the larger, faster vessels only call at the major ports at both ends of the area being covered, and the smaller ports are served by the smaller feeder vessels which transfer the cargo to and from the major port terminals and thus keep the larger vessels filled closer to capacity and spare them the expense and loss of time in loading and unloading in the subsidiary ports.
functional flexibility	Where employers can switch workers from job to job as requirements change.
related parties	are those with whom the client has a relationship that might destroy the self-interest of one of the parties (accounting is based on measurement of arm's length transactions)
secondary tariffs	Any charges imposed on imports in addition to the statutory tariff, such as an import surcharge.
convex combination	The convex combination of two points (or vectors), x and y, is their weighted average, with nonnegative weights on each: λx + (1−λ)y, where 0≤λ≤1.
south-south trade	Trade between developing countries
sovereignty	A country or region's power and ability to rule itself and manage its own affairs
patent cooperation treaty	A treaty administered by WIPO providing a unified procedure for filing patent applications in participating countries.
international law	The rules that countries recognize as governing their relations with one another
back title letter	Also called “back title certificate” in some areas, and “starter” in others
deficit spending	Government spending that is in excess of tax revenues.
second-best argument for protection	1
spence-dixit-stiglitz	Probably the more accurate identifier for what is often called the Dixit-Stiglitz function, since Spence (1976) preceded Dixit and Stiglitz (1977).
international competitiveness	See competitiveness.
adding value	When a company's post tax return on invested capital
gray area measure	Grey area measure
regression analysis	A statistical method for finding the relationship between two or more variables
financial intermediary	A party such as a bank or other financial institution that accepts funds from a provider and places those funds with a user
debt	A liability
open-economy multiplier	The simple Keynesian multiplier for a small open economy
quadrilateral meetings	Meetings that occur occasionally involving the trade ministers of the U.S., Canada, EU, and Japan to discuss trade policy issues.
horizontal export trading company	An export trading company which exports a range of similar or identical products supplied by a number of manufacturers who may be competitors on the domestic market.
visibles	All items of foreign trade that are tangible; goods as opposed to services.
continuing	auditor is the auditor of the current year who also audited the financial statements of the client for the previous year.
total social surplus	Total benefits to society from consuming a good minus total costs to society from producing it
merchandise trade	Exports and imports of goods
social security	A program that imposes taxes on wage earners and employers and provides old-age, survivors’, disability, and medical benefits to workers covered under the Social Security Act.
pedal point	a sustained bass note
countermark	A mark or several marks added to a coin after its initial issue either by a government or by a private individual.
government purchases	Federal, state, and local government spending on final goods and services, excluding transfer payments.
portfolio decision	An economic agent's choice as to how much of various assets (or sometimes liabilities) to hold
explanatory	A paragraph added to an audit report to explain something, such as the reason for a qualified or adverse opinion.
meade index	Meade (1955a) used a measure of the gains from trade that has since been called the Meade Index
box car	A closed railroad freight car.
quota fill rate	The percentage of an import quota that is used.
bequest intention	A donor's indication of their intent to leave a future gift
learning curve	A relationship representing either average cost or average product as a function of the accumulated output produced
kindleberger spiral	A diagram introduced by Kindleberger (1973) showing the dramatic downward spiral of world trade during the first years, 1929-33, of the Great Depression
ledger	A book in which entries posted from the journals are re-organised into accounts
covenant	An agreement written into deeds and other instruments promising performance or non performance of certain acts or stipulating certain uses or non-uses of the property.
diversification	The process of investing one's assets in a wide variety of securities with different characteristics and geographies for the purpose of risk control and potential return enhancement.
executor	The male personal representative named in a will to settle the testator's estate.
production worker	A worker directly engaged in production
borough	A part of a city, having authority over certain local matters
certificate of good standing	A written form prepared by a state office or officer attesting to the fact that a named corporation is in good standing in that state.
orderly marketing arrangement	An agreement among a group of exporting and importing countries to restrict the quantities traded of a good or group of goods
management's specialist	is an individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial statements
asset stripping	The selling off of profitable sections and closing down of loss making sections of business following an acquisition.
sales revenue	The income during a period of time from the sale of goods and services.
exchange rate regime	The system under which the government allows the exchange rate to be determined.
credit note	Is issued when a sales invoice is reversed
aggregate production possibility frontier	The production possibility frontier, or curve obtained by adding the production possibilities of two or more countries or regions.
endogenous expenditure	See induced spending.
transportation and exportation entry	(USA) Customs entry used when merchandise arrives in the U.S
banana war	A trade dispute between the EU and the U.S
breakbulk cargo	Cargo that is shipped in packing units such as cartons, cases, crates, bales, or drums, but not containerized.
wage	A payment for work, usually weekly
roll-up	The principle, often applied in rules of origin, that intermediate inputs, if they qualify as domestic in spite of partial imported content, count as 100% domestic in products that use them as inputs
homogeneous product	The product of an industry in which the outputs of different firms are indistinguishable
pareto-improving	Making no one worse off and making at least one person better off.
rising cost industry	An industry in which the minimum cost attainable by a firm rises as the scale of the industry expands.
hicksian surplus	See Marshallian surplus.
homestead	A statutory protection from execution or the establishment of title by occupation of real property in accordance with the laws of various States or the Federal Government.
industrial list	(USA) The Coordinating Committee for Multilateral Export Controls industrial list contains dual-use items (usable for military or nuclear purposes in addition to normal commercial uses) and as a result whose export is controlled for strategic reasons.
real income	Income measured in constant dollars (that is, the amount of goods and services that can be bought with the income).
unemployed	Willing and able to work, looking for work, and without a job.
duty remission	Rebate of duties paid on imported inputs when used for production for export
trading company	1
prior appropriation	A concept of water ownership in v which the landowner's right to use available water is based on a government-administered permit system.
k	In economic models, K is commonly used to represent "capital." This is presumably due to the fact that German for capital is kapital, and also the fact the C is more commonly used to represent consumption.
central bank reserves	International reserves.
quitclaim deed	A deed operating as a release, intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.
fiscal year	A tax year based upon any twelve month period other than a calendar year.
joint consultation	Discussion between management and employee representatives before a decision is taken.
fda	Food And Drug Administration.
positive	Refers to "what is," in contrast to normative which involves value judgments as to "what ought to be." The word is not, in this use, the opposite of either "negative" or "harmful."
border effect	A discontinuity that exists in prices or in quantities of trade at the border between countries
accelerated weekly payment	A payment frequency that allows you to pay one quarter of the monthly payment every week
nonbearing wall	A wall used only to separate areas, and which carries only its own weight
diversify	1
harbor line	An arbitrary line set by authorities on navigable rivers, beyond which wharves and other structures may not be built
hertz	Measure of frequency or cycles per second
life expectancy at birth	The average number of years new-born babies can be expected to live if health conditions remain the same
easement	A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place pole lines, pipe lines or roads thereon.(back to top)
bonus	Usually an extra payment made in recognition of the contribution a worker has made to the company.
import sensitive producers	Domestic producers whose economic viability is threatened by competition (quality, price or service) from imported products.
debt overhang	A situation in which the external debt of a country is larger than it will be able to repay
forfeiture	The taking of an individual's property by a government, because the individual has committed a crime
fas 130	Statement of Financial Accounting Standard No
alca	Acuerdo de Libre Comercio de las Américas (Spanish for Free Trade Area of the Americas )
vf	Very Fine
cultural argument for protection	The view that imports undermine a country's culture and identity -- for example by changing consumption patterns to ones more similar to those abroad, or by reducing demands for domestically produced art and music -- and therefore that imports should be restricted.
deviation	See standard deviation.
replacement cost	The cost to build something that is substantially similar to the original but is constructed with modern materials and according to current standards, design and layout and having equal utility.
one-dollar-one-vote yardstick	A characterization of the Kaldor-Hicks welfare criterion normally used in evaluating trade policies and more generally in cost-benefit analysis, based on a sum of monetary values including consumer and producer surplus.
monetary transmission mechanism	1
torquay round	The third (1950-51) of the trade rounds conducted under the auspices of the GATT, initiated at the town of Torquay, U.K.
internal control questionnaire	A list of questions about the existing internal control system to be answered (with answers such as yes, no, or not applicable) during audit fieldwork
unemployment	Those members of the labour force who are willing and able to work cannot find a job
primary sector	Industry which extracts the natural resources of the earth.
builder	One who assembles materials in order to fabricate, erect or construct a building or, one who oversees building operations.
homogeneous	1
caribbean development bank	A financial institution whose members are primarily the countries of the Caribbean region and whose purpose is to foster economic development in the region.
laursen-metzler effect	See Harberger-Laursen-Metzler Effect.
lamination	Coinage defect consisting of a portion of the metal separating from the rest due to impurities or internal stresses; common with clad or plated coinage.
soft currency	1
question of law	Given the facts, what laws, it any, are applicable - decided by a judge, even in a jury trial.
underwriting	The name used to describe the process of analyzing and structuring a proposed loan
material injury	The injury requirement of the AD and CVD statutes, understood to be less stringent than serious injury but otherwise apparently not precisely defined.
head-ries index	An inverse measure of trade costs between two countries, i, j, defined as [XijXji/XiiXjj]1/2, where Xij is exports from i to j and Xii is sales by country i to itself
set-off	A counterclaim or cross-demand charged by a defendant against the claim of a plaintiff in an action seeking money damages.
flash earnings	A news release issued by a company that shows its latest quarterly results.
set-aside	A system in the EU (European Union) of paying farmers not to use a certain proportion of their land.
consumer surplus	The difference between the total value that consumers place on all units consumed of a product and the payment that they must make to purchase that amount of the product.
four tigers	The four Asian economies that were the first to show rapid economic development after the success of Japan: Hong Kong, South Korea, Singapore, and Taiwan
geese	See Flying Geese.
celtic tiger	Name for Ireland during its period of very rapid economic growth, which ended with the financial crisis of 2008
state inheritance tax	A state tax on a person's right to receive property at the death of another person
self-checking digit	An extra digit is added to a number
buyback arrangement	A form of countertrade in which a foreign seller of plant, equipment, or technology is required to purchase part of the resulting production.
forward discount	Opposite of forward premium.
potential output	The output that could be produced in the economy if there were a full employment of resources (including labour).
decree	A judgment by court.
stowplan	A diagram showing where cargo has been placed in a vessel (also known as a stowage plan.)
increasing opportunity cost	The characteristic of an economy that the opportunity cost of a good rises as it produces more of it, resulting in a transformation curve that is concave to the origin
hormone dispute	See beef hormone case.
related specificity	Under customs law, the rule that if a good falls into two or more tariff classifications, that which describes the good most specifically should be applied.
bilateral transfer	A transfer payment from one country to another.
sarbanes-oxley act	established the Public Company Accounting Oversight Board and added requirements for publicly traded companies, their officers, boards and auditors
lomé convention	An agreement originally signed in 1975 committing the EU to programs of assistance and preferential treatment for the ACP Countries
monument of survey	Visible marks or indications left on natural or other objects indicating the lines and boundaries of a survey
perfect substitute	A good that is regarded by its demanders as identical to another good, so that the elasticity of substitution between them is infinite.
initial charge	Charge imposed by a fund management company when you make an investment
subordination	The act of making an encumbrance secondary or junior to another lien.
association agreement	Early predecessor to the Europe Agreements but excluding provision for political dialogue.
deferred expenditure	The are expenses that have been incurred but do not apply to the current accounting period
marginal returns	1
irradiated dime	Collectible made by exposing Roosevelt dimes to cesium or other radioactive substance and then placing in a special package; harmless, as any "acquired radioactivity" has dissipated by the time it reaches collectors' hands.
assessment diagrams/maps	Maps designating the boundaries of an assessment district.
joint and several	A legal expression used to indicate that two or more parties each are fully liable rather than together fully liable
standstill	1
industrialization	The establishment and subsequent growth of industrial production in a country, usually meaning heavy manufacturing.
reperformance	The repeating by the auditor of a computation made by the client to check its accuracy.
bag mark	A surface mark, usually a small nick, acquired by a coin in
enterprise fund	(1) A fund established to account for government operations financed and operated in a manner similar to private business enterprises (e.g., water, gas, and electric utilities; airports; parking garages; or transit systems)
elasticity of supply	A measure of the responsiveness of the quantity of a product supplied to a change in the market price.
collect charges	1
devise	The disposition of land by will
replevin	A legal action for the recovery of property brought by the owner or party entitled to repossess the property against a party who has wrongfully kept it.
debt relief	Any arrangement intended to reduce the burden of debt on a country, usually including forgiveness of part or all of what is owed to creditors who may include private banks and other entities, government, or international financial institutions.
vouch	Prove accuracy of accounting entries by tracing to supporting documents.
competitiveness index	A measure of an economy's international competitiveness, such as the Global Competitiveness Index.
international relations	1
preston curve	The relationship between a country's life expectancy and its real per capita income
t account	A particular method of displaying an account where the debits and associated information are shown on the left, and credits and associated information on the right
trade deflection	1
certificate of title	In areas where attorneys examine abstracts or chains of title, a written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract.(back to top)
interpleader	A court action which may be filed in an existing case to be the initial action
oea	Organización de Estados Americanos (Spanish for Organization of American States)
personnel	The department that maintains records of each individual's employment.
aktiengesellschaft	See AG.
primary cardholder	The person who applied for the card and whose name is on the credit agreement.
ethical behaviour	Behaviour which is viewed as correct.
incorrect acceptance	The risk of incorrect acceptance is the risk the sample supports the conclusion that the recorded balance is not materially misstated when it is materially misstated.
custa	Same as Canada-US Free Trade Agreement.
dominant strategy game	Where the same policy is suggested by different strategies.
barrier	1
inland carrier	A transportation line which hauls cargo inland: truck, rail, barge, inland waterways, or domestic airline flights.
collective action problem	The difficulty of getting a group to act when members benefit if others act, but incur a net cost if they act themselves.
input	1
self-fulfilling speculation	The actions of speculators tend to cause the very effect that they had anticipated.
mena	Middle East and North Africa
adverse selection	Self-selection, within a single risk category, of persons of above-average risk.
manager	An individual who is accountable for more work than he or she could undertake alone.
assessed	Determined
mfa	Multifiber Arrangement.
logrolling	The political practice in which a voter agrees to support another's programs in exchange for support for his or her own.
questionnaire	An internal control questionnaire is a list of questions about the internal control system to be answered (with answers such as yes, no, or not applicable) during audit fieldwork
economic system	The institutional means through which resources are used to satisfy human wants.
substitution	The appointment of a person to act in the place and stead of another.
convex hull	The boundary of the set of points that are either members of, or convex combinations of, points from two or more other sets
linking scheme	A requirement that, in order to get an import license, the importer must buy a certain amount of the same product from local producers.
core labor standard	Several labor standards that are considered the most basic and fundamental
indexed currency borrowings	Borrowings in a foreign currency where the rate of interest is linked to an agreed scale, and/or the rate of exchange at repayment is linked to an agreed scale.
unemployment	1
favorable balance of trade	An excess of exports over imports, so that the balance of trade is positive
superfund act	See Comprehensive Environmental Response, Compensation, and Liability Act of 1980.
channel of communication	The route by which a message is communicated from sender to receiver.
hold harmless contract	An agreement by which one party accepts responsibility for all damages and other liability that arise from a transaction, relieving the other party of any such liability.
days receivables	The level of accounts receivable expressed as its equivalent in days of a portion of net sales for the year
trade surplus	When a country’s exports exceed its imports, it is said to have a positive balance of trade, or trade surplus.
cabinet friction	Slight surface wear on a coin, token or medal caused by friction between it and the tray or envelope in which it is contained.
will	A written expression of the desire of a person as to the disposition of that person’s property after death
job analysis	A study of what the job entails
samueson-stolper	See Stolper-Samuelson Theorem.
remote	A contingency with only a slight chance of occurring
cashflow statement	The cashflow statement is a financial statement which reports the reasons for changes in cash balances for a period of time
export	1
economic and monetary union	The currency area formed in 1999 as a result of the Maastricht Treaty
accrual basis accounting	An accounting method that records sales, expenses or other events at the time they occur, rather than when cash changes hands.
