A witty saying proves nothing. - Voltaire

E

Economic Institutions:

The formal and informal structures which guide or characterize economic activity in a society.

Employment:

The condition of working for pay.

Enlightenment:

A 17th and 18th century movement emphasizing the significance of reason and scientific inquiry.

Entrepreneur:

An individual who organizes a production process so as to creatively combine resources to produce a good or service.

Enumerated:

Those powers specifically expressed in the U.S. Constitution.

Equator:

An imaginary line at zero degrees latitude.

Ethnic/ethnicity:

Of or relating to a sizable group of people sharing a common and distinctive racial, national, religious, linguistic, or cultural heritage.

Exchange Rate(s):

The price of one country's currency in terms of another country's currency.

Export(s):

A good or service produced domestically and sold abroad.

Externality (externalities):

A positive effect (benefit) or a negative effect (cost) generated by an activity that affects people who do not participate in the activity. Such as: benefits from immunization programs, accruing to those not immunized, or health care costs from industrial pollution, borne by the general public who did not pollute.