GLOSSARY. ability-to-pay principle– principle that states taxes ought to be paid by those who can best afford them

ability-to-pay principle – principle that states taxes ought to be paid by those who can best afford them

account balance – the amount of money that you have in your bank account

accountability – the obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner; it also includes the responsibility for money or other entrusted property

acquisition – taking control of a firm by purchasing 51 percent (or more) of its voting shares

aggregate demand – the total quantity of goods and services consumers, business and govern­ment are willing and able to buy at different possible price levels

aggregate supply – the total amount of goods and services produced by the economy in a given period, usually one year

agriculture – the science, art, or practice of cultivating the soil, producing crops, and raising livestock and in varying degrees the preparation and marketing of the resulting product s

allocation of resources – the action or process of allocating or distributing resources; an amount of resources assigned to a particular recipient

artisan – a skilled worker who makes things by hand; one that produces something (as cheese or wine) in limited quantities often using traditional methods

assessed value – value placed on real estate or personal property by government (or court appointed) assessors for determining ad valorem (according to the value) taxes, or to levy damages on the orders of a court

asset(s) – a thing or value that a person or a company owns, such as money or property or the right to receive payment of a debt

balance sheet – financial statement sum­marizing a firm's assets, liabilities and net worth

bank – a financial establishment that uses money deposited by customers for investment, pays it out when required, makes loans at interest, and exchanges currency

bank account – (written abbreviation a/c) an arrangement with a bank that allows you to keep your money there. You can deposit (= pay in) or withdraw (= take out) money when you need to

banking – the business conducted or services offered by a bank

banknote – a piece of paper money of a particular value that you use to buy things. The usual word is note.

bankruptcy – the state of being unable to pay your debts

barter – an exchange without money of goods or serv­ices

benefit(s) – a helpful and useful effect that smth has; money that is paid to people who are unemployed, ill, etc. by the government or through a system of insurance; the advantages that you get from your company in addition to the money you earn

board of directors – the group of people chosen by shareholders to control a company, decide its policies and appoint senior officers

borrow – (antonym: to lend) to receive and use something that belongs to someone else and that you must give back to them later; to borrow money, especially from a bank. Money that you borrow from a bank is called a loan.

broker – someone who buys and sells things such as shares in companies or foreign money for other people

budget – a financial plan that summarizes income and expenditures over a period of time

bulk – unpackaged, homogenous, dry or liquid goods, without mark or count and usually free-flowing, bought and sold by weight or volume, such as grains, oils, and ores

bureaucracy – a complicated official system which is annoying or confusing because it has a lot of rules, processes etc.; the officials who are employed rather than elected to do the work of a government, business etc.

buying behavior – the behaviour of individuals and households who buy goods and services for personal consumption

buying decision – a consumer's decision to make a specific purchase

capacity – the highest sustainable output rate (maximum number of units per month, quarter, or year) that can be achieved with current resources, maintenance strategies, product specifications, etc.

capital accounting – that part of balance of payments which records net changes in a country's international financial assets and liabilities

capital – money or property, especially when it is used to start a business or to produce more wealth

cash – money in the form of coins or notes rather than cheques or credit cards, etc.;money in any form that is available for you to use when you need it

centrally planned economy -an economic system in which a substantial majority of economic activity is carried out through central directions to people and firms as to what they must buy and sell, and at what prices

CEO (chief executive officer) top executive responsible for a firm's overall operations and performance

charter – (in some US states) the name used for the Articles of Incorporation, one of the legal documents that is created when a company is formed

cheque (Am. check) – written order to pay money, i.e., one of a set of printed pieces of paper that you can sign and use instead of money to pay for things; a commonly used means of transferring money through the banking system

coin – a flat disc or piece of metal with special designs on it, used as money. The right to make and issue money is a state monopoly.

command economy – an economic system in which the activities of firms and the allocation of productive resources is determined by government direction rather than market forces

commodity – a product that can be bought and sold

commodity money – money with its own value as a good. At different times different commodities were used as money: iron and bronze, cattle and fish, furs and skins, cowries and precious metals, especially gold and silver. Gold coins are examples of commodity money because gold is worth something as a commodity, not just as a monetary unit.