accounting convention	Methods or procedures employed generally by accounting practitioners
unit elastic	Having an elasticity equal to one
currency reserves	This usually means international reserves.
orange-peel surfaces	Surfaces on a gold coin that glow with an orange or sunset color due to remaining original toning.
unloading	1
project costing	A cost system that collects information on activities and costs associated with a specific activity, project, or program.
country of export destination	The country to which goods are going in order to be consumed, further processed, or manufactured, as presumed by the shipper at the time of exportation.
clad coinage	Coins containing copper-nickel rather than silver alloys
redundancy	When an employee loses their job because they are no longer needed, rather than due to any aspect of their work being unsatisfactory
tax compliance	The extent to which economic agents pay the taxes that their government has levied
proof set	Group of proof coins of one date, as sold by the mint in the year
cluster sampling	Method of selecting groups of units
jurat	The portion of a certificate of affidavit stating when, where and before whom it was sworn.
slip	A vessel's berth between two piers.
mile	A linear measurement equal to 5280 feet on land and 6076 feet across the water (nautical mile).
limited liability	1
cfa	Communaute Financiere Africaine.
oit	Organización Internacional del Trabajo (Spanish for International Labor Organization)
epu	European Payments Union.
tax allowance	An amount of income that can be earned tax-free
political subdivision	A county, city, town, or other municipal corporation, a public authority, and generally any publicly owned entity that is an instrumentality of a state or of a municipal corporation.
epa	Economic partnership agreement.
incorrect rejection	The risk of incorrect rejection is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.
self-contained appraisal report	One of three types of real estate appraisal reports defined under Uniform Standards of Professional Appraisal Practice rules
sight deposits	Deposits that can be withdrawn on demand without penalty.
semiconductor agreement	The US-Japan Semiconductor Agreement of 1986 was a VER requiring Japan to limit its exports of semiconductors, mainly "dynamic random access memory" (DRAM) chips to the United States.
error	Unintentional misstatements or omissions in financial statements
stabilising speculation	Where the actions of speculators tend to reduce price fluctuations.
intestate	Designates the estate or condition of failing to leave a will at death
external balance	1
bank reconciliation	Report that explains the difference between the book (company) balance of cash and the cash balance reported on the bank statement.
industrialized	Having experienced substantial industrialization
update	If an auditor notices events that affect financial statements on which an audit report has been issued, they are considered when updating the report on those statements
unrequited transfer	Same as transfer payment
war clause	A marine insurance provision excluding the liability of an insurer if a loss is caused by war or hostile action
palletizing	The loading and securing of a number of sacks, bags, boxes or drums on a pallet base.
agreed-upon procedures	An engagement where the client specifies procedures and the accountant agrees to perform those procedures
implied conditions	Certain implied conditions are not written into marine insurance policies, but they are so basic to the understanding between the underwriter and the assured that the law gives them much the same effect as if written
potential income	The real gross domestic product that the economy could produce if its productive resources were fully employed at their normal levels of utilisation
multifunctionality	Refers to the purposes that an industry may serve in addition to producing its output
fiscal discipline	Management of the government budget so as to avoid excessive fiscal deficits
trade creation	A consequence of reduced trade barriers among a set of countries (typically signatories to a free trade agreement) whereby trade within the group is increased and trade with the rest of the world remains roughly constant
frictional unemployment	Unemployment caused by the time that is taken for labour to move from one job to another.
customary international law	The portion of international law that has developed over time through custom and usage, rather than formal agreement
positive economics	Descriptive statements, propositions, and predictions about the economic world that are generally testable by an appeal to the facts.
mode of supply	The method by which suppliers of internationally traded services deliver their service to buyers
love of variety	Preference for variety.
community indifference curve	One of a family of indifference curves intended to represent the preferences, and sometimes the well-being, of a country as a whole
intaglio	A method of printing using engraved plates
rescission	The act of canceling or annulling the effect of a document.
chartered ship	A ship leased for a stated time, voyage, or voyages.
downstreaming	The shifting of exports from originating in high-income countries to originating in lower-income economies
national exhaustion	See exhaustion.
strategic stockpile	An accumulation of a commodity by a government to be used in case of a disruption of supply due to war or other emergency.
volt	A term in electronics, being the force necessary to cause one ampere to flow through a conductor with a resistance of one ohm
laissez-faire leadership	A leadership style where employees are encouraged to make their own decisions, within limits.
plan-401	A defined contribution plan offered by a corporation to its employees, which allows employees to set aside tax-deferred income for retirement purposes; in some cases employers will match that contribution
short run	Referring to a short time horizon, usually one in which some aspects of behavior that would vary over a longer time do not have time to do so
volatility	The rate of change in a variable
checkoff	A system whereby an employer deducts union dues from each worker’s pay and hands them over to the union.
homogeneous of degree zero	The property of a function that, if you scale all arguments by the same proportion, the value of the function does not change
capitalization rate	any divisor (usually expressed as a percentage) used to convert anticipated economic benefits of a single period into value.
aura	a distinctive but intangible quality surrounding a person or thing
conditionality	The requirements imposed by the IMF and World Bank on borrowing countries to qualify for a loan, typically including a long list of budgetary and policy changes comprising a structural adjustment program.
escrow accounts	Cash held in abeyance until an event occurs or does not occur
discrete time	The division of time into indivisible units
escalation	1
bale cargo	Cargo shipped in bales.
compcorp	The insurance industry equivalent of CDIC
equity	Is where income is distributed in a way that is considered to be fair or just
balance sheet	A quantitative summary of a company’s financial condition at a specific point in time, including assets, liabilities, and net worth.
adjustment mechanism	The theoretical process by which a market changes in disequilibrium, moving toward equilibrium if the process is stable
dividend	See also cum-dividend.- back to top
fas 133	Statement of Financial Accounting Standard No
envelope curve	(Also called an Umbrella Curve) Any curve that encloses, by being tangent to, a series of other curves
landscape architect	A professional who designs subdivisions, building sites, and other projects that require grading, drainage, utility installation and site improvements and plant placement selection and layout.
testament	True declaration of a person's last will.
power of attorney	A document by which one person (called the "principal") authorizes another person (called the "attorney-in-fact") to act for him/her in a specific manner in designated transactions.(back to top)
manufactured good	A good that is produced by manufacturing.
form 1099r	The form on which distributions from a taxpayer's annuities, retirement plans, pensions, etc
ratio	The relation between two quantities expressed as the quotient of one divided by the other
specific tax	A tax on a good or service which is set as a fixed amount per unit of the good or service sold.
model	A theory composed of assumptions that simplify and abstract from reality, from which conclusions or predictions about the real world are deduced.
marital deduction	The unlimited marital deduction is available for outright transfers to one's spouse or transfers to certain types of trusts for one's spouse
panel data	Data on an economic variable that include both multiple economic units and multiple time periods, thus displaying both cross sectional variation and time series variation.
lead schedule	The schedule at the beginning of audit documentation that summarizes the detailed schedules.
blue box	A special category of subsidies permitted under the WTO Agriculture Agreement, it includes payments that are linked to production but with provisions to limit production through production quotas or requirements to set aside land from production
misrepresentation	Information that is provided to and is relied upon by a third party as fact, but that is untrue and material to the risk assumed
stable	1
bar chart	A chart where numerical information is represented by blocks or bars.
overall review	The objective of the overall review stage of the audit is to assess conclusions reached, and evaluate the overall financial statement presentation
breach	The breaking or violating of a law or duty either by commission or omission or the failure to meet a contractual obligation.
consulting	services performed by CPAs include consultations, advisory services, implementation services, product services, transaction services, and staff and support services.
rca	Revealed comparative advantage.
monetize debt	To pay off government debt by printing money.
trade integration	The process of increasing a country's participation in world markets through trade, accomplished by trade liberalization.
conservator	A person appointed by the court to care for the person and/or property of an incompetent adult or an adult unable to care for their person or property because of health.
external audit	Audit conducted by an independent public accountant
exporter	An individual or company that ships goods from one country to another in the course of trade.
performance materiality	means the amounts set by the auditor at less than materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.
financial statements	Collective name for historical financial reports of assets, liabilities, capital, income, and expense.
general union	A trade union which represents workers (often unskilled but also include semiskilled) from a variety of trades.
benchmark	Point of comparison between desired clinical outcome and actual practice.
current liabilities	The group of liabilities considered to be the shortest term
duks	See baffling pigs.
personal representative	A person appointed by the probate court to administer a decedent's estate
double entry	a system of accounting in which every transaction is recorded twice -- as a debit and as a credit.
wholesaler	A wholesaler buys in bulk (large quantities) from the manufacturer and sells on smaller quantities either to retailers or, occasionally, direct to customers
gearing	The ratio of debt to equity, usually the relationship between long term borrowings and shareholders' funds.
audit opinion	Report rendered by the independent CPA at the end of an audit investigation
gangway	1
uruguay round	The eighth round of multilateral trade negotiations under the General Agreement on Tariffs and Trade (GATT)
automatic fiscal stabilisers	Tax revenues that rise and government expenditure that falls as national income rises. The more they change with income, the bigger the stabilising effect on national income.
petition	A request for administered protection is called a petition.
dispute settlement body	The entity within the WTO that formally deals with disputes between members
performance target	In the international economic context, this is likely to refer to one of several targets specified by the IMF as a condition for a loan to a developing country.
endogenous protection	Protection that is explained as the outcome of economic and/or political forces
installment sale	The sale of real property on an extended payment basis often used to spread the tax consequence of a sale over a period of years.
fiduciary	Under ERISA, any person who exercises discretionary authority or control over a plan or plan assets.
mint mark	A letter or other symbol, sometimes of a privy nature, indicating the Mint of origin.
ancerta	Australia-New Zealand Closer Economic Relations Trade Agreement
dynamic consistency	The property that a plan made at one time continues to be optimal at a later time if anticipated conditions prevail
examination	The study of the instruments incident to a chain of title to determine their effect and condition in order to reach a conclusion as to the status of the title.
waive	To voluntarily and intentionally relinquish a known right, claim or privilege.
horizontal mechanism	A procedure for dealing with NTBs that has been proposed by the EU as part of the Doha Round negotiations, solving problems between member countries by using an expert panel to advise parties and seek mutually agreed but non-binding solutions.
ministerial declaration	The outcome of a successful ministerial: a document that the ministers have agreed upon.
appurtenant	Belonging to.
regressive income tax	An income tax where the portion of income paid in tax is lower for people on high incomes than for people on low incomes
random variable	An economic or statistical variable that takes on multiple (or a continuum of) values, each with some probability that is specified by a probability distribution (or probability density function).
mobile home	A standardized manufactured home structure designed and equipped to be not more than two dwelling units to be used with or without a foundation system and which is entirely constructed in a factory and then transported to the site in one or more sections
subsidiary	A company that is legally controlled by another company.
assignment	An arrangement whereby a physician or medical supplier agrees to accept the amount approved by Medicare as full payment for services and supplies under Part B
consumers	Individuals who use or 'consume' goods and services to satisfy their needs and wants.
capitalist	1
storage demurrage	A storage charge made on property remaining on the dock or terminal past the permitted "free-time period".
sovereign credit	A direct borrowing or a borrowing guaranteed by the government of a sovereign state.
national	1
inward-oriented development	A strategy of promoting development by encouraging production, as well as research and development, for domestic markets
factor productivity	1
sit-in/work-in	The illegal occupation of premises by workers, which allows workers to gain control of the factory.
precious metals	Are valuable commodities (e.g., gold and silver) representing a private store of value
sme	Small and medium-sized enterprises
quiet title	A court action called a "quite title" action, to free the title to a piece of land from the claims of other persons
entry summary system	(USA) An Automated Customs System module that automates the entry processing cycle.
structure of protection	The pattern of protection across sectors of an economy: which sectors are highly protected and which not, perhaps in terms of effective protection, or - even better - in terms of their expansion and contraction that would occur if all protection were removed.
contingent liabilities	liabilities not recorded on a company's financial reports, but which might become due
cob money	Crude irregular silver coins of Spain, Central and South America.
materials price variance	Difference between what is paid fora given quantity of materials and what should have been paid, multiplied by the actual quantity of materials used.
regression model	See linear regression model.
physiocrat	One of a school of French thinkers who developed a system of economics prior to Adam Smith and the foundation of modern economics
probate court	A division of superior court having jurisdiction over estates of decedents, minors, incompetents and conservatees.
life-cycle theory	A hypothesis that relates the household's actual consumption to its expected lifetime income rather than (as in early keynesian theory) to its current income.
correlation result	A theoretical property of models with arbitrary numbers of goods or other variables that takes the form of a correlation among variables rather than a strict prediction for each one
inelastic demand	The situation in which, for a given percentage change in price, there is a smaller percentage change in quantity demanded; elasticity less than unity.
dolly	A piece of equipment with wheels used to move freight with or without a tractor.
two dollar bill	a United States bill worth 2 dollars
love token	A coin on which one side has been planed off and replaced with engraved initials or a name.
volume rate	A freight rate assessed in connection with a specified volume of freight based upon the premise that it will be substantial in total over a period of time
condensed financial statements	are presented in considerably less detail than complete financial statements.
life income fund	A type of Registered Retirement Income Fund (RRIF) that holds accumulations from locked-in RRSPs (the type of RRSP to which company pension plan benefits can be transferred)
interindustry trade	Trade in which a country's exports and imports are in different industries
dominant	(music) the fifth note of the diatonic scale
compound interest	The interest paid on original principal and on the accrued and unpaid interest that has accumulated as the debt matures until the time it becomes due.
efficiency locus	The set of efficient allocations in an Edgeworth production box
built-in stabilizer	Automatic stabilizer.
carbon spots	Detrimental oxidation specks appearing on the surfaces of a coin.
reformation	An action taken to correct a mistake or error in a deed or other legal document.
exchange economy	See pure exchange economy.
vignette	This is any picture or scene on a note other than a portrait.
job design	Changing the tasks and activities of a job
liquid asset	Cash or easily convertible into cash
capital-using	A technological change or technological difference that is biased in favor of using more capital, compared to some definition of neutrality.
line release system	(USA) A separate part of the U.S
affidavit	A written statement or declaration sworn to or affirmed before some officer who has authority to administer an oath or affirmation
fibre optics	Is where messages or signals are sent via light rather than electrical signals down a very thin strand of glass
queue	A line of people, vehicles etc., especially a waiting line as before a ticket window or a toll booth.
uniform commercial code	A compilation of laws relating to commercial contracts involving personal property
export platform	The use of a country or region as a place to produce for export to another country
production possibility frontier	A diagram showing the maximum output possible of one good for various outputs of another (or several others), given technology and factor endowments
conditional cash transfer	A program in a developing country to encourage pro-growth and poverty-reducing activities by households, especially education, by paying them cash conditional on behavior, especially sending children to school.
international olive oil council	The intergovernmental organization in charge of administering the International Olive Oil Agreement, which originated in 1956
marrakesh ministerial	The final ministerial meeting of the GATT, in Marrakesh, Morroco, April 1994, at which the Uruguay Round was concluded and the World Trade Organization created, replacing the GATT.
disembodied technical change	Technical change that raises output without the necessity of building new capital to embody the new knowledge.
shadow exchange rate	1
billon	A low-grade alloy used for some minor coin issues consisting usually of a mixture of silver and copper, and sometimes coated with a silver wash.
firm commitment	An agreement with an unrelated party that is binding on both parties and that is usually legally enforceable
document	(documentary) (documentation) Written or printed paper that bears information that can be used to furnish decisive evidence
annealing	Heating of coin blanks to soften them prior to being struck with coinage dies.
cepal	Comision Economica para America Latina y el Caribe (Spanish for Economic Commission for Latin America and the Caribbean.
cooperation with law enforcement.	Information and training for staff to ensure that they can and do carry out these principles.
structural change	1
regional multiplier effects	When a change in injections into or withdrawals from a particular region causes a multiplied change in income in that region.
bulk freight	Cargo not in packages or containers.
intercompany eliminations	Accounting entries made on consolidating statements in the process of generating consolidated financial statements
insurance	A financial arrangement to reduce risk
in bond shipment	An import or export shipment which has not been cleared by Customs and is transported, stored, or handled with security to the government provided by indemnity bonds.
friction	Wear appearing only on the highest points of coinage detail on a high grade coin.
