Business and Economic Terms, Abbreviations, Terms, MBA Exam Ten Tips, Exam Ten Tips round for MBA

Business and Economic Terms-India
GATS	General Agreement on Trade in Services
GATT	General Agreement on Tariffs and Trade.
GDP	The total value of all goods and services produced domestically each year by a country. It equals gross national product minus income from abroad. Most countries use this definition; US official statistics use gross national product.
GNP	The total value of goods and services produced each year by a country. Real growth in GNP measures the increase in output after subtracting the effect of inflation.
Gross domestic fixed capital formation	Total spending on fixed investment, e.g. machines, factories, offices.
GSP	Generalized System of Preferences
Horizontal integration	Two companies merge in the same industry and at the same stage of production.
HS	Harmonized Commodity Description and Coding System
Human development index	An index devised by the UN to assess comparative levels of development in countries. Its three main matrices are literacy, life expectancy, and purchasing power parity (PPP)-adjusted income.
ICITO	Interim Commission for the International Trade Organization
ILO	International Labour Organization
IMF	International Monetary Fund
Income tax	Tax levied by the government on incomes like wages, commissions, rent, interest and dividends etc.
Index funds	Mutual fund that aims to track the performance of a specific stock market index. Such funds are passively managed and thus tend to have lower charges than actively managed funds.
Index	A benchmark against which financial or economic performance is measured, such as the FTSE 100 or a consumer price index. Created by statistical sampling of broad set of data. To reflect the importance of the biggest companies, stock market indices tended to be weighted either by price, e.g. the Dow Jones Industrial Average or market capitalization, e.g. the S&P500 and stock indices.
Indifference curves	Curves which show the different combinations of two goods which give equal satisfaction.
Indirect taxation	A surcharge on price imposed on the sale of goods and services by the government.
International Bank for Reconstruction and Development	More commonly known as the World Bank. It gives long-term loans to member countries for high priority infrastructure, agricultural, industrial and educational projects.
International Monetary Fund (IMF)	An organization established to encourage international cooperation in the monetary field, the stabilization of exchange rates and the removal of foreign exchange restrictions.
IS-LM	A model of income determination that integrates the goods market (represented by investment and saving) and the money market (demand and supply of money)
ITC	International Trade Centre
ITO	International Trade Organization
J effect	The tendency for a fall in the value of the currency to worsen the balance of trade before it improves the position.

(DOU 13082007)