Banking Glossaries-E

Economic Growth

The rate of change in output from one year to the next.

Economic Indicators

Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.

EFT/POS

Electronic funds transfer (EFT) at the point of sale (POS). A payment option which allows consumers to pay for purchases by transferring funds directly from their accounts to a merchant's accounts.

Electronic Data Interchange (EDI)

EDI is a system that companies use to exchange business information electronically, virtually eliminating paperwork.

Electronic Funds Transfer (EFT)

A system that transfers funds through electronic messages instead of by traditional means, such as cash or cheques.

Employment Equity Act

A federal statute that requires employers with 100 or more employees to eliminate any practices in the workplace discriminating against four designated groups of people who have historically been disadvantaged in the labour market: women; people who, by reason of race or colour, are members of visible minority groups; aboriginal peoples; and persons with disabilities.

Endorse

To sign the back of a cheque in order to cash it.

Entrepreneur

A person who starts and manages a business.

Equity

The value of a business after all debts and other claims are settled. Also the amount of cash a business owner invests in a business and/or the difference between the price for which a property could be sold and the total debts registered against it.

Exports

Products and services produced in Canada and sold in other countries.

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