g-15	Group of Fifteen.
housing starts	Number of houses on which construction has begun
risk analysis	An analysis of the possibility of suffering loss.
concentration	See industrial concentration.
clad coinage	Issues of United States dimes, quarters, halves, and dollars
air cargo	Property of any kind that is transported by aircraft (excluding passenger baggage and mail).
communaute financiere africaine	Communaute Financiere Africaine = African Financial Community is a group of Central and West African countries, formerly ruled by France, who share two versions of a common currency, the CFA franc, that is guaranteed by the French treasury.
balance	1
transmitter	The sender of a message, the person starting the process off by sending the message.
progressive income tax	An income tax where the portion of income paid in tax is higher for people on high incomes than for people on low incomes
joint	Custodial (UGMA/UTMA)
breach of contract	Breaking of terms agreed in the contract of employment by the employers and the employees.
commodity agreement	See international commodity agreement.
alternative care benefit	payment for a special arrangement of services specifically designed to allow the person to reside in a setting other than a nursing facility (i.e
substantive	audit procedure is a direct test of a financial statement balance designed to detect material misstatements at the assertion level
dry-bulk container	A shipping container designed to carry unpackaged free-flowing dry solids such as grain or sand.
early harvest	A term, in trade negotiations, for agreeing to accept the results of a portion of the negotiations before the rest of the negotiations are completed.
wartime silver	Coinage metal for 5¢ pieces, October 1942 to December 1945,
estoppel	A legal term describing the preclusion of a party from alleging in a legal action anything that is contrary to previous actions or admissions of that party
elasticity	A measure of the responsiveness of one variable to a change in another
sell short	See short
import substitution	A strategy for economic development that replaces imports with domestic production
coefficient	1
theta	The Greek letter used in the financial industry to represent the amount by which the price of an option changes for each one-day decrease in the time remaining until its expiration.
allocative efficiency	The situation that occurs when no resources are wasted - when no one can be made better off without making someone else worse off. Allocative efficiency in any activity is achieved where any reallocation would lead to a decline in net benefit
warrant	(1) An order drawn by a payor directing its treasurer to pay a specified amount to the person named or to the bearer
perfect foresight	Exact knowledge of the future
international cotton advisory committee	An association of governments dealing with cotton
decentralised	A management structure in which many decisions are not taken at the centre of the business but are delegated to lower levels of management.
trans-ship	1
nonconvexity	The property of an economic model or system that the sets representing technology, preferences, or constraints are not mathematically convex
fairness	A term indicating that an entity's financial condition and operating results are presented in a way that is understandable, appropriate, and comprehensive
tariff escalation	In a customs tariff, a situation in which duties on raw materials are nonexistent or very low; duties on semi-processed goods are moderate; and duties on manufactured goods are relatively high.
experience good	A product whose value can be better known after having consumed it
wassenaar arrangement	The Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies is a cooperative arrangement among a group of countries intended to voluntarily limit access to exports that might enhance the military capabilities of suspect countries
unbundling	See 2nd unbundling.
international adjustment process	1
p4	Trans-Pacific Strategic Economic Partnership Agreement.
carrier's certificate	(USA) A document issued by a carrier providing the particulars of a shipment and designating to customs who may make a customs entry on that shipment..
in propria persona	In his own person, himself
military payment certificate	These certificates comprise several series of U.S
growth regression	The attempt to ascertain the causes of economic growth by regression of country growth rates on country characteristics
trading blocs	Countries that join together to increase trade between their members and restrict trade with non-members.
normal good	A good (or service) for which demand increases as income increases.
blind trust	A financial arrangement in which a person avoids possible conflict of interest by transferring financial affairs to a fiduciary who has sole asset management discretion
charter service	Temporary hiring of an aircraft or vessel for the transportation of cargo or passengers.
reengineering	Redesigning business processes
bottom-up investing	Bottom-up investing is a strategy that overlooks the significance of industry or economic factors and instead focuses on the analyses of individual stocks and companies.
bullion	Uncoined gold or silver in the form of bars, ingots or plate.
certified public accountant	Refers to an accountant who is licensed and therefore allowed to practice public accounting. The requirements differ in different countries.
gaas	"Generally Accepted Auditing Standards." The ten auditing standards adopted by the membership of the AICPA
monetize	1
debt collection period	The number of days it takes to collect the average debt.
variety	Refers to the multiplicity of differentiated products that are available in some industries, a multiplicity that tends to become larger with trade.
toning	The color changes on the surfaces of a coin due to the coin's contact with contaminants and chemical reactions with the atmosphere
profit & loss	see Income & Expenditure Statement
grantor-grantee index	The record of the passing of title to all the properties in a county as kept by the county recorder's office
assets	liabilities, and owners' equity at a specific date. The total of all assets is always equal to the total of liabilities plus owners' equity. This is a function of the double-entry accounting system.
trade act of 1934	Reciprocal Trade Agreements Act of 1934.
primary environment	See functional currency.
imputed notice	A legal concept that holds that information communicated to an agent is communicated to the principal because in the client agent relationship, nothing is held back because it was the duty to report the information to the principal
nonviolation	In WTO terminology, this is shorthand for a complaint that a country's action, though not a violation of WTO rules, has nullified or impaired a member's expected benefits from the agreement.
predatory pricing	Setting products at a low price with the intention of driving out competition and preventing new competition.
examine	As an audit procedure to examine something is to look at it critically.
forward delivery	The transfer of commodities or foreign exchange at a specified date subsequent to the date of the contract that provides for the transfer.
value chain	The sequence of activities that a firm undertakes to create value, including the various steps of the supply chain but also additional activities, such as marketing, sales, and service
asset bubble	See bubble.
tuna-dolphin case	Actually a pair of cases, resulting from the U.S
specified disease insurance	Specified disease insurance, which is not available in some states, provides benefits for only a single disease, such as cancer, or for a group of specified diseases
mrts	Marginal rate of technical substitution.
enabling act	A state statute that provides a legal base for zoning codes or other local governmental action.
eaton-kortum model	A useful variant of the Ricardian Trade Model in which a continuum of producers or industries have randomly chosen differences in productivities
fast track	A procedure adopted by the U.S
goodhart's law	Controlling a symptom of a problem, or only part of the problem, will not cure the problem: it will simply mean that part that is being controlled now becomes a poor indicator of the problem.
moral suasion	A type of approach used by an authority to get members to adhere to a policy, goal or initiative
cariforum	A grouping consisting of the CARICOM countries plus the Dominican Republic.
port of discharge	The port at which a shipment is off loaded by a transportation line.
hospice	Care provided to terminally ill patients and their families that emphasize emotional needs and coping with pain and death.
directors	People elected by shareholders to run companies.
contingent liability	Potential liability that may exist in the future depending on the outcome of a past event
geographical immobility	The lack of ability willingness of people to move to jobs in other parts of the country.
production function	A functional relation showing the maximum output that can be produced by each and every combination of inputs.
specificity rule	The principle that the optimal policy for correcting a distortion is one that deals most directly, or specifically, with that distortion.
flow	Activities that occur over time
adverse selection	A tendency which occurs when a person makes a decision based on his/her diminished health condition or frequency of needed treatment and is, therefore considered a poorer claims risk than most others in the group.
macroeconomic stabilization	See stabilization policy.
beneficiary	The person entitled to receive benefits under a plan, including the covered employee and his or her dependents.
remittance	Funds forwarded from one person to another.
spectrum	A specific frequency range.
transfers	Transfer payments.
self-sufficiency	A state that occurs when each individual consumes only what he or she produces.
ratio estimation	In audit sampling a ratio of the proportion of errors in the sample applied to the population value to estimate total error.
homohypallagic	Having a constant elasticity of substitution
joint tenancy	A joint holding of property by two or more persons, who, as co-tenants, enjoy the property equally throughout their lives with right to survivorship to the other grantees
bilateral trade	The trade between two countries; that is, the value or quantity of one country's exports to the other, or the sum of exports and imports between them.
degressive	1
laurel-langley agreement	A trade agreement between the Philippines and the United States replacing the Bell Trade Act, signed in 1955 and expired in 1974
average circulated	A grade used to describe a coin based on its age
living trust	A trust becoming operative in the lifetime of the person creating it.
scientific management	A theory that suggests that there is a 'best' way to perform work tasks.
cotonou agreement	A partnership agreement between the EU and the ACP Countries signed in June 2000 in Cotonou, Benin, replacing the Lomé Convention
tactical decisions	Calculated, medium term decisions. May be used to implement strategic decisions.
mothballing	The preservation of a production facility without using it to produce, but keeping the machinery in working order and supplies available
scandinavia	Strictly includes only Denmark, Norway, and Sweden
communication media	The written, oral or methods used to communicate a message.
generation-skipping transfer tax	Imposes a tax on both outright gifts and transfers in trust to or for the benefit of persons two or more generations younger than the donor, such as grandchildren
detention	The act of keeping back or withholding either accidentally or by design a person or thing.
homothetic demand	Demand functions derived from homothetic preferences
imf	International Monetary Fund
cge	Computable general equilibrium.
closure	See macroeconomic closure.
local optimum	An allocation that by some criterion is better than all those in its neighborhood.
trade in tasks	International fragmentation
backward vertical integration	Merging with a firm involved with the previous stage of production.
rollback	1
gross weight	The total weight of a package or a shipment, including goods and packaging.
test marketing	Testing a product out on a small section of a market prior to its full launch
process protection	Use of a trade barrier on imports of a good based on how it was produced, rather than its physical, observable characteristics
pollution haven	A country that, because of its weak or poorly enforced environmental regulations, attracts industries that pollute the environment.
bear market	A prolonged period in which investment prices fall and there is widespread pessimism.
lanham act of 1947	Federal legislation governing trademarks and trademark registration.
inventory	A subsidiary ledger which is usually used to record the details of individual items of stock
aladi	Asociación Latinoamericana de Integración (Spanish for Latin-American Integration Association)
beneficiary	A person who benefits from the terms of a trust, a will, an RRSP or other deferred income plan, or an insurance policy.
malpractice reform	Proposed changes may include required arbitration and limits to the amount of attorney's fees.
substitutes in supply	These are two goods where an increased production of one means diverting resources away from producing the other.
acceptance sampling	is sampling to determine whether internal control compliance is greater than or less than the tolerable deviation rate.
act of god	A violent act of nature such as lightning, flood, earthquake or hurricane which man can neither cause nor intervene with.
circular migration	The movement of a country's people first out of the country and then back in.
energy consumed per capita	The amount of energy consumed divided by the population
brass	Coinage metal alloy containing chiefly copper and zinc.
subsistence farmer	1
differentiated product	A group of products that are simlar enough to be called the same product but dissimilar enough so that all of them do not have to be sold at the same price.
international trade centre	An international agency whose purpose is to help developing countries export
equity risk premium	The return required by investors over and above the return on risk-free investments such as government bonds to compensate for the additional risks involved in equity investment
skill intensive	Describing an industry or sector of the economy that relies relatively heavily on inputs of skilled labor, usually relative to unskilled labor, compared to other industries or sectors
any quantity	A cargo freight rate that applies to an article without regard to the weight or quantity shipped.
ceo	Chief Executive Officer
handsigned note	One which has one or more actual autogtaphed signatures of an authorized person
gaia philosophy	The respect for the rights of the environment to remain unharmed by human activity
salvage	1
protectionism	The deliberate use or encouragement of restrictions on imports to enable relatively inefficient domestic producers to compete successfully with foreign producers, or to protect and preserve those industries and producers considered of critical national interest.
probability	The degree of likelihood that something will happen.
capacity to contract	Legal competency to make a contract.
economic freedom	Freedom to engage in economic transactions, without government interference but with government support of the institutions necessary for that freedom, including rule of law, sound money, and open markets.
personal representative	A person appointed by the probate court to administer a decedent’s estate
affidavit	A statement or declaration reduced to writing and sworn to or affirmed before a public official who has authority to administer an oath or affirmation.
revealed market access	A measure of the extent to which a country's exports are able to penetrate another country's market, relative to other countries' exports
edge	Often termed the third side of a coin, it is the surface perpendicular to the obverse and reverse
civil society	The name used to encompass a wide and self-selected variety of interest groups, worldwide
flow lines	Lines that are not always visible that are caused by the metal flow from the center of the coinage blank caused at the moment the blank was struck by the working coinage dies.
restriction on trade	See trade restriction.
population	Rate of Natural Increase - Birth rate minus death rate expressed as a percentage, ignoring any migration.
referral	Primary care physician-directed transfer of a patient to a specialty physician or specialty care.
time deposits	Deposits that require notice of withdrawal or where a penalty is charged for withdrawals on demand.
trade-off	Refers to losing one quality or aspect of something in return for gaining another quality or aspect.
jones act	A U.S
value product	Price times quantity produced, as in marginal value product.
round	See trade round.
lse	1
80 - 20 rule	a general rule of thumb in business that says that 20% of the items produce 80% of the action -- 20% of the product line produces 80% of the sales, 20 percent of the customers generate 80% of the complaints, and so on
control	A policy or procedure that is part of internal control.
defendant	A person against whom legal action is initiated.
automated commercial environment	ACE is an online system developed by U.S
target audience	People who are potential buyers of a product or service.
testamentary trust	A trust created by the last will and testament of a decedent.
two-speed europe	A configuration of the European Union in which some of the countries integrate more fully than others
dual economy	The existence of two distinct types of economy in one country, modern and traditional, side by side.
implicit tariff	1
grease payment	Same as facilitating payment.
financial projections	are prospective financial statements that present, given one or more hypothetical assumptions, an entity's expected financial position, results of operations, and changes in financial position
domicile	That place where a person or organization has their principal residence with intent to make it their permanent home.
outsiders	Those out of work or employed on, a casual, part-time or short-term basis, who have little or no power to influence wages or employment.
prospective	financial statements are either financial forecasts or financial projections
forward premium	The difference between a forward exchange rate and the spot exchange rate, expressed as an annualized percentage return on buying foreign currency spot and selling it forward.
qualitative	Relating to the quality of a trait, as opposed to quantitative, which means expressed as a number.
inquiry	A request for information or, an investigation.
quiet title	To free the title to a piece of land from the claims of other persons by means of a court action called a “quiet title” action
quantitative	Expressed in numerical values
asean economic community	The goal of ASEAN to become more fully integrated economically by 2015, achieving a single market and other objectives.
unilateralism	The use of trade policy by a country ignoring or contrary to international agreements
free-rider problem	The tendency for the scale of provision of a public good to be too small – to be allocatively inefficient - if it is privately provided. The free-rider problem means that people are often unwilling to pay for things if they can make use of things other people have bought
x	Exports; the value of all domestic production sold abroad.
mod act	(USA) Customs Modernization and Informed Compliance Act: Passage 1992, HR 3935.
say’s law	The principle that the production of a certain amount of goods and services results in the generation of an amount of income precisely sufficient to buy that output.
townhouse	A residential unit on a small lot which has coincidental exterior limits with other similar units
flotsam	Floating debris or wreckage of a ship and its cargo.
kaizen	A Japanese term meaning continuous improvement, through the elimination of waste
leontief technology	A production function in which no substitution between inputs is possible: F(V) = mini(Vi/ai), where V is a vector of inputs Vi, and ai are the constant per unit input requirements
imports	The goods and services that a country buys from other countries.
critical path analysis	A technique used to find the cheapest or fastest way to complete an operation.
shock	1
brown field investment	FDI that involves the purchase of an existing plant or firm, rather then construction of a new plant
organic growth	Growth achieved through the expansion of current business activities.
local content requirement	Same as domestic content requirement.
product cycle	The life cycle of a new product, which first can be produced only in the country where it was developed, then as it becomes standardized and more familiar, can be produced in other countries and exported back to where it started
linder hypothesis	The theory that a country's ability to export depends on domestic demand, so that countries that demand similar goods will trade more with each other than will countries with dissimilar demands
discretionary licensing	See licensing.
range	The difference between the highest and lowest values in a set of data.
open economy	An economy free of trade restrictions.
analyze	Identify and classify items for further study.
water in the tariff	1
breakbulk	1
material	(materiality) Information important enough to change an investor's decision
market supply curve	A curve, usually sloping upward to the right, showing the relationship between a product’s price and the quantity supplied of the product.
r&d	Research and development.
