Chapter 12 ECON

 a negative balance of trade experienced when a nation imports more than it exports

• Trade Deficit

• Trade Surplus

• Tariff

• Real GDP

the difference between the dollar amount a nation takes in from the sale of exports and the dollar amount it pays for imports.

the sum of all business spending on capital investment and unplanned inventories

• Real GDP

• Gross Domestic Product (GDP)

• (GDPI) Gross Private Domestic Investment

• nominal GDP

 the gross domestic product adjusted for inflation

 limitations on the quantities of certain goods that foreign nations may import

another name for gross private domestic investment (GPDI)

• GDP

• Free Trade

• Nominal GDP

• Business Investment

Intangible products purchased by consumers

the nation's real gross domestic product divided by its total population

• GDPI

• Per Capita Real GDP

• Tariff

• Real GDP

people who believe that trade deficits lead to a decrease in the number of domestic jobs and wish to protect those jobs through trade legislation

the gross domestic product reported in current or nominal dollar values