Frictional Unemployment: Frictional unemployment is also sometimes referred to as search unemployment. It refers to the unemployed period when people are between jobs or looking for their first job. This is the one type of unemployment that is probably impossible to eradicate completely. White Paper: When government or an organization faces a particular problem, a white paper is written to discuss the issue and propose a specific course of action. A white paper is usually in the form of a report and has many contributors to its contents. Free Trade: It refers to the right to sell goods and services around the world without any hindrance. With free trade the only thing determining the price of things will be supply and demand factors. As well as goods and services, free trade can also refer to the ability of labor to move freely around the world. Glass Ceiling: Many of us will have heard the words “glass ceiling” used as a metaphor to describe how people are unable to pass beyond a certain point. In economic terms this glass ceiling refers to the situation where a person is unable to climb any higher in their profession because of their race, gender, sexual preference, religion, or other factor. It is a contentious issue, but there is little doubt that such blocks to advancement do exist in at least some organizations. Price: In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services. In modern economies, prices are generally expressed in units of some form of currency. (For commodities, they are expressed as currency per unit weight of the commodity, eg euros per kilogram). Although prices could be quoted as quantities of other goods or services this sort of barter exchange is rarely seen. Poverty: A condition in which a person lacks many of the basic necessities of life and the income needed to buy them. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. Relative poverty refers to lacking a usual or socially acceptable level of resources or income as compared with others within a society or country. Budget Surplus: Budget Surplus is defined as an excess of budgetary revenues over expenditures. Consumers operate a budget surplus whenever they're able to put a little bit of their income into saving. A surplus is considered a sign that government is being run efficiently. A budget surplus might be used to pay off debt, save for the future, or to make a desired purchase that has been delayed. Brand: The process of developing and maintaining a name, phrase, symbol or other identifying characteristic of a product or service to create recognition on the part of the consumer. This usually occurs over a period of time with multiple exposures and positive experiences. However, negative experiences dealing with the product can also create brand awareness, just not the kind a company works to achieve. Commonwealth: The Commonwealth is a multilateral organization of 54 developed and developing nations around the world. The Commonwealth Secretariat was established in 1965 as the main intergovernmental agency of the Commonwealth, facilitating consultation and co-operation among member governments and countries. The Commonwealth strives to be a force for peace, democracy, equality and good governance, a catalyst for global consensus building and a source of assistance for sustainable development and poverty eradication. Externalities: Costs or benefits those are not included in the market price of a good because they are not included in the supply price or the demand price. Pollution is an example of an externality cost if producers aren't the ones who suffer from pollution damages. Education is an example of an externality benefit when members of society other than students benefit from a more educated population. Externality is one type of market failure that causes inefficiency.

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