foreign remittances	The transfer of any funds across national boundaries.
carnet	Called an "A T A Carnet"
hysteresis	1
state capitalism	A system in which government plays a large and active role in the economy, owning large enterprises and using their influence in markets for political rather than purely economic ends.
destination	The place to which a shipment or person is going..
title	(1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy, and dispose of real estate or a right or an interest therein
personal income	Income earned by, or paid to, individuals before allowance for personal income taxes on that income.
dmpl	A coin with prooflike surfaces sufficient that a reflection of the person viewing the coin can be seen.
ad valorem duty	Duty calculated on the basis of value (usually a percentage of the value.)
inelastic	Having an elasticity less than one
liquidity	The availability of cash or ability to obtain it quickly
normative economics	Economic propositions about what ought to be, or about what a person, organization, or country ought to do.
equation of exchange	The number of monetary units multiplied by the number of times each unit is spent on final goods and services is identical to the prices multiplied by output (or national income)
risk	Chance of incurring financial loss by an insurer or provider.
peril point	An estimated limit beyond which a reduction in tariff protection would cause material injury to a domestic industry.
quitclaim deed	A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.
effective rate	Yield on debt instrument as calculated from the purchase price
valid	Legally binding.
bogor goals	The objectives agreed upon at a 1994 meeting of APEC leaders in Bogor, Indonesia
dry cargo	Cargo which is of solid, dry material
blockade	A militarily enforced interference with a country's trade, usually by naval forces preventing access to its ports.
capitalization factor	any multiple or divisor used to convert anticipated economic benefits of a single period into value.
dividend cover	Dividend cover measures the number of times greater the net profits available for distribution are than the dividend payout.
standards code	The common name for the Tokyo Round Code on technical barriers to trade.
replacement cost	1
aswp	Any safe world port
return on capital	Return on capital is one of the most useful ratios when it comes to measuring the performance of a company.
target	1
informal entry	(USA) A simplified import entry procedure accepted at the option of Customs for any baggage or commercial shipment that does not exceed a specified value.
ams	Aggregate measure of support.
asymmetric shock	An exogenous change in macroeconomic conditions affecting differently the different parts of a country, or different countries of a region
hundredweight pricing	In transportation, special pricing for multiple-piece shipments (weighing over 100 pounds in total) traveling to one destination, which are rated on the total weight of the shipment as opposed to rating on a per package basis.
guardian	A person appointed or approved by the court to look after the personal interest of another person.
obsolescing bargain model	A model of interaction between a multinational enterprise and a host country government, which initially reach a bargain that favors the MNE but where, over time as the MNE's fixed assets in the country increase, the bargaining power shifts to the government
preference shares	In return for receiving a fixed rate of return (even if the company prospers dramatically in the future), preference shareholders have a certain level of protection in that, if the company goes bankrupt, they will receive their money back (if there is any left to give) before the Ordinary Shareholders
check 21 act	The Check Clearing for the 21st Century Act (Pub
executor	A person appointed by the probate court to carry out the terms of a will.
transition indicator	An index of the progress that a country has made in the process of transition, produced by the EBRD.
technical review	One of two types of real estate appraisal reviews
temporary employment	Employment for a limited or finite period of time.
factor reversal	See factor intensity reversal.
origin principle	The principle in international taxation that value added taxes be kept only by the country where production takes place
latest start time	In program evaluation and review technique (PERT), latest time at which an activity must begin without holding up the complete project.
yacht basin	A system of docks and channels used for the keeping of yachts and similar boats.
rent seeking	Behaviour whereby private firms and individuals try to use the powers of the government to enhance their own economic well being.
factor-price space	A graph with factor prices on the axes.
privatisation	The process of selling a public corporation to private shareholders.
demographic dividend	The result of a fall in a country's birthrate, whereby the ratio of the population of children to those of working age is reduced, making resources available for investment and/or increased per capita consumption.
adjunct account	Is an that is used to accumulates either/or subtractions or additions to another account
correlation	The degree of relationship between two sets of data
participation rate	The fraction of a country's working-age population that is employed or seeking employment.
crowding in	The tendency for an expansionary fiscal policy to increase investment.
ratchet effect	The implication for a variable that (like a ratchet) can move one direction but not the other
lighterage	The loading or unloading of a ship by means of a lighter (barge), especially when shallow waters prevent an ocean going vessel from approaching a berth, or if berths are unavailable.
durable goods	Any product which is not consumed through use.
quantitative	Expressed as a number, as opposed to qualitative measurement.
league of nations	An intergovernmental organization founded at the end of World War I to prevent wars
audit	Professional examination and verification of a company's accounting documents and supporting data for the purpose of rendering an opinion as to their fairness, consistency and conformity with Generally Accepted Accounting Principles.
cargo selectivity system	(USA) An Automated Customs System module which is used to identify high risk cargo and to apply more intensive examinations to it.
multilateral agreement	An agreement among more than two persons, firms, or governments.
government budget	1
extend	means to multiply one number by another (to test extensions is to test the accuracy of multiplication done by the client)
microeconomics	The study of the allocation of resources and the distribution of income as they are affected bythe workings of the price system and by government policies.
container freight charge	Charge made for the packing or unpacking of cargo from ocean freight containers.
wml	Wireless Mark-up Language - the language behind WAP.
wear	The abrasion of metal from a coin's surface caused by normal handling
decreasing returns	A situation in which output is less than in proportion to inputs as the scale of firm's production increases
ordinance	A legislative enactment of a city or county.
paternalism	Intervention in the free choices of individuals by others (including governments) to protect them against their own ignorance or folly.
impact statement	A document that analyses the projected effects of a contemplated project
bilateral	Between two countries, in contrast to plurilateral and multilateral.
war risk	The risk to a vessel, its cargo and passengers by aggressive actions of a hostile nation or group.
aggregate production function	The relationship between the amount used of each of the inputs available in the economy and the resulting amount of potential output; that is, the most output that existing technology permits the economy to produce from various quantities of all available inputs.
production function	A function that specifies the output in an industry for all combinations of inputs.
country of departure	The country from which a shipment of goods, a carrier, or a passenger has or is scheduled to depart.
valid contract	A contract that complies with the four essential elements of a contract - capacity, consent, consideration and lawful object - and is binding and enforceable by all of its parties.
arms length transaction	A transaction such as a sale of property in which all parties involved are acting in their own best-interest and are under no undue influence or pressure to act from any other parties.
assets	Items that are owned by an individual such as property and investments etc
preferential trading arrangements	A trade agreement whereby trade between the signatories is freer than trade with the rest of the world.
quarter eagle	A United States two and a half dollar gold coin.
benchmarking	The process of searching for new and better procedures by comparing your own procedures to that of the very best
plurilateral agreement	The plurilateral agreements of the WTO contrast with the larger multilateral agreements in that the former are signed by only those member countries that choose to do so, while all members are party to the multilateral agreements.
louvre accord	An agreement reached in 1987 among the central banks of France, Germany, Japan, US, and UK to stop the decline in the value of the US dollar that they had initiated at the Plaza Accord.
national saving	The sum of public saving and private saving; all national income that is not spent on government purchases or private consumption.
seasonal unemployment	Unemployment due to seasonality in demand or supply of a particular good or service.
broad definitions of money	Items in narrow definitions plus other items that can be readily converted into cash.
fiscal year	an accounting year than begins on a date other than January 1.
unconscionable	Unreasonable; outrageous
dependency ratio	The percentage of the population in the combined age groups aged under 15 and 65 plus.
unilateral contract	A contract under which one party expressly makes a promise, the other party, although making no reciprocal promise, may be obligated by law or may have already given consideration.
absorption	1
seasonal tariff	A tariff that is levied at different rates at different times of the year, usually on agricultural products, being highest at the time of the domestic harvest.
ceec	Central and Eastern European countries.
annuity	An annuity is a product that can provide you with a lifetime income, typically on retirement…
transatlantic economic council	A political body in which the US and EU seek to cooperate to advance economic integration between the two.
self correcting	A problem that cures itself if allowed to do so
beef hormone case	A trade dispute that began in 1989 when the EC banned imports of beef from cows that had been injected with growth hormones, arguing that the health effects of these hormones were suspect
external shock	A shock that originates from outside of an economic system, especially a country.
new economic geography	The study of the location of economic activity across space, particularly a strand of literature begun by Krugman (1991a) using agglomeration economies to help explain why industries cluster within particular countries and regions.
income beneficiary	An individual designated to receive income from a planned gift.
affiant	A person who has made an affidavit.
sequential game	A game with multiple stages, played one after the other.
structure	An edifice or building, an improvement whose primary use or purpose is for housing or accommodation of personnel, personalty, or fixtures and has no direct application to the process or function of the industry, trade, or profession.
competence	of an internal audit staff is a function of qualifications, including education, certification, and supervision.
economic geography	See New Economic Geography.
computer aided manufacture	The use of computers in the manufacture of products.
micro	Very small or microscopic.
tariff jumping	The establishment of a production facility within a foreign country, through FDI or licensing, in order to avoid a tariff.
financial transparency	This, according to the SEC, means "means timely, meaningful and reliable disclosures about a company's financial performance." It is a crucial requirement for informed investment in companies
dunnage	Materials placed around cargo to prevent shifting or damage while in transit.
standard deviation	A common measure of the dispersion of a random variable or of a sample of data
specific commodity rate	With reference to freight rates, it is a favorable freight rate usually applicable to certain classes of commodities which move in large volume shipments.
public offering	The sale by a company of shares of its stock to the public in the financial market.
priority of lien	The order in which liens are given legal precedence or preference.
all-cargo aircraft	Any aircraft that is used for the sole purpose of transporting cargo or mail.
liner	A vessel carrying passengers and cargo that operates with a fixed schedule on a particular route.
cusip number	A nine-digit letter and number combination established by the Committee on Uniform Securities Identification Procedures (CUSIP) that is used to identify publicly traded securities
open shop	A situation where a firm can hire both union and nonunion workers, with no requirement that nonunion workers ever join a union.
inverse relationship	A relationship that is negative;" such that an increase in one variable is associatedwith a decrease in the other, and a decrease in one variable is associated with an increase in the other.
international political economy	A field of study within social science, especially political science, that addresses the interrelationships between international economics and political forces and institutions.
general imports	The total physical arrivals of merchandise into one country from foreign countries during a period of time..
air parcel post	Parcels shipped through the mails to be transported by air.
hedge accounting	Deferring recognition of unrealized gains and losses from a hedge instrument until the corresponding gains or losses from the hedged instrument(s) are recognized
import	The act of bringing or causing any goods to be brought into a customs territory.
harrod-balassa-samuelson effect	The Balassa-Samuelson Effect.
creation	See trade creation.
eas	East Asia Summit.
international coffee organization	An intergovernmental organization set up in 1963 that administers the International Coffee Agreement
type	A coin's basic distinguishing design.
para-tariff	A charge on an imported good instead of, or in addition to, a tariff.
variable costs	Costs, such as fuel and raw material costs, that vary with the level of production.- back to top
disinvest	1
fsa	Financial Services Authority – the regulator of all providers of financial services in the UK.
average length of stay	One measure of use of health facilities, reported as an average number of inpatient days spent in a hospital or other health care facility per admission or discharge
ducat	(Pronounced "DUCKet") Medieval gold coin; also any of a number of modern issues of the Dutch Mint
unemployment	According to the definition of the Bureau of Labor Statistics, joblessness among people who are actively looking for work and would take a job if one were offered.
efficient breach	The violation of a rule or law when the benefit to the violator of doing so exceeds the harm that it does to others
negative externality	A harmful externality; that is, a harmful effect of one economic agent's actions on another
national income	The value of total output and of the income that is generated by the production of that output
fibre rings	Have come to be used in many fibre networks as they provide more network resilency; if there is a failure along a route and a ring is broken, the direction of the traffic can be reversed and the traffic will still reach its final destination.
lean production	An approach to operations management aimed at reducing the quantity of resources used up in production.
foreign person	1
annual compound return	The annual rate of return earned on an investment which includes any growth, for example: Investment of £100 grows by 5% in the first year; You then have £105 at the start of year 2, this then grows by a further 3%, so at the beginning of year 3 the investment is worth £108.15
european monetary institute	A temporary institution that existed from January 1994 to June 1998 during the years leading up to the European Central Bank and the introduction of the euro
essay	Also called an essai, the term represents experimental pieces, pattern coins, transitional, and trial pieces.
free trade area	A group of countries that adopt free trade (zero tariffs and no other policy restrictions) on trade among themselves, while not necessarily changing the barriers that each member country has on trade with the countries outside the group.
positive assurance	A statement as to what the CPA believes
immiserizing transfer	A transfer that makes the receiving country worse off.
economic order quantity	The level of stock order which minimises ordering and stock holding costs.
encumbrance	A liability (e.g.
run on a currency	The short-term capital outflows that occur when a pegged exchange rate regime is thought to be running out of reserves and is thus expected (and therefore forced) to devalue.
single audit act	This federal legislation requires state and local governments that receive federal aid of $500,000 or more in a fiscal year to have an audit under the act
reciprocity	When one major entity will accept the documentation used by another major entity
unbundling	To increase the reimbursement paid by a plan or insurance contract, each medical procedure is billed under a separate code as a separate item, instead of part of one overall procedure.
void	To have no force or effect; that which is unenforceable.
recording	RecordingThe process of placing a document on file with a designated county public official for public notice who is usually known as the county recorder of deeds and who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating the time of day and the date when it was officially placed on file
concealed damage	Damage to the contents of a package which is not evident from the appearance of the exterior of the package.
image-processing systems	scan documents into electronic images for storage
trade balance	Balance of trade.
model	A simplified theory to explain the types of competition between businesses.
mutual fund company	A company that uses its capital to invest in other companies
substitute in production	One good is a substitute for another in production if an increase in output of one (or a rise in its price) causes a decrease in output of the other.
title	(1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy and dispose of real estate or a right or interest therein
minimum efficient scale	The smallest output at which long run average cost reaches its minimum be cause all available economies of scale in production and/or distribution have been realised
option	A choice or right, for a consideration, to do an act or force performance of an act in the future under specific terms and conditions.
with one person	in one or more transactions (in one type of activity)
cost of capital	See economic Value Added (EVA) and weighted average cost of capital.- back to top
arrears	Bills which should have been paid
audit evidence	is information used by the auditor in arriving at the conclusions on which the auditor's opinion is based.
speculators	People who buy (or sell) commodities or financial assets with the intention of profiting by selling them (or buying them back) at a later date at a higher (lower) price.
doha round	The round of multilateral trade negotiations begun January 2002 as a result of agreement at the Doha Ministerial
informed compliance	(USA) A term that describes the improved ability of a entity to comply with Federal rules and regulations through easy access to up-to-date information.
demographic factors	Features of the size, location and distribution of the population.
birth-rate	The number of births per 1000 people in the population per year.
yaoundé convention	A 1963 meeting and associated agreement, in Yaounde Cameroun, between the European Economic Community and some 19 African states, mostly former colonies of EEC countries, granting them preferential treatment on industrial exports
interline shipping	The movement of a single shipment on two or more carriers.
closed-end transaction	A credit transaction with a fixed amount of time for repayment.
judicial foreclosure	A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.
treaty of rome	The 1957 agreement among six countries of Western Europe to form the European Economic Community, which went into effect January 1, 1958.
world transformation curve	The world production possibility frontier.
customs union/common market	A group of countries with free trade between them and a common external tariff.
kaleidoscope comparative advantage	A variant of fragmentation due to Bhagwati and Dehejia (1994).
quad	Refers both to the Quadrilateral Meetings and to the participants in those meetings, the U.S., Canada, EU, and Japan.
lafco	Local Agency Formation Commission.
duty	A tax levied by a government on the import or export of goods.(Note: The U.S
ordinary least squares	The simplest and most common method of fitting a straight line to a sample of data: by minimizing the sum of the squares of the deviations of the data from the line.
public domain	Land owned by the government and belonging to the community at large.(back to top)
market	An abstract concept concerning all the arrangements that individuals have for exchanging with one another.ie a place where goods and services are exchanged.
cook the books	To falsify is misrepresent accounting information.
specialty physicians	Those physicians practicing in areas other than internal medicine, family practice, or pediatrics.
