Glossary - Англійська мова PDF Друк e-mail
Англійська мова - Англійська мова - Кунатенко Й. Ю.

G  L O S S A R Y

Ability-to-Pay principle of taxation principle that states taxes ought to be paid by those who can best afford them.

account 1 a an arrangement or facility at a bank or building society etc. for commercial or financial transactions, esp. for depositing and withdrawing money. b the assets credited by such an arrangement          c an arrangement at a shop for buying goods on credit. 2 a (often in pl.) a record or statement of money, goods, or services received or expended, with the balance. b (in pl.) the practice of accounting or reckoning.

accounting 1 the principles and practice of systematically recording, presenting, and interpreting financial accounts; 2 financial record keeping and management of businesses and other organizations, from balance sheets to policy decisions, for tax or operating purposes.

aggregate demand the total demand for goods and services in the economy.

aggregate supply the total supply of all the goods and services in an economy.

agriculture the practice of farming, including the cultivation of the soil (for raising crops) and the raising of domesticated animals.

asset in accounting, anything owned by or owed to the company that is either cash or can be turned into cash. It covers physical assets such as land or property of a company or individual, as well as financial assets such as cash, payments due from bills, and investments.

auction a sale of goods, usu. in public, in which articles are sold to the highest bidder.

audit official inspection of a company’s accounts by a qualified accountant as required by law each year to ensure that the company balance sheet reflects the true state of its affairs.

average cost can be found by dividing total cost by total output.

balance 1 an agreement between or the difference between credits and debits       in an account. 2 the difference between an amount due and                    an amount paid. 3 an amount left over; the rest.

b alance of payments the difference in value between payments into and out of a country.

balance of trade the difference in value between imports and exports.

balance sheet statement of the financial position of a company or individual at a point in time, showing current assets and fixed assets, and current liabilities and long- term liabilities. A balance sheet must always balance, that is the sum of all the assets must equal the sum of all the liabilities.

b ank a financial institution that accepts demand deposits and makes commercial loans.

b ank balance the amount of money held in a bank account at a particular time.

bank-bill Brit. a bill drawn by one bank on another.

bank-book = passbook a book containing a record of a customer’s bank account.

Bank of England UK central bank founded by act of Parliament 1694. It was entrusted with issuing bank notes 1844 and nationalized 1946. It is banker to the clearing banks and the UK government.

As the government’s bank, it manages and arranges the financing of the public sector borrowing requirement and the national debt, implements monetary policy and exchange-rate policy by intervening in foreign-exchange markets, and supervises the UK banking system.

bank statement a printed statement of transactions and balance issued periodically to the holder of a bank account.

b anker 1 a person who manages or owns a bank or group of banks.                         2 a keeper of the bank or dealer in some gambling games.

banker’s order an instruction to a bank to pay money or deliver property, signed by the owner or the owner’s agent.

banking the business transactions of a bank.

banknote a banker’s promissory note, esp. from a central bank, payable to              the bearer on demand, and serving as money.

bankroll  1 a roll of banknotes.  2 funds.

bankruptcy process by which the property of a person (in legal terms,                an individual or corporation) unable to pay debts is taken away under a court order and divided fairly among the person’s creditors, after preferential payments such as taxes and wages.

bargain an agreement on the terms of a transaction or sale.

barter exchange without using money.

Benefit Principle of taxation principle that states taxes ought to be paid according to the amounts of benefit received from the government.

board of directors group of directors elected by shareholders at the annual general meeting of the company to supervise the running of               the company.

bond in commerce, a security issued by a government, local authority, company, bank, or other institution on fixed interest.

book-keeping process of recording commercial transactions in a systematic and established procedure. These records provide the basis for                   the preparation of accounts.

b oom period in the trade cycle when the economy is expanding and aggregate demand is rising quickly. It is characterized by falling or low unemployment but rising inflation.

borrowing in finance, receiving money on loan.

b rand or trademark a named good in competition with other similar goods in the market.

broker intermediary who arranges the sale of financial products (shares, insurance, mortgages, and so on) to the public for a commission or brokerage fee.

