1) An economic system is a system of production and exchange of goods and services as well as

allocation of resources in a society. It includes the combination of the various institutions,

agencies, entities (or even sectors as described by some authors) and consumers that comprise
the economic structure of a given community.
2) International trade is the exchange of capital, goods, and services across international borders
or territories. In most countries, such trade represents a significant share of gross domestic
product (GDP).
3) Actions that involve the production, distribution and consumption of goods and services at all levels within a
society. Gross domestic product or GDP is one way of assessing economic activity, and
the degree of current economic activity and forecasts for its future level can significantly impact business
activity and profits, as well as inflation and interest rates.

4)

Protectionism is the economic policy of restraining trade between states through

methods such as tariffs on imported goods, restrictive quotas, and a variety of other
government regulations designed to allow fair competition between imports and goods
and services produced domestically
4)

5) International Credit
one of the forms of the movement of monetary and material means in international economic relat
ions. It is based on the temporary provisionof financial and commodity resources by a creditor to
a borrower on condition of repayment at a set time and with interest. International creditis closely
linked to the formation and development of the world capitalist and world socialist economic syste
ms. The essence, forms, andfunctions of international credit are determined by the socioeconomi
c conditions under which it is applied.

6)

vertical FDI

Foreign direct investment by a firm to establish manufacturing facilities in multiple countries,

each producing a different input to, or stage of, the firm's production process. Contrasts with
horizontal FDI.
7) Patent Licenses. A patent grants its owner the right to exclude others from practicing the
patented invention, and it does not give the patent owner the right to practice the patented
invention. Licenses should be understood in this context.

8) DEFINITION OF 'CURRENCY APPRECIATION '

An increase in the value of one currency in terms of another. Currencies
appreciate against each other for various reasons, including capital inflows and
the state of a country's current account. Typically a forex trader trades a currency
pair in the hopes of currency appreciation of the base currency against the
counter currency.

9) DEFINITION OF 'FUTURES'
A financial contract obligating the buyer to purchase an asset (or the seller to sell
an asset), such as a physical commodity or a financial instrument, at a
predetermined future date and price. Futures contracts detail the quality and
quantity of the underlying asset; they are standardized to facilitate trading on a
futures exchange. Some futures contracts may call for physical delivery of the
asset, while others are settled in cash. The futures markets are characterized by

the ability to use very high leverage relative to stock markets.

Futures can be used either to hedge or to speculate on the price movement of
the underlying asset. For example, a producer of corn could use futures to lock in
a certain price and reduce risk (hedge). On the other hand, anybody could
speculate on the price movement of corn by going long or short using futures.
10) Globalization is a process of interaction and integration among the people, companies, and
governments of different nations, a process driven by international tradeand investment and
aided by information technology. This process has effects on theenvironment, on culture, on
political systems, on economic development and prosperity, and on human physical wellbeing in societies around the world.
11)