container part load	A shipment of cargo that according to weight or volume will not fill a standard container on its own but is expected to be shipped in a container, if necessary with other shipments which are also too small to take up a full container themselves.
tramp steamer	A vessel which does not operate under any regular schedule from one port to another, but calls at any port where cargo may be obtained and charges a negotiated amount of freight
social welfare function	A function mapping allocations of goods to the individuals in an economy to a level of welfare for the economy as a whole
demutualization	The process of converting from a mutual company to a stock company
bank multiplier	The number of times greater the expansion of bank deposits in that the additional liquidity in banks causes it – 1/L (the inverse of the liquidity ratio).
hawthorne effect	The idea that workers are motivated by recognition given to them as a group.
returns to scale	Same as increasing returns to scale.
tolerable misstatement	When planning a sample for a substantive test of details, the auditor considers how much monetary misstatement may exist without causing the financial statements to be materially misstated
adequate disclosure	Comprehensive and clear disclosure in the body of financial statements, footnotes, or supplemental schedules so that readers of a company's financial position and operating results can make proper investment and credit decisions.
oil shock	A large increase in the relative international price of oil (petroleum)
currency bloc	1
forward vertical integration	Merging with a firm involved in the next stage of production.
yard lumber	Lumber generally found in a lumber yard, that is, lumber graded for general building purposes.
availability theory	A theory of the determinants of international trade, due to Kravis (1956), that says that countries import what they do not have available domestically and export what they do
amendment	A change either to alter, add to, or correct part of an agreement without changing the principal idea or essence.
aggregate	Constituting the whole
armington elasticity	The elasticity of substitution between products of different countries.
neighborhood	In mathematical Euclidean space, a small set of points surrounding and including a particular point
migration	The permanent relocation of people from one country to another
entry	Part of a transaction recorded in a journal or posted to a ledger.
cash flow gap	The difference between cash inflows and cash outflows in a defined time period
court of international trade	See U.S
letters of conservatorship	Formal written evidence of court appointment of a conservator of the person, or of the estate, or of the person and estate of a conservatee.
limit test	. A computer program step that compares data with predetermined limits as a reasonableness test (hours worked over 60 per week).
dual date	If a major event comes to the auditor's attention between the report date and issuance of the report, the financial statements may include the event as an adjustment or disclosure
international jute organization	The organization set up in 1984 to implement the International Agreement on Jute and Jute Products, 1982, now called the International Jute Study Group
customs user fee	A charge levied on traders for the service of passing through customs.
compare	An audit procedure
building codes	A systematic method established by ordinance or law of regulating and setting minimum construction standards for buildings within a municipality to protect the public's safety and health.
urban population	The number of people living in urban areas as a percentage of the total population
common external tariff	The single tariff rate agreed to by all members of a customs union on imports of a product from outside the union.
bunker	1
opinion	A CPA's conclusion held with confidence but not substantiated by positive knowledge or proof.
second unbundling	See 2nd unbundling.
remedy	In a trade dispute in the WTO or other forum, the measure recommended by the dispute settlement panel to resolve the dispute, usually a measure that will bring the offending country into compliance with WTO (or other) rules.
international trade multiplier	The effect on national income in country B of a change in exports (or imports) of country A.
default judgment	A judgment against a defendant who made no appearance in court.
unit isoquant	The isoquant for a quantity equal to one unit of a good
agreed valuation	The value of a shipment that is agreed upon by both the shipper and the carrier to define the freight rate and/or the liability of the carrier.
platform	See export platform.
mew	Measure of economic welfare.
geriatrics	The study of physical and mental changes in persons as they age - including the diagnostic, treatment and prevention of disorders.
after sight	A notation on a draft that indicates that payment is due a stated number of days after the draft has been presented to the drawee.
omitted	To leave out or not done, such as to prevent from being included or considered or accepted.
accountant	a person who trained to prepare and maintain financial records.
atlantic council	An organization based in Washington, DC, that seeks to promote leadership and engagement in international affairs.
peg	1
sim penetration	Is the measurement of the number of active SIM cards in the country expressed as a percentage of the total population
assembly service	A service under which a carrier or a forwarder or a warehouse combines multiple shipments from multiple shippers into one shipment for one receiver.
financial statement	A presentation of financial information derived from the accounting records
news	Unexpected information
m&a	Mergers and Acquisitions
haulage	The transport of bulk goods or products; usually refers to road transport but can also refer to rail transport.
price specie flow mechanism	Same as specie flow mechanism.
international fisher effect	The theory that exchange-rate changes will match, or be expected to match, international differences in nominal interest rates
deregulation	Where the government removes official barriers to competition (e.g
emerging market	1
demand for money	The total amount of money balances that the public wishes to hold for all purposes.
naked	The position of an option holder who does not also own an offsetting position in the underlying
export penetration	The ability of domestic producers to penetrate foreign markets, as measured by the ratio of exports to output of a domestic firm or industry.
mto	Multilateral Trade Organization.
strategic petroleum reserve	The strategic stockpile of oil held by the United States government.
job enrichment	An attempt to give employees greater responsibility and recognition by 'vertically' extending their role in the production process.
input-output analysis	This involves dividing the economy into sectors where each sector is a user of inputs from and a supplier of outputs to other sectors
friend	See natural friend.
beneficiary statement	A statement of the unpaid balance of a loan and the condition of the debt, as it relates to a trust deed.
quitclaim deed	A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, buy not containing any warranty of a valid interest or title in the grantor.
environmental kuznets curve	An inverse U-shaped relationship hypothesized between per capita income and environmental degradation
impaired proof	A proof coin that has been mishandled and is for that reason less than perfect.
au	About Uncirculated.
cargo tonnage	The weight of a shipment or of ship's total cargo expressed in tons.
misrepresentation	A statement contrary to fact
minimum charge	The lowest amount that will be charged regardless of the amount of service rendered.
multilateral agreement	An agreement among a large number of countries.
aka	Also known as.
lerner-pearce diagram	This name is sometimes given (for years, by me at least) to the Lerner Diagram
x-efficiency	The ability of a firm to get maximum output from its inputs
declared value for carriage	The value of goods declared to the carrier by the shipper for the purposes of determining charges and establishing the liability of the carrier.
quality	One dimension along which products can be differentiated
fillet head	The head of Liberty on United States coins with hair tied with
moral obligation bond	Revenue bonds issued by state agencies, government commissions, or other special purpose municipal entities that purport to have the added backing of a moral obligation of the city or state government
reserve accounts	Reserve accounts are usually set up to make a balance sheet clearer by reserving or apportioning some of a business's capital against future purchases or liabilities (such as the replacement of capital equipment or estimates of bad debts). A typical example is a company where they are used to hold the residue of any profit after all the dividends have been paid
g-8	The G-7 plus Russia, which met as a full economic and political summit from 1998 to 2008.
international trade organization	Conceived as a complement to the Bretton Woods institutions -- the IMF and World Bank -- the ITO was to provide international discipline in the uses of trade policies
annuitant	The person receiving annual or more frequent payments from a gift annuity.
brecher-alejandro proposition	The proposition, proved in Brecher and Alejandro (1977), that foreign capital inflows with full repatriation must be immizerizing.
missing trade	See mystery of the missing trade.
bill of exchange	A certificate promising to repay a stated amount on a certain date, typically three months from the issue of the bill
democratic leadership	A leadership style where the leader encourages others to participate in decision making.
food programs	Federal antipoverty programs that distribute food to the poor, either directly from surpluses produced by farm programs or indirectly via stamps that can be exchanged for food.
joint product	One of two or more products (goods and/or services) that are produced by a single production process, such as milking a cow to produce both milk and cream
zoning	A designation given to a particular geographic area by the local government to regulate the type of use and the density of development permitted for properties in that area
fair trade movement	A system overseen by several international NGOs, in which products of developing countries are purchased at a fair price from individual producers and sold with a fair trade label to consumers in developed countries
e-sign law	See Electronic Signatures in Global and National Commerce Act.
international standard industrial classification	A classification system for industries, organized by the activity performed by the industry, and used for recording and reporting data on industrial activities, including output and employment.
zip code	(USA) A numerical code, established by the U.S
budget	A statement of the government’s expenditures and tax revenues for a fiscal year.
questionnaires	A set of questions to be answered as a means of collecting data for market research.
social security act	Law under which the federal government operates the Old Age, Survivors, Disability, and Health Insurance Program (OASDHI).
execute	To carry out an internal control procedure, such as to sign and mail a check after inspecting supporting documents.
inputs	Intermediate products and factor services that are used in the process of production.
multiple provider arrangement	Managed care plan consisting of group, staff, or IPA structures in combination.
dispatch	1.An amount paid by a vessel's operator to a charterer if loading or unloading is completed in less time than stipulated in the charter agreement.2
technology	1
export elasticity of substitution	This is the elasticity of substitution in demand for a country's exports of a product relative to the exports of another country of that product, both to a particular importing country, with respect to the relative price of the two exporting countries' exports.
observer	1
proportional income tax	An income tax where the portion of income paid in tax is the same for people on high incomes as it is for people on low incomes.
appropriate	audit evidence is relevant (pertains to the proposition supported) and reliable (trustworthy).
credit score	A three-digit number that is calculated using a mathematical formula based on information in your credit report
monotonic	Changing in one direction only; thus either strictly rising or strictly falling, but not reversing direction.
international tropical timber organization	An organization created in 1983 for consultation among producers and consumers of tropical timber
principle of substitution	The principle that methods of production will change if relative prices of inputs change, with relatively more of the cheaper input and relatively less of the more expensive input being used.
public domain	Land owned by the government and belonging to the community at large.
gold exchange standard	A monetary system adopted by some countries which did not have enough gold to go onto the gold standard so they deposited their gold with one of the leading gold standard countries and made their currency more or less freely convertible to the currency of that country.
infant industry argument	The view that "temporary protection" for a new industry or firm in a particular country through tariff and non-tariff barriers to imports can help it to become established and eventually competitive in world markets, in which case the protective measures will no longer be needed.
diversion	See trade diversion.
autonomous transaction	In the balance of payments, a transaction that is not itself a result of actions taken officially to manage international payments; in contrast with accommodating transaction.
econometric models	Systems of mathematical formulas that attempt to represent the interaction of various macroeconomics variables
sale and leaseback	A sale and leaseback arrangement can be a useful way for a company to generate cash from its property portfolio without having to vacate.
chapter 11	Chapter 11 of the American bankruptcy protection laws effectively puts a protective ring around a company, winning it time to renegotiate its debts and stopping creditors from claiming assets…
multifiber arrangement	An agreement (OMA) among developed country importers and developing country exporters of textiles and apparel to regulate and restrict the quantities traded
impound	To take custody of and seize property or money by some legal action (e.g., court mandate).
entrepôt trade	The import and then export of a good without further processing, usually passing through an entrepôt which is a storage facility from which goods are distributed
payback period	The time it takes for a project to repay its initial investment
trac	An organisation that rates the financial stability of Canadian insurance companies.
nairu	Short for ‘nonaccelerating inflationary rate of unemployment'
check digit	A redundant digit added to a code to check accuracy of other characters in the code.
priority	The order of preference, rank or position of the various liens and encumbrances affecting the title to a particular parcel of land
trade creation	Trade that occurs between members of a preferential trading arrangement that replaces what would have been production in the importing country were it not for the PTA
voluntary restraint agreements	Informal bilateral or multilateral arrangements through which the exporting nations voluntarily restrain certain exports, usually through export quotas, to avoid economic dislocation in an importing country and to avert the possible imposition of mandatory import restrictions by the importing country.
secondary production	Activities such as manufacturing which transform raw materials into finished goods.
emigration	The migration of people out of a country.
gatt ministerial	A ministerial meeting conducted under the GATT.
consumer provisions	Certain sections of various federal acts and regulations relating to financial institutions (e.g., the Bank Act, the Insurance Companies Act) are designated as "consumer provisions" by the Financial Consumer Agency of Canada Act
uncertainty	A situation in which, given the best information available, multiple outcomes are possible.
supertonic	(music) the second note of a diatonic scale
liner code	The United Nations Convention on a Code of Conduct for Liner Conferences
tolerable	1
elasticity of transformation	The elasticity of an economy's output of one good with respect to its output of another (holding other outputs, if there are any, constant).
adjusting entries	Are needed to correctly match revenue and expenses to the correct fiscal year. Some transactions that are entered have attributed the revenue and expenses to the wrong fiscal year.
export	To send or transport goods abroad out of a customs territory; to sever them from the mass of things belonging to one country with the intention of uniting them to the mass of things belonging to a foreign country.
microfinance	Refers to institutions that specialize in making very small loans to very poor persons in developing countries
trustee	A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another
trust	An arrangement in which the stock of several companies is controlled by a single entity
special deposits	A
instrument	Any written document that gives formal expression to a legal agreement or act.
input	Any resource used in the production process.
crude birth rate	The number of births in a y one thousand population e.g
fraud	A deliberate deception to secure unfair or unlawful gain
decedent	Deceased person.
mechanic's lien	A claim created by law for the purpose of securing priority payment for work performed and material furnished by a mechanic or other person who has done construction or repair of a building
shock therapy	One strategy for moving from a centrally controlled economy to a market economy, consisting of a sudden removal of all government controls and rapid privatization.
employee's earning reports	Record of an employee's net pay, gross pay, deductions and year-to-date payroll information.
flar	Fondo Latinoamericano de Reservas.
implied waiver	A legal name for a situation in which a lender is deemed to have lost the right to enforce a provision in the loan documents as a result of the lender's failure to enforce the same provision when it was previously violated.
kaizen costing	Determines target cost reductions for a period, such as a month or year.
foreign flag	The national identification of a carrier registered in a foreign country
non-governmental organization	A not-for-profit organization that pursues an issue or issues of interest to its members by lobbying, persuasion, and/or direct action
zipf's law	The regularity noticed by Zipf (1949) that, within any country, the populations of cities are close to proportional to 1/r, where r is the population rank of the city
person specification	A profile of the type of person needed to do a job.
euratom	The European Atomic Energy Community, created in 1956 along with the EEC.
housing code	A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings
ceteris paribus	Latin phrase meaning, approximately, "holding other things constant." Used as shorthand for indicating the effect of one economic variable on another, holding constant all other variables that may affect the second variable
endorser	A person who signs ownership interest over to another party
marginal benefit	The additional benefit of doing a little bit more (or 1 unit more if a unit can 1 measured) of an activity.
pattern of trade	See trade pattern.
research	An investigation involving the process of enquiry and discovery used to generate new business ideas.
back order	That portion of an order that cannot be delivered at the scheduled time, but will be delivered at a later date when available.
customs classification	1
right of way	(1) The right to pass over property owned by another, usually based upon an easement
billing third party	The transference of transportation charges to a party other than the shipper or consignee.
interpolation	The mathematical process of obtaining an unknown number that has a value between two known numbers in a series of numbers
debt	Money or services owed to an outside party
sustainable development	Economic development that is achieved without undermining the incomes, resources, or environment of future generations.
test of detail	Direct tests of financial statement balances (substantive audit procedures) that are not analytical procedures
prime book of entry	See original book of entry .
offsetting error	An error that cancels out another error; also called counterbalancing error.
procurement	See government procurement.
transparency	The clarity with which a regulation, policy, or institution can be understood and anticipated
trade concentration index	Any of several measures of the extent to which exports of a particular product or to a particular country come from only a small number of countries
testamentary	Pertaining to or having to do with a will.
fas 105	An accounting rule that previously required disclosures of information about financial derivatives
fiscal stance	How deflationary or re-flationary the budget is.
merchanting	The act by a resident of one country of buying a good in another country and reselling it in that or a third country, without the good ever entering the merchant's country of residence.
zero substitution	An elasticity of substitution of zero
latin american integration association	An organization of Latin American countries that replaced the failed LAFTA
reaction curve	The graph of a reaction function.
cameo	A coinage finish in which the main devices appear to be frosted or otherwise set apart from the background.
institute for international economics	See Peterson Institute for International Economics.
dynamic model	Any model with an explicit time dimension
face value	The dollar amount shown on a document by words or numbers
special drawing rights	A special drawing right allows a member country of the IMF to obtain surplus currency held by another member country.