brokerage a broker’s fee or commission.

building society in the UK, a financial institution that attracts investment in order to lend money, repayable at interest, for the purchase or building of a house on security of a mortgage.

budget estimate of income and expenditure for some future period, used in financial planning.

business the activity of making, buying, selling, or supplying things for                a profit.

business card a card printed with one’s name and professional details.

business cycle regular fluctuations in the level of economic activity in                                         an economy. The economy passes through phases of boom and recession, causing changes in the levels of output, unemployment, and inflation.

business studies training in economics, management, etc.

buyer’s (or buyers’) market an economic position in which goods are plentiful and cheap and buyers have the advantage.

by-law (also bye-law) 1 Brit. a regulation made by a local authority or corporation. 2 a rule made by a company or society for its members.

c apital 1 the money or other assets with which a company starts in business. 2 accumulated wealth, esp. as used in further production. 3 money invested or lent at interest.

capital account the part of the balance of payments account that records flows of money in and out of the country for investment, saving, and borrowing.

capital bond an investment bond that is purchased by a single payment, set up for a fixed period, and offered for sale by a life insurance company.

capital expenditure spending on fixed assets such as plant and equipment, trade investments, or the purchase of other businesses.

capital gain a profit from the sale of investments or property.

capital goods = real or physical capital tangible items such as buildings, machinery, and equipment produced and used in the production of other goods and services. (opp. consumer goods).

capital stock the total amount of capital in a business organization or economy.

capitalism economic system in which the principal means of production, distribution, and exchange are in private (individual or corporate) hands and competitively operated for profit.

capitalist a person using or possessing capital; a rich person.

c ash        1 money in coins or notes, as distinct from cheques or orders.                        2 (also cash down) money paid as full payment at the time of purchase, as distinct from credit.

cash and carry 1 a system of wholesaling in which goods are paid for in cash and taken away by the purchaser. 2 a store where this system operates.

cash-book a book in which receipts and payments of cash are recorded.

cash flow the movement of money into and out of a business, as a measure of profitability, or as affecting liquidity.

cashier a person dealing with cash transactions in a shop, bank, etc.

central bank the bank responsible for issuing currency in a country. Often it is also responsible for foreign exchange dealings on behalf of                  the government, for supervising the banking system in the country.

charter a document granting certain specified rights, powers, privileges, or functions from the sovereign power of a state to an individual, corporation, city, or other unit of local organization.

cheque (US check) written order to pay money; a commonly used means of transferring money through the banking system.

chequebook is issued by banks and building societies typically to holders of current accounts. Chequebook holders can then write out a cheque, an order to pay money from their account to the person or company           named on the cheque.

c hoice decision about how resources are allocated. Each choice involves an opportunity cost.

circulating capital capital that is used up quickly, such as raw materials, components, and stocks of finished goods waiting for sale.

clearing bank a commercial bank that is a member of a cheque-clearing system for the purposes of clearing cheques drawn against each others’ funds. In the UK, all the major high-street commercial banks are clearing banks.

clearing-house bankers’ establishment where cheques and bills from member banks are exchanged, so that only the balances need be paid in cash.

coin form of money. The right to make and issue coins is a state monopoly, and the great majority are tokens in that their face value is greater than that of the metal of which they consist.

collective bargaining process whereby management, representing an employer, and a trade union, representing employees, agree to negotiate jointly terms and conditions of employment.

command economy or planned economy type of economy where resources are allocated by the state through a system of planning. For example, in the former Soviet Union state planners decided what was to be   produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them.

commercial bank bank that offers services to personal and corporate customers, such as current and deposit accounts as well as loans and overdrafts (unlike savings banks or merchant banks).

c ommodity something produced for sale. Commodities may be consumer goods, such as radios, or producer goods, such as copper bars.

commodity markets deal in raw or semi-raw materials that are amenable to grading and that can be stored for considerable periods without deterioration.

company a number of people grouped together as a business enterprise. Types of company include public limited companies, partnerships, joint ventures, sole proprietorships, and branches of foreign companies. Most companies are private and, unlike public companies, cannot offer their shares to the general public.

