EconoTerms E

Efficiency
    Efficiency has pretty much the same meaning in economics as anywhere else. If we use all of our resources to produce things, and we meet the demands of consumers, then we're efficient. If we squander our resources, or produce goods that no one wants, we're not efficient.

Emigrate
    Emigration is moving out of one's home country. It is followed by immigration into another country. People tend to emigrate from poorer nations to more highly developed, wealthier ones, leaving the country from which they're emigrating in trouble. People who emigrate tend to be among the more highly paid, professional people in a nation, and so they leave poor nations even poorer.

Exchange Rate
      Let's say your planning a trip to Great Britain, from the United States. You would have a lot of money in dollars, but if you're going to buy things in Britain, you're going to want to have pounds. The exchange rate tells you how many pounds you get for dollars (or vice versa). If you the exchange rate goes up, so that you get more pounds per dollar, you can buy more British stuff for the same amount. On the other hand, people in Britain would now be getting fewer dollars for their pounds, so they can buy fewer U.S. goods. A higher-priced dollar tends to bring the U.S. more imports and fewer exports, while a lower-priced dollar has the opposite effect. Each can be good or bad depending on your perspective; more imports are good for consumers, but bad for businesses.

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