avigation easement	An easement over private property abut-ting an airport runway, which limits the height of crops, trees, structures
conservative social welfare function	A social welfare function that takes special account of the costs to individuals of losing relative to the status quo, and that therefore seeks to avoid large losses to significant groups within the population
requisition	A formal written request for something needed
marxist	Referring to the writings of Karl Marx and to a body of economic thought based, more or less loosely, on those writings.
self-insurers	Employers, businesses, and other entities that chose to assume the responsibilities of an insurance company to insure their beneficiaries.
built-ins	The features constructed as part of the house such as cabinets, etc.
incentive	A reward given to employees to encourage them to work harder. People respond to incentives
bot	Balance of trade.
differentiated product	1
sample	A group of consumers selected from the population.
mixed credit	A form of trade financing that provides an element of aid, through a low interest rate or long credit period, and therefore is partially an export subsidy.
circumference	The distance around the exterior boundary of a circle.
token	A privately issued piece with an exchange value, but not an official
geography	See New Economic Geography.
mer	The proportion of the assets under management that were used to run a mutual fund.
asymmetric shocks	Shocks (such as an oil price increase or a recession in another part of the world) that have different-sized effects on different industries, regions or countries.
family planning	A health service which offers help and advice to couples to help the to decide if and when to have children and how many.
theory of social choice	The philosophical and mathematical study of the type of conclusions that can be determined through various aggregation methods to create a social welfare function from individual preferences.
trade indifference curve	In a diagram measuring quantities of exports and imports, a curve representing amounts of trade among which a freely trading country is indifferent, based on its community indifference curves and its transformation curve
punta del este declaration	The ministerial declaration adopted at the GATT ministerial in 1986 launching the Uruguay Round.
deal ticket	The primary method of recording the basic information relating to a transaction
chindia	A collective name for China and India, sometimes used in discussing the increasing role that these two countries play in the international economy.
investment appraisal	Analytical techniques to help management evaluate the returns from potential investments, and to help choose between competing investments
cer	Australia-New Zealand Closer Economic Relations Trade Agreement.
reexport	The export without further processing or transformation of a good that has been imported
marginal benefit	The increase in well being caused by an additional unit of some activity, such as the consumption of a good
special and differential treatment	The GATT principle that developing countries be accorded special privileges, exempting them from some requirements of developed countries
quiet title action	A court action brought to establish title from a questionable claim or to remove a defect or cloud on the title to property.
liabilities	Amounts owed. These may be current, which means due to be paid within 1 year, or they may be long term, which means not due for at least 1 year.
assessment notice	The summary that you receive from Revenue Canada after you file your tax return
category groups	A classification system which groups various products for statistical, export control or quota control purposes.
definitive	With reference to a tariff or other trade barrier applied as a result of administered protection, this refers to the barrier imposed at the completion of the administrative process, as opposed to the preliminary barrier that may have been imposed at an earlier stage
corporate tax	Corporate income tax.
beneficiary	One who benefits; usually, an individual or charity who receives gifts or income from an estate, trust, insurance policy, etc.
kimberly process	An international certification system for export and import of diamonds, initiated in 2000, intended to stop the trade in blood diamonds.
back office	Refers to the activities of a firm that are necessary to its functioning but are not directly part of production, such as accounting
mediant	(music) the third note of a diatonic scale; midway between the tonic and the dominant
fraud	Fraud in the health care system may include areas such as offering free tests or services and billing the insurer or plan, or for charging for services no rendered.
patent	The legal right to the proceeds from, and control over the use of, an invented product or process, granted for a fixed period of time, usually 20 years
market sector	The portion of an economy in which commodities are bought and sold and in which producers
harmful externality	Negative externality.
harmonization	1
preference	1.A creditor's right to be paid before other creditors of the same debtor.2
regional trade agreement	1
action ex delicto	1
economic sanction	The use of an economic policy as a sanction.
effective protective rate	Same as effective rate of protection.
judicial notice	The doctrine that a court will, of its own knowledge, assume certain facts to be true without the production of supporting evidence often because they are common knowledge.
covariance	A measurement of the relationship between two variables
packing list	A document listing the merchandise in a particular shipment indicating the kind and quantity in each package.
independent risks	Where two risky events are unconnected
supply schedule	A table showing for selected values the relationship between the quantity of some product that producers wish to make and sell per period of time and the price of that product, other things being equal.
bank act	Federal legislation governing the structure and operation of banks in Canada.
game theory	The modeling of strategic interactions among agents, used in economic models where the numbers of interacting agents (firms, governments, etc.) are small enough that each has a perceptible influence on the others.
necessity test	A procedure to determine whether a trade restriction intended to serve some purpose is necessary for that purpose.
net tax revenue	Total tax revenue minus transfer payments.
auditing standards	Guidelines that auditors follow when examining financial statements and other data.
actual charge	The amount a physician or supplier actually bills for a particular medical services or supply.
net taxes	Taxes minus transfers
deviation	Departure from prescribed internal control
usage	A uniform practice or course of conduct followed in certain businesses or professions or some procedure or phase thereof.
restraint of alienation	Restrictions placed against the transfer (vesting) or sale of property
import surveillance	The monitoring of imports, usually by means of automatic licensing.
secondary picketing	Where union members from one place of work picket an unrelated place of work.
repos / repo	Sale and repurchase agreements
moneyer	An authorized mint master or coiner.
hull	The outer shell of a vessel.
hygiene factors	Those things that can lead to workers being dissatisfied.
market maker	An individual or entity that stands ready to buy or sell financial instruments at all times
industry analysis	Is an analysis of various key factors relating to the industry. It may include an analysis of the industry life cycle, the history of the industry, an in-depth ratio analysis of the industries financial performance, a review of how differing trends such as seasonal fluctuations affect the industry, external influences on the industry such as government laws and a review of levels of competition both present and future for the specific industry.
tied agent	Financial advisor offering advice and products from a limited number of companies.
sanction	1
cancel supporting documents	To mark supporting documents as having been used to support a transaction so the same documents can't be used to support another transaction
white-collar union	A union which represents non manual workers (office workers, management and professional staff).
disclosure	Revealing information
euro-mediterranean partnership	An declaration at a 1995 conference in Barcelona between the 15 members of the European Union and its 12 Mediterranean partners to enter a new phase in their relationship, promoting peace and stability, free trade, and cultural understanding
drayage	The charge made for hauling freight via carts, drays or trucks.
landfill	A way of disposing of waste which involves burying it in the ground.
franco	Free from duties, transportation charges and other levies.
listed stock	A listed stock is one which is listed, or traded, on a stock exchange.
linkage	See forward linkage and backward linkage.
dunkel draft	A draft agreement written in 1991 during the negotiations of the Uruguay Round by GATT Director-General Arthur Dunkel, incorporating all that had been so far agreed and filling in gaps with his proposed text
logarithm	A particular mathematical transformation often used to express economic variables
arbitration	An alternative to litigation for resolving a dispute between an insurer and its customer or between insurers
appellate body	The standing committee of the WTO that reviews decisions of dispute settlement panels.
base year	The year which is chosen as the point of reference for comparison.
depression	A persistent period of very low economic with very high unemployment and high excess capacity.
pump priming	Priming the pump.
auditor	A firm of accountants who examine ('audit') amounts and disclosures in a company's financial statements
generalized system of preferences	Tariff preferences for developing countries, by which developed countries let certain manufactured and semi-manufactured imports from developing countries enter at lower tariffs than the same products from developed countries.
schedule	1
default	Failure to repay a loan
non co-operation	A form of industrial action when employees refuse to comply with new working practices.
coordination	Cooperation in setting economic policy, especially across countries, so that policies of different governments reinforce each other rather than canceling each other out.
additional premium	An extra charge for an alteration, during the policy period, which increases the hazard or the insurance company's liability
responsibility	The duty to complete a task.
washington consensus mark 2	Name sometimes given to the views expressed by Dani Rodrik and co-authors, who amend or even replace the Washington Consensus with "get the institutions right." See Rodrik et al
record of survey	A map of a parcel of land delineating its area and boundaries.
debtor nation	A nation that is owed less foreign currency obligations than it owes other nations.
temporary producer movement	A mode of supplying a traded service through the temporary movement of persons employed by the supplier into the buyer's country.
numismatist	A person who studies the economics, artistic quality, distribution, and other qualities of coins individually and as groups.
structural impediments initiative	A 1990 agreement between the United States and Japan to reduce their bilateral trade imbalance
par of exchange	The precise equivalency of a given sum of money of one country with the like sum of money of another country into which it is to be exchanged.
falling-cost industry	An industry in which the lowest costs attainable by a firm fall as the scale of the industry expands.
global supply chain	A production process that is distributed over many countries, with production in one country providing inputs to production in another, which in turn provides inputs to a third, and so on
benign neglect	Refers to doing nothing about a problem, in the hope that it will not be serious or will be solved by others
dual-purpose test	Audit procedures are classified as substantive tests or tests of controls
subsurface rights	The ownership rights a parcel of real estate has to the water, minerals, gas, oil that is beneath the surface.
speculator	Anyone who engages in speculation
mtn	Multilateral trade negotiation.
audit objective	In obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions
capital expenditures	Expenditures resulting in the acquisition of or addition to fixed assets
capital mobility	The ability of capital to move internationally
trustee	A party who is given legal responsibility to hold property in the best interest of or “for the benefit of” another
liquidation	1
phytosanitary	Pertaining to the health of plants, especially freedom from pests and pathogens
pareto criterion	The criterion that for change in an economy to be viewed as socially beneficial it should be Pareto-improving.
administrator	A person appointed by the probate court to carry out the administration of a decedent's estate when the decedent has left no will
job production	A single product is made at a time, usually to the customer's exact specifications.
interest rates	The percentage of a sum of money charged for its use
cournot's law	That the sum of the balances of payments or of trade across all countries must be zero
contribution margin	The difference between sales and the variable cost s of the product or service, also called marginal income
heckscher-ohlin core propositions	See core propositions.
production possibility frontier	A curve that shows which alternative combinations of commodities can just be attained if all available resources are used; it is thus the boundary between attainable and unattainable output combinations
payments deficit	Balance of payments deficit.
setback	The distance from curb or other established line on which nothing may be erected.
factor price	The price paid for the services of a unit of a primary factor of production per unit time
value analysis	A procedure to evaluate a product after manufacture to see how costs may be reduced.
watermark	During the production of some paper, a special mark or design is implanted into the paper which is visible or fully visible when the paper is held up to the light
administrator	A person appointed by the probate court to carry out the administration of a decedent’s estate when the decedent has left no will
economics	The study of how resources are allocated among alternative uses to satisfy human wants.
unity	One
foreign aid	Refers to gifts or soft loans (below the market rate) made to developing countries from official sources.
certificate of correction	A document that amends and corrects a map that has already been recorded.
doubtful asset	An asset would be classified as doubtful if it has remained in the substandard category for a period of 12 months
buy american act	U.S
fifty dollar bill	a United States bill worth 50 dollars
cross retaliation	Retaliation in which the response is in a different sector or under a different WTO agreement than the action that prompted it
lamination	A thin piece of metal that separates partially or entirely from the surface of a coin, impacting the design elements in the process.
total disability	Generally, a disability that prevents insureds from performing all occupational duties.
trade policy research centre	A research organization that was active in the 1970s and 1980s, but that seems no longer to exist, at least in that form
network	A set of connections among a multiplicity of separate entities sharing a common characteristic
modality	Method or procedure
mean	The arithmetic average of the values of an economic or statistical variable
black market	Buying or selling of products that violate government restrictions.
tolerable deviation rate	is the maximum rate of deviation from an internal control that will allow the auditor to place the planned reliance on that control.
consortium	An association of companies for some definite purpose.
in perpetuity	To be held in the same form forever.
consolidating statements	Consolidating financial statements are reports or worksheets that show the financial condition of each entity in a consolidated group of entities as well as the intercompany eliminations used in the preparation of consolidated reports.
unfavorable balance of trade	An excess of imports over exports, so that the balance of trade is negative
substitution of trustee	Appoints a new trustee in place of the original trustee named on a recorded deed of trust
delayering	The removal of managerial layers in the hierarchical structure.
horizontal intraindustry trade	Intraindustry trade in which the exports and imports are differentiated by characteristics other than quality, or (less commonly) are at the same stage of processing
codex alimentarius	This is the international "food code," consisting of standards, codes of practice, guidelines, and recommendations for producing and processing food
user auditor	A "service auditor" is the auditor of an organization that provides services such as data processing or pension trust administration to other organizations (the users)
horizontal merger	When two firms in the same industry at the same stage in the production process merge.
conveyance	An instrument in writing such as a deed, or trust deed, used to transferor convey title to property from one person to another.
skilled nursing facilities	Institution providing the degree of medical care required from, or under the supervision of, a registered nurse or a physician.
to market	See pricing to market.
cud	Occurs when a break in the coinage die interrupts the appearance of the image.
interchange point	A location where one carrier delivers freight to another carrier.
sterling silver	Silver to the purity of .925 fine or .925 percent purity; often misunderstood to be pure silver.
commodity terms of trade	1
levy	The tax authority can require the payment of the entire sum to any of the liable subjects, although the subject who has paid retains the right to appeal in the civil court against the other co-debtors
mandate	A specific procedure or coverage that a plan or insurance contract must offer dictated by state or federal law.
amplitude	The extent of the up and down movements of a fluctuating economic variable; that is, the difference between the highest and lowest values of the variable
equilibrium position	Same as equilibrium level, though perhaps of several variables at once, perhaps as displayed in a graph.
flow lines	Microscopic striations in a coin's surface caused by the movement of metal under striking pressures.
comprehensive income	A term defined by FAS 130 as the change in equity of an entity during a reporting period that results from transactions and "other events and circumstances from nonowner sources." The "other events and circumstances from nonowner sources" are referred to as "other comprehensive income." Accordingly, comprehensive income is the change in equity during a reporting period that results from the combination of net income and other comprehensive income
maghreb	The region of West and Central North Africa comprised of Algeria, Libya, Mauritania, Morocco, Tunisia, and Western Sahara
economic growth	A positive change in the level of production of goods and services by a country over a certain period of time.
speculator	One who will take on additional risk in order to increase returns.
contingent bequest	This is a provision in a will, trust or estate plan that allocates a gift to your organization as an alternative to higher priority bequest or some condition that must be met
life expectancy	The expected value of the number of years a person has yet to live at a given age or, if age is unspecified, at birth, based on the distribution of actual deaths in the population to which the person belongs
impairment	See nonviolation
geneva round	The first (1947) and fourth (1955-56) of the trade rounds conducted under the auspices of the GATT.
surcharge	A charge or tax above the usual or customary charge.
markup	1
official reserves	The central government's holdings of foreign currencies.
smoot-hawley tariff	The Tariff Act of 1930, this raised average U.S
performance bond	A bond to guarantee performance of a specified act, such as the completion of property or off-site improvements.
productivity deal	When, in return for a wage increase, a union agrees to changes in working practices that will increase output per worker.
front-end load fund	back-end load fund, and no-load fund.
textiles	Cloth
econometrics	The application of statistical methods to the empirical estimation of economic relationships
personal residence or farm	IRS regulations define a ‘personal residence' as any property used by the taxpayer as a personal residence even though it is not used as the principal residence.
alternative trade adjustment assistance	An addition to the US program of trade adjustment assistance, enacted in 2002, that provides wage insurance for a limited group of older workers.
executor	A person appointed in a will and affirmed by the probate court to cause a distribution of the decedent’s estate in accordance with the will
de minimis	A legal term for an amount that is small enough to be ignored, too small to be taken seriously
component bar chart	A chart where each bar is divided into a number of sections to illustrate the components of a total.
accounting estimate	An approximation of a financial statement element
fineness	The purity of gold or silver, always expressed in terms of one
aggregation	The combining of two or more kinds of an economic entity into a single category
technology transfer	The communication or transmission of a technology from one firm or country to another
productive efficiency	The production of maximum output from a given set of inputs, thus reaching the production possibility frontier
grantee	A party who receives a transfer of real property by a grant deed.
heckscher-ohlin-vanek model	The Heckscher-Ohlin Model for the case of identical techniques of production (due either to FPE or Leontief technologies), used to derive the strong prediction about the factor content of trade known as the Heckscher-Ohlin-Vanek Theorem.