c ompetition rivalry in the marketplace between different business organizations, usually competition for custom between those who have the same commodities to dispose of. Firms can compete in many different ways including price, quality of products, availability, and delivery dates, and through advertising.

c ompetitiveness the extent to which a producer is able to sell products in              a market where other producers are selling similar products.

consumer anyone who uses goods and services.

consumer durable any commodity for personal use that has a long life, such as furniture and electrical goods, as opposed to food and drink, which are perishables and have to be replaced frequently.

consumer goods goods put to use by consumers, not used in producing other goods (opp. capital goods).

consumer research investigation of purchasers’ needs and opinions.

consumer society a society in which the marketing of goods and services is                     an important social and economic activity.

consumption 1 the purchase of goods and services for final use, as opposed to spending by firms on capital goods, known as capital formation. 2 an amount consumed.

c orporation a business organization created under a government charter.

corporation tax tax levied on a company’s profits.  It is a form of income tax, and rates vary according to country, but there is usually a flat rate. It is a large source of revenue for governments.

cost for a business, the amount of money it has to spend in order                   to produce goods and services for sale.

cost accountant an accountant who records costs and (esp. overhead) expenses      in a business concern.

cost-benefit assessing the relation between the cost of an operation and               the value of the resulting benefits (cost-benefit analysis).

cost of living cost of goods and services needed for an average standard of living.

cost price the price paid for a thing by one who later sells it.

c redit means by which goods or services are obtained without immediate payment, usually by agreeing to pay interest.

credit account Brit. an account with a shop etc. for obtaining goods or services before payment.

credit card card issued by a credit company, retail outlet, or bank, which enables the holder to obtain goods or services on credit (usually to          a specified limit), payable on specified terms.

c reditor individual or business organization that is owed money by another individual or business. Money owed to creditors by a company is            a current liability on the company’s balance sheet.

credit rating measure of the willingness or ability to pay for goods, loans, or services rendered by an individual, company, or country.

crisis (pl. crises) a time of great difficulty or danger or when an important decision must be made.

c urrency the type of money in use in a country; for example, the US dollar,       the Australian dollar, the UK pound sterling, the German Deutschmark, and the Japanese yen.

current account that part of the balance of payments concerned with current transactions, as opposed to capital movements. It includes trade (visibles) and service transactions, such as investment, insurance, shipping, and tourism (invisibles). The state of the current account is regarded as a barometer of overall economic health.

current account at a bank type of account at a bank where money is deposited for transactions rather than savings purposes. Little or no interest is given but the customer is offered a chequebook, cheque card, and           standing order and direct-debit facilities.

current asset or circulating or floating asset any asset of a business that could be turned into cash in a limited period of time, generally less than a year. Current assets include stocks, accounts receivable or billings, short-term investments, and cash.

current liability any debt of a business that falls due within one year. Current liabilities include creditors (including employees), bank overdrafts, and interest.

current prices series of prices that express values pertaining to a given time but have not been adjusted to take account of changes in purchasing power, unlike constant prices.

curve a curved line on a graph.

customs duty tax imposed on goods coming into the country from abroad.

dealer 1 a person or business dealing in ( esp. retail ) goods. 2 a jobber on the Stock       Exchange.

dealings (pl.) contacts or transactions, esp. in business.

debit 1 an entry in an account recording a sum owed. 2 the sum recorded.
3 the total of such sums.  4 the debit side of an account.

debt something that is owed by a person, organization, or country, usually money, goods, or services.

d ebtor individual, business organization, or government that owes money to another. The opposite of a debtor is a creditor.

deflation a reduction in the level of economic activity, usually caused by             an increase in interest rates and reduction in the money supply, increased taxation, or a decline in government expenditure.

demand a customer’s willingness and ability to buy a product or service at             a particular time and place.

demand curve a curve on a graph that shows the relationship between               the quantity demanded for a good and its price. It is typically downward-sloping, showing that as the price of the good goes down, the quantity demanded goes up. The demand curve will shift if there is a change in a variable which affects demand other than the price of the good.

