International Monetary System: International Monetary System institutional arrangements countries adopt to govern exchange rates.

Dirty Float System: A system under which a country's currency is nominally allowed to float freely against other currencies, but in which the government will intervene, buying and selling currency, if it believes that the currency has deviated too far from its value.

Floating Exchange Rate: A system under which the exchange rate for converting one currency into another is continuously adjusted depending on the laws of supply and demand.

Fixed Exchange Rate System: A system under which the exchange rate for converting one currency to another currency is fixed.

World Trade Organization (WTO): The organization that succeeded the General Agreement on Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay round of GATT negotiations.

General Agreements on Tariffs and Trade (GATT): International treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO.

Quota restrictions: Quota restrictions mean explicit limit (usually measured by volume or sometime by value0 on the amount of a particular product that can be imported or exported during a specified time period.

Non-tariff barriers: Non-tariff barriers are restrictions arising from measures such as licensing, product testing, certifications, procedural hurdles, etc.

Tariff barriers: Tariffs were originally intended to raise revenues for the government. However, they are now commonly used as a form of protectionism-to restrict imports to protect domestic industry or to restrict exports to preserve national endowments.

First Mover Advantages: Advantages accruing to the first to enter a market.

Factor Endowments: A country is endowed with resources such as land, labour and capital.

Absolute Advantage: A country has an absolute advantage in the production of a product when it is more efficient than any other country at producing it.

Comparative Advantage: The theory that countries should specialize in the production of goods and services they can produce more efficiently. A country is said to have a comparative advantage in the production of such goods and services.

Class Consciousness: A tendency for individuals to perceive themselves in terms of their class background.

Class System: A system of social stratification in which social status is determined by the family into which a person is born and by subsequent socio-economic achievements. Mobility between classes is possible.