Glossary of Scenario Terms

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Browse or search for a term alphabetically by clicking the appropriate letter above, or enter the term below to search all the pages in the glossary.

 

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tariff: a fee that a government charges to the importer of a foreign product. Tariffs are passed along to the consumer through higher prices on those imported goods. 

 

technology: applied scientific means for providing objects necessary for human sustenance and comfort. 

 

Third World: an imprecise term referring to the poorest countries in the world. Most Third World countries are in debt to Western banks and governments, or other international lending organizations. Many depend on international aid to meet the basic needs of their people.

 

trade: foreign trade is the exchange of goods and services between countries. The inclination for one country to trade with another is based in large part on the idea of comparative advantage-which says that any country, no matter how technologically disadvantaged, can always find some sort of good that will let it enter the game of foreign trade. The cost of engaging in foreign trade depends on the quality, efficiency, and availability of transportation. Foreign trade has increased over the past few decades as the cost of transportation has declined. Although there are circumstances in which countries believe it is in their interest to put up trade barriers, the free flow of foreign trade is usually beneficial to all countries involved.

 

trade deficit: the amount by which the value of a country’s imports exceeds the value of its exports. A trade deficit is the opposite of a trade surplus. 

 

trade liberalization: the reduction of tariffs and trade barriers to permit more foreign competition and investment in the economy. 

 

trade surplus: the amount by which the value of a country’s exports exceeds the values of its imports. Trade surplus is the opposite of trade deficit. 

 

trading bloc: a group of countries that come together with an agreement to provide each other with mutually beneficial conditions of trade. 

 

transparency: the principle that governmental and economic decisions should be made in the open under clearly defined processes. Greater transparency is seen as a key in fighting corruption because it makes accountability easier. 

 

treaty: a formal agreement or contract between countries.