demand elasticity explains how much a change in price affects the quantity demanded.

denomination a class of units within a range or sequence of numbers, weights,     money, etc. (money of small denominations).

d epreciation 1 the decline of a currency’s value in relation to other currencies.
2 the fall in value of an asset (such as factory machinery) resulting from age, wear and tear, or other circumstances. It is an important factor in assessing company profits and tax liabilities.

depression a period of low output and investment, with high unemployment.

deposit 1 Brit. a sum of money kept in an account in a bank. 2 anything stored or entrusted for safe keeping, usu. in a bank. 3 a sum payable as a first instalment on an item bought on hire purchase, or as a pledge for a contract.

deposit account in banking, an account in which money is left to attract interest, sometimes for a fixed term. Unlike a current account,            the deposit account does not give constant access.

d evaluation the lowering of the official value of a currency against other currencies, so that exports become cheaper and imports more expensive.

direct costs or variable cost are costs that vary directly with the volume of output, such as raw material inputs.

direct debit in banking, an instruction by a depositor with the bank to pay            a certain sum of money at regular intervals.

direct tax a tax levied on the person who ultimately bears the burden of it, esp. on income or wealth, such as income tax, capital gain tax, or corporation tax.

distribution the process by which goods are sent from manufacturers to               the consumer. Channels of distribution usually involve both wholesalers and retailers.

dividend the amount of money that company directors decide should be taken out of net profits for distribution to shareholders. It is usually declared as a percentage or fixed amount per share. Most companies pay dividends once or twice a year.

dividend warrant Brit. the documentary authority for a shareholder to receive a dividend.

dividend yield a dividend expressed as a  percentage of a current share price.

d ollar monetary unit containing 100 cents, adopted as the standard unit in the USA in 1785; also by Australia, Canada, Hong Kong, and                 a number of other countries.

dollar area the area in which currency is linked to the US dollar.

duty 1 payment to the public revenue, esp.: a that levied on the import, export, manufacture, or sale of goods ( customs duty ). b that levied on the transfer of property, licences, the legal recognition of documents, etc.

earned income income derived from wages etc. (opp.  unearned income).

earnings pay including basic pay plus any additional payments such as overtime pay or bonus payments.

economic good a good that is scarce relative to the total amount of it that is desired.

economic growth rate of growth of output of all goods and services in                an economy, usually measured as the percentage increase in gross domestic product or gross national product from one year to the next. It is regarded as an indicator of the rate of increase or decrease (if economic growth is negative) in the standard of living.

economics (treated as sing.) 1 a the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants. b the science of the production and distribution of  wealth.

economist 1 an expert in or student of economics.  2 a person who manages financial or economic matters.

economy (pl.  -ies) 1 the wealth and resources of a community, esp. in terms of the production and consumption of goods and services. 2 a particular kind of this (a capitalist economy). 3 the administration or condition of an economy.

economic system the approach a country uses to deal with scarcity and achieve its economic goals.

efficiency, economic production at lowest cost. Efficiency also relates to how resources are allocated. Resources are said to be allocated efficiently if business organizations are producing the best-quality goods for the lowest price.

e lasticity the measure of response of one variable to changes in another. Such measures are used to test the effects of changes in prices and incomes on demand and supply.

employee (US employe) a person employed for wages or salary, esp. at non-executive level.

employment 1 the act of employing or the state of being employed. 2 a person’s regular trade or profession.

employment agency a business that finds employers or employees for those seeking them.

employer a person or company that employs people.

enterprise 1 an undertaking, esp. a bold or difficult one. 2 (as a personal attribute) readiness to engage in such undertakings (has no enterprise). 3 a business firm.

e quity a company’s assets, less its liabilities, which are the property of            the owner or shareholders.

estate 1 a property consisting of an extensive area of land usu. with a large house. 2 Brit. a modern residential or industrial area with integrated design or purpose. 3 all of a person’s assets and liabilities.

exchange 1 the act or an instance of giving one thing and receiving another in its place. 2 the giving of money for its equivalent in the money of the same or another country.

