Hi, my name is Antoine Lavigueur and I have been studying at Montmorency College for 4 semesters. My field of study at the moment is business administration but this glossary is going to be about my favorite part of this program which is economies. Economies running our society and I think that this glossary can be useful to everybody. Also, all the definition in this glossary are from a dictionary.
absolute advantage
Absolute advantage means that an economy can produce a greater total of goods for the same quantity of inputs
Example: This wine company just got an absolute advantage on her wine
en: avantage absolue
arbitrage
noun
Arbitrage is the process of simultaneous buying and selling of an asset from different platforms, exchanges or locations to cash in on the price difference (usually small in percentage terms).
Example: this entrepreneur is using arbitrages to make more money
en: arbitrage
capitalism
noun
An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.
Example: We live presently in a capitalism system.
en: capitalisme
competition
noun
competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place.
Example: In this market, all the companies are in competition.
en: competition
deflation
noun
Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy. During deflation, the purchasing power of currency rises over time.
Example: The deflation is making bad news for the society.
en: déflation
ecotax
noun
An ecotax (short for ecological taxation) is a tax levied on activities which are considered to be harmful to the environment and is intended to promote environmentally friendly activities via economic incentives.
Example: The government put a new ecotax for companies.
en: taxe écologique
externalities
noun
In economics, an externality is the cost or benefit that is imposed by one or several parties on a third party who did not agree to incur that cost or benefit.
Example: The benefits that my restaurant did because of this festival are externalities.
en: externalité
fiscal dominance
When monetary policy is focused on keeping a government solvent as opposed to economic targets such as inflation, employment and growth.
Example: The government is keeping a fiscal dominance on the economy
en: dominance fiscale
free trade
international trade that is free of such government interference as import quotas, export subsidies, protective tariffs, etc.
Example: Free Trade is helping me get my strawberry from USA cheaper.
en: lilbre-échange
grey market
The gray market is an unofficial one but is not illegal. The term “gray market” also refers to the import and sale of goods by unauthorized dealers; in this instance as well, such activity is unofficial but not illegal.
Example: The grey market is making a lot of money
en: Marché gris
imports
noun
Imports are the goods and services that are purchased from the rest of the world by a country’s residents, rather than buying domestically produced items. Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country.
Example: Canada got a lot of imports products from other countries
en: importations
inflation
noun
In economics, inflation (or less frequently, price inflation) is a general rise in the price level in an economy over a period of time, resulting in a sustained drop in the purchasing power of money.
Example: The price got higher again because of the inflation.
en: inflation
monopoly
noun
In the technical language of economics, a monopoly is an enterprise that is the only seller of a specific good or service in its market.
Example: Microsoft is a monopoly.
en: monopole
oligopoly
noun
An oligopoly is a market structure in which a few firms dominate
Example: There is only a few companies in an oligopoly.
en: oligopole
overexploitation
noun
Overexploitation is overuse of a renewable resource to the point that it is no longer renewable or its quantity drops dramatically for a sustained period of time.
Example: The overexploitation is killing our planet
en: surexploitation
perfect competition
Definition: Perfect competition describes a market structure where competition is at its greatest possible level.
Example: The market of glasses is a perfect competition
en: concurrence parfaite
production
noun
Production, in economics, is taken to include the production of both goods and services. Since people pay for the services (of doctors, teachers, lawyers, accountants, athletes, etc.) the term ‘production’ is to be used in broad sense to include both commodities and services.
Example: The production of this company just double
en: production
protectionism
noun
Protectionism is when a country tries to shield its own industries from international competition.
Example: Protectionism makes a big economic difference for a country
en: protectionisme
resources
noun
Resources Definition We may also said that Economic resources are those means material or immaterial offering to meet certain needs of the production process or the economic activity of a company.
Example: the resources of a company are what is making her live
en: ressources
stagflation
noun
Stagflation refers to an economic phase where inflation increases while the gross domestic product becomes constant.
Example: This month we saw a stagflation in the price of the product
