GOVERNMENT AND ECONOMIC INFLUENCES ON BUSINESS

1.      Exports: Goods and services sold by a country to other countries.

2.      Imports: Goods and services bought by one country from other countries.

3.      Boom: The stage when an economy is at the peak of its activity.

4.      Recession: When income and output begin to fall in an economy.

5.      Slump: The lowest part of the business cycle.

6.      Recovery: When growth begins to increase as an economy comes out of a slump or recession.

7.      Exchange rate: The price of one currency in terms of another.

8.      Exchange rate depreciation: A fall in the exchange rate of a currency.

9.      Direct taxes: Paid directly from incomes.

10.  Indirect taxed: Taxes on goods and services.

11.  Import tariff: A tax on imported goods to discourage their sales.

12.  Import quota: A legal limit on the quantity of a product that may be imported.

13.  Consumer protection laws: Laws designed to protect consumers from unfair actions by producers or retailers.

14.  Monopoly: A business that has no competition in its market- it is the sole seller.

15.  Contract of employment: A legal agreement between workers and employers listing the rights and responsibilities of employees.