GLOSSARY Cost of living The average price of providing the necessities for an individual; the cost of buying those goods and services which are considered to be a standard level of consumption. www.sasked.gov.sk.ca/curr_content/paasurvey/entre/Content/glos1/htm Globalisation �The tendency for markets to become global, rather than national, as barriers to international trade (e.g. tariffs) are reduced and international transport and communications improve; and the tendency for large multinational companies to grow to service global markets.� The process whereby trade is now being conducted on ever widening geographical boundaries. Countries now trade across continents and companies also trade all over the world. Price Index The measure of the level of prices found by comparing the cost of a certain basket of goods in one year with that cost in a base year. www.wwnorton.com/college/econ/stiglitz/glossp.htm Inflation A positive rate of growth of the general price level. Soci-economic �The potential buyers of a consumer product grouped together in terms certain......

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