exchange rate the price at which one currency is bought or sold in terms of other currencies, gold, or accounting units such as the special drawing right (SDR) of the International Monetary Fund.

excise 1 a duty or tax levied on goods and commodities produced or sold within the country of origin. 2 a tax levied on certain licences.

expenditure 1 the process or an instance of spending or using up. 2 a thing ( esp. a sum of money ) expended.

expense 1 cost incurred; payment of money. 2 (usu. in pl.) a costs incurred in doing a particular job etc. ( will pay your expenses ). b an amount paid to reimburse this. 3 a thing that is a cause of much expense.

export goods or service produced in one country and sold to another. Exports may be visible (goods such as cars physically exported) or invisible (services such as banking and tourism, that are provided in the exporting country but paid for by residents of another country).

factor of production an input such as land or any natural resources, labour, capital, and entrepreneurship. The factors of production are combined in the production process to produce goods and services in an economy.

final goods goods ultimately bought and used by consumers.

finance 1 the management of (esp. public) money. 2 monetary support for an enterprise. 3 (in pl.) the money resources of a State, company, or person.

finance company (or house) a company concerned mainly with providing money for hire-purchase transactions.

financial institution business organization that has as its core business activity the management of money. Banks, building societies, and insurance and assurance companies are all examples of financial institutions.

financial / fiscal year a year as reckoned for taxing or accounting.

financial capital is accumulated or inherited wealth held in the form of assets, such as stocks and shares, property, and bank deposits.

financier a person engaged in large-scale finance.

firm 1 a a business concern.  b the partners in such a concern.

fiscal / financial year a year as defined by a company or government for financial accounting purposes.

fixed capital is durable, examples being factories, offices, plant, and machinery.

fixed cost or overhead cost . Cost which does not vary directly with output       (not a variable cost), but remains constant as output increases. For example, a company may increase its output by one third; variable costs will increase in proportion with this but fixed costs will stay       the same.

foreign exchange system by which the money of one country can be converted into the money of another; US dollars, French francs, and Spanish pesetas are all foreign currencies into which a holder of pounds sterling may convert their money.

free enterprise or free market economic system where private capital is used in business with profits going to private companies and individuals.

free products products existing in such large quantities that they need not be rationed out among those wishing to use them.

free trade economic system where governments do not interfere in the movement of goods between countries; there are thus no taxes         on imports.

future in business, a contract to buy or sell a specific quantity of aparticular commodity or currency (or even a purely notional sum, such as the value of a particular stock index) at a particular date in the future.

futures trading buying and selling commodities (usually cereals and metals) at an agreed price for delivery several months ahead.

glut 1 supply exceeding demand; a surfeit ( a glut in the market ). 2 system of making payments by direct transfer between one bank or post-office account and another.

good s (in pl.) tangible commodities or merchandise.

gross domestic product (GDP) value of the output of all goods and services produced within a nation’s borders, normally given as a total for            the year. It thus includes the production of foreign-owned firms within the country, but excludes the income from domestically owned firms located abroad.

gross national product (GNP) the most commonly used measurement of           the wealth of a country. GNP is defined as the total value of all goods and services produced by firms owned by the country concerned. It is measured as the gross domestic product plus income from abroad, minus income earned during the same period by foreign investors within the country.

gross pay or gross earnings or gross wages pay before deductions such as income tax and national insurance contributions. Net pay is pay   after deductions.

g ross profit is the difference between sales revenue and the direct cost of production. It is usually shown in the profit and loss account of           the company.

heavy industry industry that processes large amounts of bulky raw materials. (iron and steel industry, shipbuilding, and aluminium smelting). Heavy industries are often tied to locations close to their supplies of raw materials.

h uman capital is the workforce; not just the number of workers, but also their stock of education and training which makes them productive.

imperfect competition competition between firms that supply branded products. Firms therefore compete not just on price, as in perfect competition, but on the type of good they supply.

import 1 product or service that one country purchases from another for domestic consumption, or for processing and re-exporting. 2 (in pl.) an amount imported.