credit card balance	The amount of money you owe your credit card issuer.
international trade commission	The United States International Trade Commission
credit rating	An indicator of the financial strength of a company
havana charter	The charter for the never-implemented International Trade Organization
etd	The expected date and time of departure of a carrier.
it06	An initiative calling for the development of an international trade data system sponsored by the US Government that will meet the needs of Federal agencies involved in international trade as well as the trade information needs of businesses and the general public.
nation	As used in international economics, a nation is almost invariably a country, or occasionally a similar entity (e.g., Hong Kong) with a single, usually independent government.
index number	A numerical index, usually indicating, by comparison with a base value of 100, the size of the index relative to a base year or other benchmark for comparison
skills shortages	Where potential employees do not have the skills demanded by employers.
adb	1
span of control	The number of subordinates working directly under a manager.
featherbedding	A practice whereby a union restricts output per worker in order to increase the amount of labor required to do a certain job.
internal economies of scale	Scale economies that result from the firm's own actions and hence are available to it by raising its own output.
risk assessment procedures	are the audit procedures performed to obtain an understanding of the entity and its environment, including the entity's internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and relevant assertion levels.
disposable income	Household income after the deduction of taxes and the addition of benefits.
measurement cargo	A cargo on which the transportation charge is assessed on the basis of size or dimensions, instead of upon the gross weight.
andean pact	The Cartagena Agreement of 1969, which provided for economic cooperation among a group of five Andean countries; predecessor to the Andean Community.
implied warranty of habitability	Implied Warranty: One that is not written but exists under the law. See also STATUTE OF FRAUDS.
plaintiff	The party initiating an action.
solow model	The neoclassical growth model
medal	A round metal object struck to honor or commemorate a person, place, or thing, or to display artwork
alcan	Acuerdo de Libre Comercio de América del Norte (Spanish for North American Free Trade Agreement)
assumed liability	Liability for which a person has accepted responsibility by entering into an expressed or implied contract.
profit shifting	1
hypothesis testing	The use of a statistical test to discriminate between two hypotheses at two specific risk (or probability) levels.
real interest rate	The nominal interest rate adjusted for inflation, e.g
foreclosure	A remedy provided by state law for creditors secured by an interest in real property to obtain title to the property under certain conditions.
message	The information or instructions being passed by the sender to the receiver.
arbitrator	A person who listens to both sides in an industrial dispute ( trade union and management) and then gives a ruling of what the arbitrator thinks is fair to both sides.
development	The changing of new ideas into commercial propositions.
bullion	Platinum, palladium, gold, or silver coins struck to a specific weight and purity and meant to be traded for their intrinsic value rather than for their legal tender face value
ssars	Statements on Standards for Accounting and Review Services (SSARS) are pronouncements concerning unaudited financial information of a nonpublic entity issued by the AICPA Accounting and Review Services Committee.
ratification	Affirming a prior act which was not legally binding: the affirmation gives the act legal effect
articles of incorporation	A document filed with the secretary of state of a state which sets forth certain required information about the corporation.
bag marks	See contact marks.
acknowledgement	A written declaration by a person executing an instrument, given before an officer authorized to give an oath (usually a notary public), stating that the execution is of his own volition.
interest & financial charges	P&L Statement item
industrial action	Steps taken by the trade unions to decrease or halt production.
expenses	Outflows or other reductions of assets or increases in liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations.
median	1
flowchart	A schematic representation of a sequence of operations in an accounting system or computer program
disclaimer	A statement that the auditor is unable to express an opinion as to the presentation of financial statements in conformity with U.S
content requirement	See domestic content requirement.
multilateralism	The approach to trade policy and trade negotiations favoring agreements among all (or most) countries of the world at once, rather than only one or a small number at a time in separate bilateral, regional, or plurilateral agreements.
negative returns	An extreme form of diminishing returns, in which increasing one input holding other inputs constant causes output to fall
gifts in kind	Non-monetary items that your charity is able to put directly to use for its charitable purposes such as: blankets for a homeless shelter, computers to a school
spousal rrsp	An RRSP that is owned by your spouse, to which you can contribute
exemption	Immunity from a burden or obligation.
conventional international law	The portion of international law that results from formal agreements among nations, such as the GATT
abstract of judgment	A summary of the essential provisions of a court judgment, which when recorded in the county recorder's office, creates a lien upon the property of the defendant in that county, both presently owned or after acquired.
sight draft	A draft that is payable upon presentation to the drawee.
mrs	Marginal rate of substitution.
standard deviation	A statistic used to measure dispersion equal to the square root of the arithmetic mean of the squares of the deviations from the arithmetic mean.
jurat	A statement signed by a person authorized to take oaths certifying to the authenticity of a document or affidavit.
green card	A popular name for an identity card (visa) issued by the U.S
injury test	The determination by an administrative authority, in a request for administered protection, of whether the domestic industry has experienced sufficient injury to meet the requirement of the protection requested: material injury in cases of unfair trade or serious injury in cases of safeguards.
grout	(1) Thin mortar used in masonry work to fill joints between bricks, blocks, tiles, etc
concealed loss	1
closed period	The period between a company's year-end (and half year end) and the date of reporting its results
expropriation	The act or process whereby private property is acquired for public use or the rights therein modified by a sovereignty or any entity vested with the necessary legal authority, such as where property is taken under eminent domain.
cabotage	1
deductible	A set amount that you must pay before an insurance company provides any benefit payments to you under an insurance policy.
on-the-job training	Watching a more experienced worker doing the job and learning skills while under their supervision.
reciprocal demand curve	An offer curve
methods of production	Processes and techniques used to manufacture a product.
net output	The output of a product that is available for final users, after deducting amounts of it used up as an intermediate input in producing itself and other products
stigmatized property	A classification of specific property holding a negative reputation, which varies significantly from state to state, as a result of an event that occurred on or near it such as murder, death, illness, personal tragedy or gang-related activity
entry	1.That documentation required to be filed with the appropriate customs officer to secure the release of imported merchandise from customs custody.2
brics	Acronym for four large low-income countries, Brazil, Russia, India, and China, that were growing rapidly in the early years of the 21st century
disclaimer	A statement that attempts to limit liability in the event information is inaccurate.
zero degree homogeneous	Homogeneous of degree zero.
cyclically adjusted p/e ratio	A classic price/earnings ratio is the relationship between the current share price and one year’s earnings, usually the last year, or a forecast for the year ahead…
maximin	The strategy of choosing the policy whose worst possible outcome is the least bad.
professional corporations	Entities sometimes used by doctors, lawyers, and other professionals
close	A parcel of land enclosed by a fence, hedge or visual enclosure
release	The relinquishment of some right or benefit by a person or entity who already has some interest or right therein.
front-end load fund	and no-load fund.
long-term refinancing operations	The Long-term refinancing operations (LTRO) of the European Central Bank (ECB) are designed to provide stability to Europe's banking sector.
omo	Open market operation.
efficiency variance	Difference between inputs (materials and labour) that were actually used (i.e., actual quantity of inputs used) and inputs that should have been used (i.e., standard quantity of inputs allowed for actual production), multiplied by the standard price per unit
total factor productivity	A measure of the output of an industry or economy relative to the size of all of its primary factor inputs
management controls	are controls performed by one or more managers.
branch mint	Any federal coining facility except the Philadelphia Mint.
job rotation	The changing of jobs or tasks from time to time.
domestic trade	Commerce within a country; wholesale and retail trade.
chiang mai initiative	An agreement in 2000 among the "ASEAN+3" countries (ASEAN plus China, Japan, and S
contract	A contract is a legally binding agreement between two parties.
soft landing	Avoidance of economic hardship, in the form of inflation and/or especially recession, as a period of rapid economic growth comes to an end.
option	A written agreement granting to a party the exclusive right, during a stated period of time, to buy or obtain control of property or assets on specified terms, but without any obligation of such party actually to exercise such option.
money substitute	Something that serves as a temporary medium of exchange but is not a store of value.
secondary labour market	The market for peripheral workers, usually employed on a temporary or part-time basis, or a less secure 'permanent' basis.
breakage	1
headcount index	A common measure of poverty, defined as the percentage of the population living below the poverty line.
cepr	1
armington assumption	The assumption that internationally traded products are differentiated by country of origin
global economic prospects	An annual publication of the World Bank.
foreign exports	1
footloose industry	An industry that is not tied to any particular location or country, and can relocate across national borders in response to changing economic conditions
macroeconomic closure	The assumptions made in an economic model, especially in a CGE model to assure that it has a solution for all variables
audit	The process of checking every entry in a set of books to make sure they agree with the original paperwork (eg
product-orientated	A description applied to a business whose main focus of activity is on the product itself
billed weight	The designated weight shown on the freight bill which is used to calculate the freight charges.
incomplete information	See complete information.
association of caribbean states	A group of 25 countries of the Caribbean that signed a convention in 1994 to foster "consultation, cooperation and concerted action."
notice account	A savings account where you have to give notice before you can make a withdrawal.
priority	The order of preference, rank, or position of the various liens and encumbrances affecting the title to a particular parcel of land
tragedy of the commons	The tendency of a publicly available resource to be overused, because individual users do not bear the full cost of their use, which is instead shared by everybody
building bloc	Or building block
pay cycle	The criteria by which scheduled payments are selected for payment creation, e.g., payroll may be on a weekly, bi-weekly, or monthly pay cycle.
allocative efficiency	Refers to whether or not an allocation is efficient
manufacturer's identification number	(USA) An identification number used by U
census interface	(USA) An Automated Customs System module that captures trade data for the U.S
database	An organised collection of data stored electronically with instant access, searching and sorting facilities.
statistically significant	1
tastes	In economics, this is usually a synonym for preferences, in the sense of attitudes toward different goods.
stackelberg equilibrium	A game theoretic equilibrium in which one player acts as a leader and another as a follower, the leader setting strategy taking account of the follower's optimal response
raw material	A good that has not been transformed by production; a primary product.
memorandum	a written proposal or reminder
hard copy	A printed copy of information as opposed to information stored in computer readable form.
p/e ratio	See price/earnings ratio.- back to top
hedge	(1) Verb— To reduce risk or behavior that reduces risk from future price movements.
decile	One of ten segments of a distribution that has been divided into tenths
variety	A minor change or alteration made in the design (also called “type”), date, or mint mark of a coin from what is otherwise the norm.
sole importing agency	An entity, either private or government, that has been granted by government the exclusive right to import certain goods.
advisory services	are a consulting service in which the CPA develops the findings, conclusions, and recommendations presented for client decision-making
scope	The type of engagement
orange box	See amber box.
quantity supplied	The amount of a product that producers wish to sell in some time period.
neighborhood	An area within a larger community with similar type occupants, buildings and business enterprises.
population doubling time	The number of years it will take for a population to double assuming a constant rate of increase.
reaudit	When an auditor is asked to audit and report on financial statements that have been previously audited and reported on.
collective bargaining	A method of determining conditions of work and terms of employment through negotiations between employers and employee representatives.
promotional pricing	A pricing strategy where the product is sold at a very low price for a short period of time.
fas	Same as FOB but without the cost of loading onto a ship
effectiveness	Producing a desired outcome
admiralty	Any civil or criminal matter having to do with maritime legal issues.
positive externality	A beneficial externality; that is, a beneficial effect of one economic agent's actions on another
regional integration	The formation of closer economic linkages among countries that are geographically near each other, especially by forming preferential trade agreements.
interim financial information	means financial statements of a time period less than a full year.
proportional tax	A system in which all levels of income are taxed at the same rate; a.k.a
dock examination	(USA) Examination of imported merchandise by Customs at the terminal where it is discharged from the import carrier.
rybczynski derivative	The effect of a small change in a single factor endowment on the output of a good.
cartagena agreement	The 1969 agreement, also known as the Andean Pact, that led ultimately to the Andean Community.
policy instrument	A particular type of policy that can be used in varying degrees or intensities
quarter	One of the four three-month periods into which the calendar year is divided for the reporting of economic data.
vendor rating	A method of measuring and evaluating the performance of suppliers.
wrought iron	An easily molded form of iron used for decorative railings, gates, furniture, etc
single undertaking	A term, in trade negotiations, for requiring participants to accept or reject the outcome of multiple negotiations in a single package, rather than selecting among them.
fraternal benefit society	An institution that has a representative form of government and is operated for fraternal, benevolent or religious purposes, including the insurance of members or the spouses, common-law partners or children of members against accident, sickness, disability or death.
certification	1
escrow	Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released to a designated individual
economic welfare	See welfare.
kemp-wan theorem	The proposition, due to Kemp and Wan (1976), that any group of countries can form a customs union that is Pareto-improving for the world, so long as nondistorting lump-sum transfers within the union are possible
floor plan	A plan drawn to scale indicating wall-to-wall dimensions, room sizes and exposures and the placements of windows, doors, partitions, etc.
rational expectations	The theory that people understand how the economy works and learn quickly from their mistakes so that even though random errors may be made, systematic and persistent errors are not.
conservatee	A person unable to manage self, property, or self and property and for whom the probate court has appointed a conservator.
textiles and apparel	These largely labor intensive sectors are often the first manufactured exports of developing countries
harkin bill	The Child Labor Deterrence Act, introduced into the US Senate by Iowa Senator Tom Harkin several times from 1992 through 1999 but never passed into law.
standard industrial classification	The system for classifying industries used by the United States Commerce Department until 1997 for reporting data on industry output, employment, etc
occupational mobility	The ease with which workers can switch from one type of job, with particular skills, to another requiring different skills.
h-o model	Heckscher-Ohlin Model.
invested capital	the total of a company's long-term debt and equity.
plimsoll mark	The horizontal line on the outside of a ship which represents the depth to which a vessel may be safely loaded.
expected value	Weighted average using the probabilities as weights
life income	A plan whereby gift assets are placed in trust for the lifetime benefit of an income beneficiary(ies), with the remainder going to another beneficiary or remainderman
annuity	An amount paid at regular intervals for a set period of time
keiretsu	A group, or network, of manufacturing and
equation of exchange	A way of restating the definition of the velocity of circulation of money, such that the amount received for the final goods and services during a period equals the amount spent on those final goods and services during the same period (that is, MV = PQ).
like-for-like sales	One way of making meaningful year-on-year comparisons, especially with retail stocks, is by looking at ‘like-for-like’ sales growth.
tradable emission permits	Government granted rights to emit specific amounts of specified pollutants that private firms may buy and sell among themselves.
social clause	A provision in an international trade agreement that would link trade liberalization and labor standards
clad	Composite coinage metal strip composed of a core, usually of a base metal such as copper, and surface layers of more valuable metal, silver (or sometimes copper-nickel)
durable good	A good that can continue to be used over an extended period of time.
correlation	The relationship between two sets of variables.
mirror statistics	The approach of inferring a country's trade data, or checking their accuracy, by using the trade data of the countries with which it trades.
delegation of authority	A transfer of authority by one party to another
permanent employment	Employment for an indefinite period of time.
inferior good	A good for which income elasticity is negative.
moneyer	The individual responsible for a mint
dangerous goods	Goods which are capable of posing a health or safety risk.
sampling error	Unless the auditor examines 100% of the population, there is some chance the sample results will mislead the auditor
treaty port	A coastal city mostly in Asia made open to international trade and to residence by foreigners, as a result of pressure from foreign powers.
targeting	See industrial targeting
development decade	The United Nations General Assembly had, as of 27 September 2001, designated as "development decades" 1960-70, 1971-80, 1981-90, and 1991-2000.
multilateral trade organization	The proposed name, during the Uruguay Round negotiations, for what ultimately became the World Trade Organization.
federal reserve board	The Board of Governors of the Federal Reserve System, composed of seven members appointed by the president for fourteen-year terms, whose function is to promote the nation’s economic welfare by supervising the operations of the U.S
deflection	See trade deflection, production deflection, and investment deflection, .
market disruption	The effect of an import surge, if large enough to cause serious injury and justify safeguard protection.
marginal disutility of work	The extra sacrifice or hardship to a worker of working an extra unit ( time in any given time period (e.g
punitive damages	A fine used to punish the wrongdoer is assessed in excess of the damages actually suffered.
closer economic relations	See Australia-New Zealand Closer Economic Relations Trade Agreement.