competition – a situation in which people or organizations try to be more successful than other people or organizations; the people or groups that are competing against you, especially in business or in a sport; an organized event in which people or teams compete against each other

consumer – a person who buys goods or services for their own use

consumer behavior – the way in which consumers choose how to spend their oncomes

consumer goods – goods that people buy for their own use, rather than goods bought by businesses and organizations

consumption – the utilization of economic goods in the satisfaction of wants or in the process of production

convertible currency – a currency that can legally be exchanged for another or for gold. In times of crisis, governments sometimes restrict such exchange, giving rise to black market exchange rates.

chief executive officer – top executive responsible for a firm's overall operations and performance. He or she is the leader of the firm, serves as the main link between the board of directors (the board) and the firm's various parts or levels, and is held solely responsible for the firm's success or failure. One of the major duties of a CEO is to maintain and implement corporate policy, as established by the board. Also called President or managing director, he or she may also be the chairman (or chairperson) of the board

corporate tax – a tax that companies pay on their profits

corporation – a large company or group of companies; a business organisation that has been officially created (incorporated) and is owned by shareholders

costs – the amount of money that a business needs to spend regularly; the amount of money that is paid to produce smth

counterfeit – (adj.) made to look exactly like something else. Counterfeit bank notes, tickets, etc. are illegal copies made in order to trick people

credit card – a small plastic card issued by a bank or a credit company, which enables the lawful owner to make purchases (to obtain goods and services) on credit. A similar card that you use to pay for things directly from your bank account is called a debit card

currency –money that is used in a particular country; t he physical embodiment of money, in the forms of paper bills or notes, and metal coins. Money from a country with a strong economy that can be used for buying things in other countries is called hard currency.

customer – someone who buys goods or services from a shop or business

debt – a sum of money that a person or organization owes

decision-making – the process of reaching decisions, especially in a group of people or in an organisation

default – failure to meet an obligation when it comes due

demand – a consumer's willingness and ability to buy a product or service; the quantity of a commodity or service wanted at a specified price and time

demand curve – the graphic representa­tion of demand

denomination – the face value of a banknote or coin

depreciation – a reduction in the value or price of something;the decrease in the economic potential of an asset over its productive or useful life

distribution – the act of sharing things among a large group of people in a planned way; when goods are supplied to shops and companies for them to sell

dividend – an amount of the profits that a company pays to shareholders

economic growth – increases in an econ­omy's total output over a period of time

economic incentives – a reason for doing smth. In market economies, profit, interest, wages, and rent provide economic incentives

economic resources – the assets (things of value) which an economy (or business) may have available to supply and produce goods and services to meet the ever-changing needs and wants of individuals (in the case of a business) and society (in the case of society as a whole)

economics – the social science concerned with the production, distribution, exchange and consumption of goods and services and the analysis of the commercial activities of a society

economy – the system by which a country's money, goods and services are produced and used, or a country considered in this way; something that you do in order to spend less money; the careful use of money, time, goods etc. so that nothing is wasted

effective demand – the level of demand that represents a real intention to purchase by people with the means to pay

effectiveness – the degree to which objectives are achieved and the extent to which targeted problems are solved. In contrast to efficiency, effectiveness is determined without reference to costs and, whereas efficiency means "doing the thing right," effectiveness means "doing the right thing"

efficiency – getting any given results with the smallest possible inputs, or getting the maximum possible output from given resources

elasticity – the responsiveness of a dependent economic variable to changes in influencing factors

elasticity of demand – a measure of the sensitivity of demand for goods or services to changes in price or other marketing variables, such as advertising

electronic money – non-physical currency that is traded and used over the Internet.

electronic transfer – the process of moving money from one account or bank to another that involves the use of electronic systems

employee - a person who is paid to work for smb

employer – a person, company, or organization that pays people to work for them

employment – the state of being employed; the number of people who have jobs; the use of a particular object, method, skill etc. to achieve something

enterprise – a company, organization, or business; the activity of starting and running businesses; a large and complicated project, especially one that is done with a group of other people; the ability to think of new activities or ideas and make them work

entity – a business that exists as a separate unit that has its own legal identity

entrepreneur - a person who makes money by starting or running businesses, especially when this involves taking financial risks

entrepreneurship – the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit

environmental economics – a branch of economics study that analyzes financial impacts from environmental policies. Environmental Economics includes impacts such as regulatory compliance costs

equipment – the tools, machines, clothes etc. that you need to do a particular job or activity;the process of equipping someone or something

equity – share in a company from which the owner of the shares receives some of the company's profits rather than a fixed regular payment; a situation in which all people are treated equally and no one has an unfair advantage

exchange rate – the rate, or price, at which one country's currency is exchanged for the currency of another country.

