James d. Gwartney

gross domestic product (GDP): The market value of all goods and services in their final
(rather than intermediate) use which are produced within a country during a specific period. It
is a measure of both income and output. 

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household: A group of people, often a family, who live togetherhousing crisis of 2008–2009: A major decline in housing prices in many countries at around
the same time. Between 2007 and 2010 house prices in Ireland fell by approximately 35%,
while in the US housing prices fell by about 16% during the same period. These declines led to
many borrowers having negative value in their houses (market price less outstanding
mortgage). Many borrowers chose to default on their mortgage, causing problems for banks
around the world and leading to various forms of government “bailouts.” 
human capital: The abilities, skills, and health of human beings that contribute to the
production of both current and future output. Investment in training and education can increase
hyperinflation: A condition where the price of everything in a national economy goes out of
control and increases very quickly. People still debate when, precisely, very rapid inflation
turns into hyper-inflation (an increase in prices of 50% or even 100% or more within a year).
import quota: A specific limit or maximum quantity or value of a good that is permitted to be
imported into a country during a given period. 
imports: Goods and services produced by foreigners but purchased by domestic buyers. 
incentive structure: The types of rewards offered to encourage a certain course of action, and
the types of factors intended to discourage alternative courses of action. 
incentives: The expected payoffs from actions. They may be either positive (the action is
rewarded) or negative (the action results in penalty).