incentive a measure that persuades economic agents to adopt a particular course of action.

i ncome earnings of an individual or business organization over a period of time.

income tax direct tax levied on personal income, mainly wages and salaries, but which may include the value of receipts other than in cash.

i ndex an indicator of a general movement in wages and prices over                  a specified period.

i ndirect costs are costs that change as output changes but not in direct proportion.

indirect tax tax on products or services. VAT (value-added tax) and excise duties are examples of indirect taxes. The opposite of an indirect tax is a direct tax, a tax on income.

industry the sector of an economy that is concerned with manufacture.

inelastic demand demand where a proportionate change in price (say 10%) leads to a lesser proportionate change in quantity demanded (say 5%). Formally, it is when the elasticity of demand is between 0 and 1.

inflation collective increases in the supply of money, in money incomes, or in prices during which the purchasing power of the dollar is falling.

inputs the factors of production (land, labour, capital and entrepreneurial ability) required by an organization to enable it to provide its outputs (goods or services).

interest in finance, a sum of money paid by a borrower to a lender in return for the loan, usually expressed as a percentage per annum.

i ntegration merger of two firms.

investment the process of adding to the capital stock of a nation or business.

i nvestment 1 the purchase of any asset with the potential to yield future financial benefit to the purchaser ( such as a house, a work of art, stocks and shares, or even a private education ). 2 expenditure on capital goods with a view to achieving profitable production for consumption at a later date.  Fixed investment includes buildings, machinery, and equipment, but excludes stocks of         materials used in production.

labour (US, Austral. labor) the human effort required to produce goods and services.

labour force individuals,16 years of age or older, working or looking for work.

labour market market that determines the cost and conditions of the work force, taking into consideration the demand of employers, the levels and availability of skills, and social conditions.

labour union / US a trade union associations of workers formed to promote          the interests of their members.

labourer (US laborer) a person doing unskilled, usu. manual, work for wages.

land the factor of production which comprises not just land itself but all natural resources. ( Shoals of fish, natural forests, the atmosphere, and rivers ).

law of demand all else being equal, more items will be sold at a lower price than at a higher price.

law of diminishing the principle that additional application of one factor of production, such as an extra machine or employee, at first results in rapidly increasing output but eventually yields declining returns, unless other factors are modified to sustain the increase.

law of supply sellers will offer more of a product at a higher price and less at a lower price.

leasing form of renting, like hire purchase, typically used by businesses           to finance the acquisition of land, buildings, machinery, and other industrial equipment.

legal tender currency that must be accepted in payment of debt. Cheques and postal orders are not included.

letter of credit a letter from a banker authorizing a person to draw money up to a specified amount, usu. from another bank.

l iability in accounting, a financial obligation.

limited liability legal safeguard that allows shareholders to be liable for their company’s debts only up to and including the value of their shareholding.

liquidity the state of possessing sufficient money and/or assets to be able to pay off all liabilities. Liquid assets are those such as shares that may be converted quickly into cash, as opposed to property.

l oan form of borrowing by individuals, businesses, and governments.

long-term liability that which is owed to creditors but does not need to be repaid in the short term (generally longer than a year).

l oss in business, the opposite of profit, when revenues are less than costs.

m acroeconomics division of economics concerned with the study of whole (aggregate) economies or systems, including such aspects as government income and expenditure, the balance of payments, fiscal policy, investment, inflation, and unemployment.

m anagement process or technique of managing a business. Systems vary according to the type of organization, company, and objectives.

manager a person controlling or administering a business or part of a business.

marginal cost is the cost of producing an extra unit of output.

marginal utility the measure of additional satisfaction (utility) gained by            a consumer who receives one additional unit of a product or service. The concept is used to explain why consumers buy more of a product when the price falls.

market any situation where buyers and sellers are in contact with each other. This could be a street market or it could be a world market where buyers and sellers communicate via letters, faxes, telephones, and representatives.

market-day a day on which a market is regularly held, usu. weekly.

market economy free-market economy where most resources are allocated through markets rather than through state planning.

