CURRENTGK

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India Current GK, GENERAL KNOWLEDGE & CURRENT AFFAIRS

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Economic , Commercial and Trade Terms- General Knowledge GK - Terminology

Posted: 25 Oct 2011 10:45 PM PDT
http://feedproxy.google.com/~r/currentgksms/~3/qMBU-_k8Llc/economic-commercial-and-trade-terms.html?utm_source=feedburner&utm_medium=email

ARBITRATION

Referring dispute to disinterested party called arbitrator for decision,
which will be binding.

ANNUITY

Payment of a fixed amount periodically for a limited time. It is an
investment on which the owner receives not only interest on his money but
also return of his capital.

BALANCE OF TRADE

The difference between the value of imports and exports. It is favourable
when the value of exported goods exceeds the value of imported goods. If it
is reverse balance is unfavourable.

BALANCE SHEET

Statements of accounts, generally os a business house prepared at the end
of a year, showing debits and credits under broad heads, in order to find
out the profit and loss positions in the outgoing year.

BARTER

Exchange of commodity with other commodities without the interface of any
form of currency.

BOND

Document by which a government, a company or a person agrees to pay a sum
of money in a certain time.

BUDGET

Annual estimate of expenditure and revenue of a country or a subordinate
authority like a corporation.

BILL OF EXCHANGE

Written order by a drawer to pay sum on given date ot named payee.

BUYER'S MARKET

An economic phenomenon where there are more goods in market than demanded
and so the buyers can dictate the prices of goods.

CLEARING HOUSE

Place where officials of the banks meet daily to exchange cheques drawn on
the respective banks and settle the account by the payment of balances only.

COOPERATIVE FARMING

Joint farming wherein farmers pool their land, capital and resources and
divide the produce at the end of the harvest in proportion to their land
put in the pool. The farmers retain their proprietary rights.

CEILING ON LAND AND HOLDING

Imposition of a maximum limit of the land which an individual should have.
Its purpose is rational distribution of land.

DEATH DUTY (ESTATE DUTY)

A sort of tax imposed on the property inherited at death of its previous
owner.

DEVALUATION

Government's step to reduce the value of its own currency relatively to a
foreign currency. It aims to increase exports and reduce imports.

DEFLATION

A monetary state characterised by decrease in the supply of money and bank
deposits and falling profits, wages, incomes and employment accompanied by
unemployment and falling prices.

DEMONETISATION

The governmental measure of depriving metallic coins or paper currency od
specified denominations of its status money. It is meant to unearth the
hidden money which is unaccounted for purpose of income tax assessment.

EXCISE DUTY

Duty levied on goods manufactured within the country.

FOREIGN EXCHANGE

Transfer of money of one country to another.

INFLATION

Increase in the quality of money in circulation without any corresponding
increase in goods; so, it leads to rising prices spiral.

LAISSEZ FAIRE

An individualistic theory advocating private initiative in trade and
non-interference by State in commercial or business ventures.

LOCKOUT

Closure of a factory by owners to force the workers to accept the imposed
terms.

MALTHUSIAN THEORY OF POPULATION

It states that the food supply increase in arithmetical progression while
population increase by geometrical progression resulting in over-population.

OCTROI

Tax imposed on articles coming inside a city.

PUBLIC SECTOR

Applies to State enterprises or undertaking.

RECESSION

An economic phenomenon characterised by excessive production, less demand,
tight money market.

SOFT CURRENCY

Currency of a country with which we have favourable balance of trade.

STERLING AREA

Group of countries of Commonwealth (except Canada) keeping their reserves
in sterling and not gold or dollars.

TARIFFS

Measures undertaking by one country to protect industry against trade
competition from outside.

Related Web Pages
Economic Commercial and Trade Terms Economic terms Arbitration Annuity
Balance of trade Balance sheet Bill of exchange Buyer's market Cooperative
farming Deflation Laissez faire Malthusian theory of population Tariffs

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