Economics

Total revenue is the value of a firm’s sales over a specified period, calculated as price multiplied by quantity for a single uniformly priced product.

Trade is the exchange of goods and services between parties, connecting production and consumption within economies and across borders.

A transaction cost is a monetary or nonmonetary cost of arranging, carrying out, monitoring, or enforcing an economic exchange.

Unemployment is the condition of being without employment while seeking and being available for work, measured relative to the labor force.

Utility is a numerical representation of preferences used to analyze choice, consumer demand, risk, and economic welfare.

Value added is the value of production remaining after deducting intermediate goods and services used in producing it.

Welfare economics evaluates how resource allocation and economic institutions affect individual well-being, efficiency, and the distribution of benefits and costs.

The World Bank is an international development institution that provides financing, policy support, and technical assistance to reduce poverty and support long-term development.

The World Trade Organization administers international trade agreements, provides a negotiating forum, monitors trade policies, and handles disputes among its members.