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CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for celebrities who speak directly to you through your television.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Opportunities are usually disguised as hard work, so most people don't recognize them." -- Ann Landers, columnist
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AIFT
American Institute for Foreign Trade
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