expenditures – the total amount of money that a government, organization, or person spends during a particular period of tim e

exploitation – the development and use of minerals, forests, oil etc. for business or industry; (sometimes) a wasteful or destructive utilization of a natural resource; an unjust or improper use of another person for one's own profit or advantage

externalities – a loss or gain in the welfare of one party resulting from an activity of another party, without there being any compensation for the losing party

factors of production – resources required for generation of goods or services, generally classified into four major groups: (1) land (including all natural resources), (2) labour (including all human resources), (3) capital (including all man-made resources), and (4) enterprise (which brings all the previous resources together for production). These factors are classified also as management, machines, materials, and money (this, the 4 Ms), or other such nomenclature. More recently, knowledge has come to be recognized as distinct from labour, and as a factor of production in its own right

fiat money – money whose usefulness results, not from any intrinsic value or guarantee that it can be converted into gold or another currency, but only from a government's order (fiat) that it must be accepted as a means of payment.

finance – the management of money by governments, large organizations etc.; (plural) money or other liquid resources of a government, business, group, or individual; the system that includes the circulation of money, the granting of credit, the making of investments, and the provision of banking facilities

fiscal policy – the way in which a government charges taxes or spends money in order to manage the economy

flat tax – fixed tax, a system in which tax is paid at the same rate, however much you earn or spend

free enterprise economy – an economic system in which private business operates in competitive markets to satisfy consumer demands and to maintain equilibrium in the national economy and in which government action in this respect is restricted to protecting the rights of individuals rather than acting as a directing economic force

free market – a market that operates under conditions of perfect competition

functions of money – the roles played by money in an economy. These are a medium of exchange, a measure of value, and a store of value

glut – market situation where the supply of a good or service far exceeds its demand, usually resulting in a substantial fall in its price

gold standard – a monetary system in which both the value of a unit of the currency and the quantity of it in circulation are specified in terms of gold. If two currencies are both on the gold standard, then the exchange rate between them is approximately determined by their two prices in terms of gold

goods – commodities, or physical, tangible items that satisfy some human wants or needs, or something that people find useful or desirable and make an effort to acquire it

gross domestic product – the value of a country's overall output of goods and services (typically during one fiscal year) at market prices, excluding net income from abroad

health insurance – insurance against medical expenses and loss of earnings due to accident or illness

household – all the people living together in a single house or flat/apartment, considered as a unit

income – the money that you earn from your work or that you receive from investments, the government etc.

income tax – the amount of money that you pay to the government according to how much you earn or receive from some other sources

incorporate – (v) – to form a legal company or organisation, for example by obtaining a certificate from the authorities

inflation – a continuing increase in prices and fall in the purchasing value of money, or the rate at which prices increase

input – anything that goes into the produc­tion process

insurance – risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party

intermediary – a person or an organisation that helps other people or organisations who are unable or unwilling to deal with each other directly to reach an agreement

investment – the action or process of using money in order to make a profit or earn interest, for example by buying shares, bonds, property, etc.; the act or process of buying materials, machines, etc. to make goods to sell

irredeemable – impossible to change or make better; money or something that cannot be exchanged

know-how – commercial and saleable knowledge of how to do a particular thing; experience

labour – work, especially physical work;all the people who work for a company or in a country

labour productivity – rate of output per worker (or a group of workers) per unit of time as compared with an established standard or expected rate of output

labour supply – availability of suitable human resources in a particular labor market

laissez-fair – literally, leave to do; a policy of non-intervention by government in the economy, leaving all decisions to the market

land – includes all physical elements in the wealth of a nation bestowed by nature such as climate, environment, fields, forests, minerals, mountains, lakes, streams, seas, and animals

Law of Supply and Demand – the theory that prices are determined by the interaction of supply and demand: an increase in supply will lower prices if not accompanied by increased demand, and an increase in demand will raise prices unless accompanied by increased supply

lease – a legal agreement which allows you to use a building, car etc. for a period of time, in return for rent

legal tender – money that can legally be used to pay for things in a particular country

liability/liabilities – the amount of money that a company or a person owes; the state of being legally responsible for smth

liquidity – the capacity to turn assets into cash, or the amount of assets in a portfolio that have that capacity. Cash itself (i.e., money) is the most liquid asset.

macroeconomics the study of large economic systems such as those of a whole country or area of the world

management – the conducting or supervising of something (as a business); especially: the executive function of planning, organizing, coordinating, directing, controlling, and supervising any industrial or business project or activity with responsibility for results; the directors and managers who have the power and responsibility to make decisions and oversee an enterprise

manufacturing – the process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications.

