exports products (goods and services) made domestically and sold abroad

fiscal policy economic policies that involve government spending and taxes

globalization the trend in which buying and selling in markets have increasingly crossed national borders

goods and services market a market in which firms are sellers of what they produce and households are

buyers

gross domestic product (GDP) measure of the size of total production in an economy

imports products (goods and services) made abroad and then sold domestically

labor market the market in which households sell their labor as workers to business firms or other employers

macroeconomics the branch of economics that focuses on broad issues such as growth, unemployment,

inflation, and trade balance

market interaction between potential buyers and sellers; a combination of demand and supply

market economy an economy where economic decisions are decentralized, private individuals own
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