market equilibrium a situation where prices are relatively stable and there is neither a surplus nor shortage in the market.

market forces the forces of demand (a want backed by the ability to pay) and supply (the willingness and ability to supply).

market-place 1 an open space where a market is held in a town.  2 the scene of actual dealings.

market price the price at which supply exactly equals demand.

market research the study of consumers’ needs and preferences.

marketing the theory and practice of promoting goods and services to consumers.

merchandise goods for sale.

m erchant a wholesale trader, esp. with foreign countries.

merchant bank esp.  Brit.  a bank dealing in commercial loans and finance.

merchant banker a member of a merchant bank.

m erger the linking of two or more companies, either by creating a new organization by consolidating the original companies or by absorption by one company of the others.

microeconomics the division of economics concerned with the study of individual decision-making units within an economy: a consumer, firm, or industry.

minimum wage minimum level of pay for workers, usually set by government.

mixed economy type of economic structure that combines the private enterprise of capitalism with a degree of state monopoly.

mixed farming farming of both crops and livestock.

m onetarism the theory or practice of controlling the supply of money as the chief method of stabilizing the economy.

money any common medium of exchange acceptable in payment for goods or services or for the settlement of debts; legal tender.

money market institution that deals in gold and foreign exchange, and securities in the short term.

money supply quantity of money in circulation in an economy at any given time. It can include notes, coins, and clearing-bank and other deposits used for everyday payments.

monopolistic competition a market situation in which there may be many independent buyers and sellers but in which competition is imperfect because of product differentiation, geographical fragmentation of the market, or some similar condition.

monopoly the domination of a market for a particular product or service by           a single company, which can therefore restrict competition and keep prices high.

mortgage transfer of property, usually a house, as a security for repayment of a loan. The loan is normally repaid to a bank or building society over a period of years.

mortgage rate the rate of interest charged by a mortgagee.

mortgagee the creditor in a mortgage, usu. a bank or building society.

mortgager (also mortgagor) the debtor in a mortgage.

motive a factor or circumstance that induces a person to act in a particular way.

national accounts statistical report on the value of income, expenditure, and production in the economy of a country.

national income the total income of a state in one year, including both              the wages of individuals and the profits of companies. It is equal to the value of the output of all goods and services during the same period. National income is equal to gross national product.

national income accounting a system of statistics that keeps track of production, consumption, saving and investment in the economy.

n ecessity good or service whose consumption is seen as essential in order           to maintain a minimum standard of living in a society, for example food or shelter.

n et financial capital is the difference between the money value of assets owned by foreigners in the domestic economy and the assets owned by the country abroad.

net profit is total revenue minus total direct and indirect cost (for example, overheads, the cost of running the business).

net worth the total assets of a company less its total liabilities, equivalent to    the interest of the ordinary shareholders in the company.

oligopoly a situation in which a few companies control the major part of               a particular market.

open economy an economy in which a significant percentage of its goods and services are traded internationally.

opportunity cost that which has been foregone in order to achieve an objective. A family may choose to buy a new television set and forgo their annual holiday; the holiday represents the opportunity cost.

o ption a contract giving the owner the right (as opposed to the obligation, as with futures contracts; see futures trading) to buy or sell a specific quantity of a particular commodity or currency at a future date and at an agreed price, in return for a premium.

organization people or groups working for a common purpose and whose tasks are often divided into specializations.

output quantity of goods and services produced or provided by a business organization or economy.

o verhead costs are the costs of running the business which do not change as output changes. In economics, these three cost concepts are called variable, semi-variable, and fixed costs.

ownership the state or right of being an owner.

paradox of value the paradox that many necessities of the life have a low market price, while many luxuries with little use have a high market price.

partner a person who shares or takes part with another or others, esp. in
a business firm with shared risks and profits.

partnership unincorporated business organization owned by two or more people.

penny (pl.  for separate coins -ies, for a sum of money pence) British coin and monetary unit equal to one-hundredth of a pound.

