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5 Economic terms from Naked Economics

5 Economic terms from Naked Economics - 145 paragraph 3 4...

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5 Economic terms from Naked Economics 1) Laffer curve: An economic model developed by economist Arthur Laffer that purports to show a relationship between marginal tax rates and the level of total tax revenue. (Page 76, paragraph 2) 2) Gross Domestic Product: The sum of the values of all the goods and services produced within a country during the year. (Page 150, paragraph 3) 3) World Trade Organization: An organization whose functions are generally the same as GATT’s were – to promote free and fair trade among countries. (Page
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Unformatted text preview: 145, paragraph 3) 4) World Bank (International Bank for Reconstruction and Development – IBRD): A specialized agency of the UN that began operations in 1945 first to help countries rebuild facilities destroyed in WWII and subsequently to help finance development of the LDC’s. (Page 6, paragraph 2) 5) North American Free Trade Agreement (NAFTA): A U.S-Canada-Mexico free trade zone that is phasing in reductions of tariffs. (Page 138, paragraph 1)...
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