secondary research	The use of information that has already been collected and is available for use by others
full cost method	Accounting method used by some extractive industries, particularly oil and gas companies, in which all exploration costs are capitalised whether the projects are successful or unsuccessful
late charge	A penalty for failure to pay an installment payment on item
product	1
revaluation reserves	Revaluation reserves are a part of Tier-II capital
human rights	The conditions and expectations to which every person, by virtue of his or her existence as a human being, is entitled.
foreign asset position	The amount of assets that residents of a country own abroad
peril	This is the cause of loss or damage
non excludability	Where it is not possible to provide a good or service to one person without it thereby being available for others to enjoy.
classification	The categorization of merchandise: In transportation - to permit determination of freight rates within a tariff
grandfather clause	A provision in an agreement, including the GATT but not the WTO, that allows signatories to keep certain of their previously existing laws that otherwise would violate the agreement.
domestic bias	Home bias.
fraud	Frauds have been classified as under, based mainly on the provisions of the Indian Penal Code (a) Misappropriation and criminal breach of trust
summary appraisal report	One of three types of real estate appraisal reports defined under Uniform Standards of Professional Appraisal Practice rules
portfolio discount	an amount or percentage deducted from the value of a business enterprise to reflect the fact that it owns dissimilar operations or assets that do not fit well together.
unilateral aid	Aid given by one country to another, as opposed to multilateral aid in which countries contribute to an international organization that in turn gives aid to deserving countries.
median voter theorem	A mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter.
global imbalance	The existence of large trade deficits and large trade surpluses in different parts of the world, perceived to be a situation that cannot be sustained and requiring rebalancing.
termites	The ant-like insects which feed on wood and are highly destructive to wooden structures.
aft	At or towards the stern of the ship or the tail of the aircraft.
general order	(USA) The customs requirement that goods not cleared within a specific number of days after arrival of the carrier must be taken into custody of customs and deposited in a warehouse at the risk and expense of the consignee.
rationing	Where the government restricts the amount of a good that people are allowed to buy.
drachma	The standard Greek monetary unit
market	A group of firms and individuals that are in touch with each other in order to buy or sell some good or service.
payroll register	Record for a pay period that shows: the pay period dates, regular and overtime hours worked, gross pay, net pay, and deductions.
constructive notice	Notice imparted by the public records of the county when documents entitled to recording are recorded.(back to top)
high income country	The top income group in the World Bank's classification of countries by GNI per capita, calculated by the Atlas Method
automatic stabilizers	Structural features of the economy that tend by themselves to stabilize national output, without the help of legislation or government policy measures.
vent for surplus	The concept that a country -- especially a developing country -- may be able to gain by exporting the products of factors that would not be employed at all without trade
alimony	Alimony is an allowance paid by one spouse to the other after a legal separation or divorce.
international bovine meat agreement	A plurilateral agreement on trade in bovine meat, originally negotiated as part of the Tokyo Round, continued as a plurilateral agreement after the Uruguay Round, but terminated in 1997.
relevance	An item that is capable of making a difference in decision making
congregate housing	Apartment houses or group accommodations that provide health care and other support services to functionally impaired older persons who do not need routine nursing care.
income elastic	Having an income elasticity greater than one.
basic needs	See living wage.
openness coefficient	The coefficient on any variable measuring openness in a regression, often a regression explaining economic growth
door-to-door	Shipping service from shipper's door to consignee's door.
g-77	A coalition of developing countries within the United Nations, established in 1964 at the end of the first session of UNCTAD, intended to articulate and promote the collective economic interests of its members and enhance their negotiating capacity
business strike	A coin intended for circulation in the channels of commerce
nonproduction worker	A worker not directly engaged in production
eonia	Euro OverNight Index Average
postdated check	A check delivered prior to its date, generally payable on or after the day of its date.
trade dependency	See dependency theory.
krugman specialization index	A measure of the extent to which a country's production patterns differ from those of a comparison group of countries
connecting carrier	A carrier which has direct physical connection with another carrier or forms a connecting link between two or more carriers.
amortization schedule	A table showing the periodic principal and interest payment requirements and the unpaid loan balance for each period of the life of a loan.
pier-to-pier	Shipment of cargo with carrier responsibility from origin pier to discharge pier.
stockpiling	The storage of something in order to have it available in the future if the need for it increases
technological progress	A technological change that increases output for any given input.
tariff heading	The descriptive name attached to a tariff line, indicating the product to which it applies
farm subsidy	Payments by governments to farmers
outside policy lag	The time between corrective government action responding to a shock to the economy and the resulting effect on the economy.
eminent domain	The power of the state to take private property for public use.
import bias	1
research and development	The use of resources for the deliberate discovery of new information and ways of doing things, together with the application of that information in inventing new products or processes.
gsm	Global System for Mobile Communication - an open, non-proprietary digital wireless technology platform.
edgeworth box	See Edgeworth-Bowley Box and Edgeworth production box.
zoning	The act of city or county authorities specifying the type of use to which property may be put in specific areas.
sanitary and phytosanitary regulations	Government standards to protect health, of humans, plants, and animals
water table	Distance from the ground surface to a depth at which natural groundwater is found.
lot labels	Labels attached to each piece of multiple lot shipment for identification purposes
user fee	See customs user fee.
standard trade model	There is probably no agreement as to what should be considered the "standard" trade model
abstract	A summary.
choices	Opportunities presented via Rational Choice Theory, given the pre-existing notion that resources are scarce.
improved value	The difference between the income-producing ability of a property and the amount required to pay a return on the investment in the property..
lis pendens	A legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.
job satisfaction	Enjoyment derived from feeling .that you have done a good job.
new bancor	A proposed non-national world currency to be used for payment and reserve purposes, to be issued by the IMF and intended to maintain a fixed purchasing power in the dollar and euro countries.
risk	The potential of losing one's money or the uncertainty of future returns.
bill of exchange	Draft or Bill.
authorize	To give permission for
coercive tied selling	An illegal practice where a lender pressures or forces you to buy another of their products as a condition for giving you the mortgage loan
tax	The rate indicates the amount of money deducted for tax and can be fixed (as, for example, for Irpeg) or can vary depending on the increase of the taxable base
die alignment	The relationship of the alignment between the obverse and reverse dies
revealed comparative advantage	Balassa's (1965) measure of relative export performance by country and industry, defined as a country's share of world exports of a good divided by its share of total world exports
correlation	A measure of the extent to which two economic or statistical variables move together, normalized so that its values range from −1 to +1
decree of distribution	A probate court decree which determines how the estate of a decedent shall be distributed.(back to top)
gatt codes	Plurilateral agreements negotiated under GATT auspices in the Tokyo Round to limit certain nontariff barriers
coppock indicator	The Coppock Breadth Indicator, originally known as Trendex’s Timing Technique for Texas Traders, is used to identify buy signals from around the bottom of a bear market…
attorney-in-fact	One who is appointed, in writing, to perform a specific act for and in place of another, e.g
apparel	Clothing
judgment	The determination of a court regarding the rights of parties in an action
safeguards clause	Article XIX of the GATT that permits countries to restrict imports if they cause injury
trilemma of international finance	The trilemma in which any two of the following preclude the third: 1
stylized fact	Something that has been observed to be true, or close to true, sufficiently often and in enough different contexts that an economic theory should be consistent with it
reefer container	A controlled temperature shipping container (usually refrigerated with a self-contained refrigeration unit).
distribution	The division and transfer of the property of a decedent.
service barrier	Barrier to trade in a service, such as a limit on the functions of a foreign-owned service provider.
technique of analysis	A method used for displaying or manipulating economic models.
wholesale banks	Banks specialising in large scale deposits, and loans and dealing mainly with companies.
differential treatment	See special and differential treatment.
better factories cambodia	A program of the International Labor Organization initiated in 2001 to improve working conditions in the garment factories of Cambodia producing for export
means	The methods of achieving one's goals.
population structure	The breakdown of the people in a country into groups based on differences in age, gender
backup	A copy of a computer program or data stored separately from the original.
auction quota	An import quota that is allocated by selling the rights to the highest bidder
five-year plans	Economic plans set up by the central government in a country that plots the future course of its economic development.
introductory paragraph	The first paragraph of the auditor's standard report which identifies the financial statements audited and states the financial statements are the responsibility of management and that the auditor's responsibility is to express an opinion on the financial statements based on the audit.
program	An audit program is a listing of audit procedures to be performed in completing the audit
link	In surveying, a length of 7.92 inches.
generic strategies	Strategies that can be used by any type of business organisation.
terms of trade argument	Same as the optimal tariff argument, which works by restricting the quantity of trade in order to improve the terms of trade.
vertical fdi	Foreign direct investment by a firm to establish manufacturing facilities in multiple countries, each producing a different input to, or stage of, the firm's production process
foreign debt	The amount a country owes to foreigners
tlc	Tratado de Libre Comercio (Spanish for Free Trade Agreement)
contraband	Any product that a nation has made unlawful to possess, produce, transport, import, or export.
shift parameter	A parameter that determines only the position of a function, but not its slope or shape, usually by simply increasing the value of the function
increasing cost	1
dumping margin	In a case of dumping, the difference between the "fair price" and the price charged for export
defect	A blemish, imperfection, or deficiency
net settlement	(1) For groups of financial transactions between the same counterparties, the settlement of a group of monetary transactions by delivery of only the net amount due.
convergence	The process of becoming quantitatively more alike
canada savings bond	A savings product issued and guaranteed by the federal government, and offered for sale by most Canadian financial institutions to individual Canadians
obsolete	An asset that is no longer any use to a company.
trade intensity index	For a group or bloc of countries, usually in a PTA, the ratio of the bloc's share of intra-bloc trade to the bloc's share in world trade
statute of limitations	The commonly-used identifying term for various statutes which require that a legal action be begun within a prescribed time after acquiring the right to seek legal relief.
tertiary sector	Industry which provides services to consumers and the other sectors of industry.
footloose factor	A factor that can move easily across national borders, in contrast to one that, due to inclination or constraints, cannot
single european market	An agreement by EU countries remove all barriers to trade.
international accounting standards board	An independent body, based in London, that sets accounting standards in the form of the International Financial Reporting Standards.
scarcity	The state in which wants exceed the amount that available resources can produce. Scarcity is the excess of human wants over what can actually be produced
foreign sales corporation	Refers to a provision of the U.S
alzheimer's disease	A form of organic dementia resulting in premature mental deterioration, first described in 1906 by German neurologist, Alois Alzheimer
conformed copy	A copy of an original document on which the signature, seal, and other such authenticating features are typed or otherwise noted.
constructive notice	Notice imparted by the public records of the county when documents entitled to recording are recorded.
ratification	The approval of an international agreement that has been negotiated, such as a trade agreement, by a country's governing body.
execution	An order directing a sheriff, constable, marshal or court-appointed commissioner to enforce a money judgment against the property of a debtor
quasi-fiscal	Having to do with financial transactions of units that are not included in a government's budget but that have some of the same effects as fiscal policy
amc	A charge made each year by managers of unit trusts, OEICs or investment trusts to cover the expenses associated with running the fund
traveler	One who passes from place to place, whether for pleasure, instruction, business or health.
deficit financing	1
vacancy factor	The estimated percentage of vacancies in a rental project
bank of canada rate	target overnight rate, and overnight rate.
identical merchandise	(USA) For U.S
estate planning	The process of arranging one's personal affairs to provide for death or mental incapacity.
convey	The act of transferring title to real property from one party to another.
tertiary sector	The portion of an economy producing services, in contrast to the primary sector and the secondary sector.
lorenz curve	The graph of the percent of income owned by the poorest x percent of the population, for all x
trade deficit	A nation's excess of imports over exports over a period of time.
kuznets curve	An inverse U-shaped relationship between per capita income and inequality, suggesting that inequality is low in very poor countries, rises as they develop, and then ultimately falls as income rises still further
waste	Any material which is no longer of use to the system that produced it and which has to be disposed of.
homothetic tastes	Homothetic preferences.
trade bias	See bias of a trade regime.
known loss	1
intermediate transaction	The sale of a product by one firm to another, presumably to be used as an intermediate input.
medicaid	State programs with federal matching funds for public health assistance to persons, regardless of age, whose income and resources are insufficient to pay for health care.
common size statements	financial statements in which each line is expressed as a percentage of the total
disguised unemployment	Where the same work could be done by fewer people.
chargeable weight	The weight or volume of a shipment used in determining freight charges.
fiscal policy	Fiscal policy includes any measure that the national government takes to influence the economy by budgetary means.
interim dividend	When companies pay dividends twice a year, the interim dividend is declared for the first half of the company's year at the time the interim results are announced
accounting research bulletins	(ARBs) were issued years ago to set generally accepted accounting principles
bankruptcy	A special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor's creditors and the debtor.(back to top)
economic theory	A rule or principle that enables us to understand and predict economic choices.
add-ins/ons	1
voluntary export restriction	An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit exports of a particular good to the other partner.
terms of trade controversy	Disagreement over the validity of the Prebisch-Singer Hypothesis.
visible trade	The exports and imports of goods.
fair market value	The price at which a property is transferred between a willing buyer and a willing seller, each of whom has a reasonable knowledge of all pertinent facts and neither being under any compulsion to buy or sell.
european financial stability facility	A pool of funds created by the Euro Area Member States in 2010 to be used to rescue member countries in crisis by lending to them.
ratification	Affirming a prior act which was not legally binding; the affirmation gives the act legal effect
complainant	The party who instigates or starts a legal action.
merger	The joining of two companies.
port	1
agent	A person or legal entity authorized to act on behalf of another.
export restraints	Restrictions which a nation places upon its exports, often to avoid more burdensome restrictions being applied by the importing nations.
probable	A contingent loss is probable if it is uncertain but likely to happen.
product	A good or service that is produced.
inference control	is a control used in the output of databases to stop a person who has access to only summary information from being able to determine (infer) a particular value for a particular record.
blockade	Prevention of commercial exchange by physically preventing carriers from entering a port or nation.
joint rate	A single freight rate on cargo moving via two or more carriers who then share the income..
quay	A structure built for the purpose of mooring a vessel; also called a pier.
liquidation system	(USA) A part of U.S
importer number	(USA) An identification number assigned by the U.S
diminishing returns to labor	When each additional unit of labor added to other resources used in the production of goods and services adds a smaller additional output than the previous unit.
cutthroat competition	Predation.
cercla	See Comprehensive Environmental Response, Compensation, and Liability Act of 1980.
assay	A destructive test through which the purity of metal can be determined.
world bank	The International Bank for Reconstruction and Development (IBRD), commonly referred to as the World Bank, is an intergovernmental financial institution located in Washington, DC
accounting cycle	The transactions that occur for a business over the whole fiscal year.
equilibrium unemployment unemployment	The difference between those who would like employment at the current wage rate and those willing and able to take a job.
game	A theoretical construct in game theory in which players select actions or strategies and the payoffs depend on the actions or strategies of all players.
nested	Packed one within another; for example the way paper cups are stacked as a way of saving space.
price index	A measure of the average level of prices in one period as a percentage of their level in an earlier period.
transferable emissions permit	Each permit allows the holder of the permit to generate a certain amount of pollution
host country	The country into which a foreign direct investment is made.
capital-saving	A technological change or technological difference that is biased in favor of using less capital, compared to some definition of neutrality.
exports	The quantity or value of all that is exported out of a country.
janvier reducing machine	The machine used to produce hubs from galvanos.
factor share	The fraction of payments to value added in an industry that goes to a particular primary factor.
allowance for sampling risk	The difference between a sample estimate and the projected population characteristic at a specified sampling risk
omnibus clause	Provision in a decree of distribution by which any property of a decedent not specifically described is distributed.
laissez faire	Free enterprise
approve	To authorize
tort reform	The purpose of reform is to eliminate unnecessary practices and testing which are performed defensively by a physician with little or no value to the person seeking treatment
discounts lost	Expected rate of return on investments
simulation	Representation of the operation or features of one process or system through the use of another
goodwill	(n) Goodwill is the advantage and reputation gathered, build-up or otherwise acquired by a business house during the course of its business life by better and satisfactory services
short-run and long-run elasticity	Measures in the response to price movements; long-run measures total response, and short-run measures immediate response.
treasury stock	Stock reacquired by the issuing company and available for retirement or resale