margin for profit – ratio of profit after taxes to cost-of-sales, often expressed as a percentage. It is one of the measures of the profitability of a firm, and an indicator of its cost structure.

marginal costs – the increase or decrease in the total cost of a production run for making one additional unit of an item. It is computed in situations where the breakeven point has been reached: the fixed costs have already been absorbed by the already produced items and only the direct (variable) costs have to be accounted for

marginal product – output that results from one additional unit of a factor of production (such as a labour hour or machine hour), all other factors remaining constant

marginal revenue product – the worth of the extra output that can be generated by adding an extra input unit

marginal tax rate – a rate of tax that is paid on your next unit of income; the highest rate of tax that smb pays

Marginalism – the concept that economic behaviour can be determined by analysing the fluctuations in the demand for basic goods and services

market – the area of economic activity in which buyers and sellers come together and the forces of supply and demand affect prices; the available supply of or potential demand for specified goods or services

market economy – an economic system in which the main decisions regarding production, distribution, and exchange are made by the market, i.e. by the forces of supply and demand

market equilibrium – the situation when supply and demand in a market are equal at the prevailing price

means of liquidity – money or goods that can easily be sold to pay debts or anything else that can easily be exchanged for money

means of production – the facilities and resources for producing goods

measure of value – one of the most important properties of money: its ability to be a benchmark for measuring value of goods and services.

medium of exchange - anything that is used, like money, to make payments for goods, services, and assets. For payments between countries with different currencies, if the national currencies are not trusted, another country's currency or gold may be used.

microeconomics – the branch of economics that deals with the behaviour of individual market participants, mainly individual firms or consumers

mixed economy – an economy in which both publicly and privately owned enterprises operate simultaneously

money –anything (any commodity or token) that is generally accepted in payment for goods and services. It serves as a medium of exchange, a measure of value and a store of value

money supply – the quantity of currency in circulation plus the amount of demand deposits. The money supply, together with the amount of real economic activity in a country, is an important determinant of its price level and its exchange rate

natural resources – naturally occurring materials such as coal, fertile land, etc., that can be used by man

necessity – something that you need to have in order to live

needs and wants – unsatisfied human desires that motivate their actions and enhance their fulfilment when met

opportunity cost a benefit, profit, or value of something that must be given up to acquire or achieve something else

output – the amount of goods or work produced by a person, machine, factory etc.

ownership – the ultimate and exclusive right conferred by a lawful claim or title, and subject to certain restrictions to enjoy, occupy, possess, rent, sell, use, give away, or even destroy an item of property

partnership – a business that is owned by a group of professional people that work together and share the profits

perishable goods = perishables – things, especially foodstuffs, likely to decay after a short time if it is not kept in the proper conditions

population – the number of people living in a particular area, country etc.; all of the people who live in a particular area;

price system – the use of prices to allocate scarce resources

private enterprise – the economic system in which industry or business is owned by individuals and independent companies and is not controlled by the government; a business that is owned by individuals or other companies, not by the government

private sector – the part of a country’s economy that is not under the direct control of the government, but is owned by individuals and independent companies

privatization – sale or return of publicly owned enterprises to private ownership and control

product – the good or service one receives in an exchange

production – the processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services

productive resources – materials, labour or money which is used to create goods and services

productivity – the output of goods and services as measured per unit of time, or per person, per company, per industry, or for the whole economy

profit – the surplus remaining after total costs are deducted from total revenue, and the basis on which tax is computed and dividend is paid. It is the best known measure of success in an enterprise

profitability – when a business or an activity makes a profit, or the amount of profit it makes

property – the thing or things that someone owns; a building, a piece of land, or both together

proprietor – the owner of a business

purchasing power - the amount of of real goods and services that money will buy, usually measured (inversely) by the CPI (consumer price index); value of a unit of money considered in terms of how much you can buy with it

ratio – a relationship between two amounts, represented by a pair of numbers showing how much bigger one amount is than the other

rationing – government allocation of scarce resources and consumer goods, usually adopted during wars, famines, or other national emergencies
raw material – basic substance in its natural, modified, or semi-processed state, used as an input to a production process for subsequent modification or transformation into a finished good

representative money – paper currency backed by a government or bank’s promise to redeem it for a given weight of precious metal (gold or silver). Money of this type was based on the gold standard, and, in theory, could be exchanged for a fixed amount of gold. For example, the US dollar was convertible to gold until 1934.

