European Union A supranational organization created in the 1950s to bring the nations of Europe

into closer economic and political connection. At the beginning of 2007, 27

member nations were Austria, Belgium, Bulgaria, Cyprus, Czech Republic,
Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal,
Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

Import Something brought in from an exterior source, especially for sale or trade. To
bring (something) in from a foreign country, especially for sale or trade.

Services That which is produced, then traded, bought or sold, then finally consumed and
consists of an action or work.
Bloc A group of countries acting together for political or economic goals, an alliance
(e.g., the eastern bloc, the western bloc, a trading bloc). a group of voters or
politicians who share common goals.
Corporation A group of individuals, created by law or under authority of law, having a
continuous existence independent of the existences of its members, and powers
and liabilities distinct from those of its members. a group of individuals, created
by law or under authority of law, having a continuous existence independent of
the existences of its members, and powers and liabilities distinct from those of
its members.
Export This term export is derived from the conceptual meaning to ship the goods and
services out of the port of a country. to sell (goods) to a foreign country Any
good or commodity, transported from one country to another country in a
legitimate fashion, typically for use in trade.
GDP Gross domestic product (GDP) is the market value of all officially recognized final
goods and services produced within a country in a given period of time. Gross
Domestic Product (Economics). A measure of the economic production of a
particular territory in financial capital terms over a specific time period.
Goal A desired result that one works to achieve. A result that one is attempting to
achieve. a result that one is attempting to achieve.
Product An object produced for market.
Any tangible or intangible good or service that is a result of a process and that is
intended for delivery to a customer or end user. Anything, either tangible or
intangible, offered by the firm as a solution to the needs and wants of the
consumer; something that is profitable or potentially profitable; goods or a
service that meets the requirements of the various governing offices or society.
Intellectual Any product of someone’s intellect that has commercial value: copyrights,
property patents, trademarks, and trade secrets. Intellectual property (IP) is a juridical
concept that refers to creations of the mind for which exclusive rights are
recognized.
Investment The expenditure of capital in expectation of deriving income or profit from its
use
Right A legal or moral entitlement.
Justice The ideal of fairness, impartiality, etc., especially with regard to the punishment
 of wrongdoing
Mission A set of tasks that fulfills a purpose or duty; an assignment set by an employer.
APEC is a forum for 21 Pacific Rim countries that seeks to promote free trade and
economic cooperation throughout the Asia-Pacific region.
Community A group of interdependent organisms inhabiting the same region and interacting
with each other. A group sharing a common understanding and often the same
language, manners, tradition and law
Developing Of a country: becoming economically more mature or advanced; becoming
industrialized. Economy
Economy Collective focus of the study of money, currency and trade, and the efficient use
of resources. The system of production and distribution and consumption. The
overall measure of a currency system; as the national
Interest The price paid for obtaining, or price received for providing, money or goods in a
credit transaction, calculated as a fraction of the amount or value of what was
borrowed. A great attention and concern from someone or something;
intellectual curiosity.
Process A series of events to produce a result, especially as contrasted to product. In
reference to capabilities, a process is how the capability is executed.
Prospect The potential things that may come to pass, often favorable. A potential
customer.
Standard Something used as a measure for comparative evaluations. A level of quality or
attainment
Task Force A group of people working toward a particular task, project, or activity,
especially assigned in a particular capacity.

MODULE 8

Persian Daric The daric was a gold coin used in Persia between 522 BC and 330 BC
Roman Currency Currencies such as the aureus (gold), the denarius (silver), the sestertius
(bronze), the dupondius (bronze), and the as (copper) were used during the
Roman Empire from around 250 BC to AD 250.
Thaler From about 1486 to 1908, the thaler and its variations were used in Europe as
the standard against which the various states’ currencies could be valued. •
Spanish American pesos: Around 1500 to the early nineteenth century, this
contemporary of the thaler was widely used in Europe, the Americas, and the Far
East; it became the first world currency by the late eighteenth century.
British Pound The pound’s origins date as early as around AD 800, but its influence grew in the
1600s as the unofficial gold standard; from 1816 to around 1939 the pound was
the global reserve currency until the collapse of the gold standard.
Us Dollar The Coinage Act of 1792 established the dollar as the basis for a monetary
account, and it went into circulation two years later as a silver coin. Its strength
as a global reserve currency expanded in the 1800s and continues today.
Euro Officially in circulation on January 1, 1999, the euro continues to serve as
currency in many European countries today.
Fixed exchange also sometimes called pegged rates
rates