reserve currency – a currencythat is consideredstrong and reliable and is used a lot in international trade. National banks keep large stores of reserve currencies

resource – an economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome

retailing – the business of selling goods to ultimate consumers for personal or household consumption

returns on capital – ratio measuring the profitability of a firm expressed as a percentage of funds acquired from investors and lenders

revenue – the income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted; the income accruing from taxation to a government during a specified period of time, usually a year

salary – a fixed regular payment made usually on a monthly basis by an employer to an employee, especially a professional or white-collar worker

scarcity – a limit to the supply of produc­tive resources or consumer goods in relation to producers' or consumers' demand for them

securities – financing or investment instruments (some negotiable, others not) bought and sold in financial markets, such as bonds, debentures, notes, options, shares (stocks), and warrants

services – intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation

shareholder – a person or group that owns shares in a company or business

shortage – a situation when there is not enough of the people or things that are needed

small-scale decision-making unit – the informal group of individuals within an organization that decides which items the organization should buy

sole proprietorship – a business that is owned and run by one person

stock – the value of all the shares a company can make available; a number of shares in a company that one investor holds; a supply of a particular type of thing that a shop has available to sell; the total amount of something that is available to be used in a particular area

stock market – a place where shares are bought and sold, i.e. a stock exchange

store of value – one of three basic functions of money: the ability to retain value over time, and therefore be useful for those who wish to sell something now and not spend he proceeds until later

substitute – a good or service which can be used instead of another

supply – the amount of a good or service offered for sale

supply curve – a curve showing the amount that firms in an industry are willing to supply at each possible price

surplus – an amount of something left over when requirements have been met; an excess of income or assets over expenditure or liabilities in a given period

sustainability – continued development or growth, without significant deterioration of the environment and depletion of natural resources on which human well-being depends

tax – an amount of money that you must pay to the government according to your income, property, goods etc. and that is used to pay for public services;compulsory monetary contribution to the state's revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc., of individuals and organizations

tax loophole – a provision in the laws governing taxation that allows people to reduce their taxes

tax rate – the percentage of an amount of money or of the value of smth that has to be paid as tax

taxation – a means by which governments finance their expenditure by imposing charges on citizens and corporate entities

trade – the activity of buying, selling, or exchanging goods or services between people, firms, or countries

trade-off – giving up one thing in order to obtain something else

traditional economy – an economic system that allocates scarce resources according to customs; change and growth are very slow; people do what their parents did before them; and most goods are produced and consumed locally

transaction – a business deal; the action or process of buying or selling something

traveller’s cheque (AmE. traveler’s check) – a printed piece of paper that you sign and can exchange it for money of a foreign country when you are travelling. Traveller’s cheques can be replaced if they get lost or stolen.

undercapitalization – a situation where a business does not have sufficient stockholders' funds for its size of operations. An undercapitalized firm does not have enough cash to carry out its functions and usually does not qualify for bank or other loans due to its unacceptably high loan-to-equity ratio. Under capitalization is one of the major causes of business start-ups failures

unemployed – person of employment age (generally 16 to 55 years) who does not have a paying job but is available for work and is actively seeking a job

unemployment – total number of able men and women of working age seeking paid work

unit of account - a basic function of money, providing a unit of measurement for defining, recording, and comparing value.

urbanization – an increase in a population in cities and towns versus rural areas

value – the amount that something is worth, measured especially in money

venture capital – capital invested in a project in which there is a substantial element of risk

venture capitalists private investors who provide venture capital to promising business ventures

wage – (often plural) a fixed regular payment for work, typically paid on a daily, hourly, weekly or piece work basis

warrant – an official document giving someone the right to do something, for example buy shares in a company; a legal document that is signed by a judge, allowing the police to take a particular action

wealth – a large amount of money, property etc. that a person or country owns

wear-and-tear – gradual physical deterioration of an asset from age, use, and/or weathering

welfare – practical or financial help that is provided, often by the government, for people that need it; the health, happiness, and fortunes of a person or group

workforce – total number of a country's population employed in the armed forces and civilian jobs, plus those unemployed people who are actually seeking paying work; total number of employees (usually excluding the management) on an employer's payroll

yield – the amount of profits, crops etc. that something produces;the annual income earned from an investment, expressed usually as a percentage of the money invested

Дата добавления: 2014-11-29