perfect competition a market in which there are many potential and actual buyers and sellers, each being too small to be an individual influence on the price; the market is open to all and the products being traded are homogeneous. At the same time, the producers are seeking the maximum profit and consumers the best value for money.

p hysical capital is the stock of buildings, factories, offices, machines, roads, and so on.

planned economy another term for command economy.

p ound British standard monetary unit, issued as a gold sovereign before 1914, as a note 1914-83, and as a circular yellow metal-alloy coin from 1983. The pound is also the name given to the unit of currency in Egypt, Lebanon, Malta, Sudan, and Syria.

p rice the money value of a good or service.

price elasticity of demand responsiveness of changes in quantity demanded to a change in price of the product.

price index another term for retail price index.

prices and incomes policy governmental strategy to curb inflation; see incomes policy.

price-fixing the maintaining of prices at a certain level by agreement between competing sellers.

price-ring a group of traders acting illegally to control certain prices.

price system economic system in which resources are allocated as a result of the interaction of the forces of supply and demand.

price tag 1 the label on an item showing its price.  2 the cost of an enterprise or undertaking.

p rivate capital is usually owned by individuals and private business organizations.

private company Brit. a company with restricted membership and no issue of shares.

private cost of production is the cost to the individual or business that created the cost.

private enterprise business unit where economic activities are in private hands and are carried on for private profit, as opposed to national, municipal, or cooperative ownership.

private means income from investments etc., apart from earned income.

private sector the part of the economy that is owned and controlled by private individuals and business organizations such as private and public limited companies.

p rivatization policy or process of selling or transferring state-owned or public assets and services (notably nationalized industries) to private investors.

producer a person who produces goods or commodities.

product 1 a thing or substance produced by natural process or manufacture.           2 the good or service one receives in an exchange.

product differentiation making one good different from another. Branding is an example of product differentiation. Firms attempt to differentiate their product in order to gain customer loyalty and secure an advantage over their competitors.

production the process of making a good or service.

p roductivity a measure of productive efficiency calculated as the ratio of what is produced to what is required to produce it.

profit amount by which total revenue exceeds total cost. It is the reward for risk-taking for shareholders in a business organization.

profit and loss account in a set of accounts, the account which compares all revenues and all costs of a business organization in order to arrive at a figure for net profit (or loss).

profit margin the profit remaining in a business after costs have been deducted.

profit-sharing the sharing of profits esp. between employer and employees.

progressive tax tax such that the higher the income of the taxpayer the greater the proportion or percentage paid in that tax.

property anything legally owned or possessed by a person or organization.

proportional tax tax such that the proportion or percentage paid in tax remains constant as income of the taxpayer changes.

property tax a tax levied directly on property.

proprietor (fem. proprietress) 1 a holder of property. 2 the owner of a business etc.

public sector part of the economy that is owned and controlled by the state, namely central government, local government, and government enterprises.

purchase tax Brit. a tax on goods bought, levied at higher rates for non-essential or luxury goods.

purchasing power the value of a unit of money measured in terms of what it can buy.

pure competition a market situation in which there are many independent and well-informed buyers and sellers of exactly the same economic products.

rate of interest total interest paid divided by the sum borrowed or saved expressed as a percentage over a period of time, usually one year.

real value or constant value value of goods and services adjusted for inflation.

recession a fall in business activity lasting more than a few months, causing stagnation in a country’s output.

regressive tax tax such that the higher the income of the taxpayer the smaller the proportion or percentage paid in that tax.

rent 1 the reward paid to owners of land is rent. 2 payment for the use of a service, equipment, etc.

r evenue money received from taxes or the sale of a product.

risk capital money put up for speculative business investment.

salary pay, usually of nonmanual workers, often expressed in annual terms.

sale 1 the exchange of a commodity for money etc.; an act or instance of selling. 2 the amount sold. 3 the rapid disposal of goods at reduced prices for a period esp. at the end of a season etc. 4 a an event at which goods are sold. b a public auction.

sales revenue money received from the sale of products.

sales tax a tax on sales or on the receipts from sales.

savings account in banking, an account where interest is given for money deposited.

scarcity insufficient availability of resources to satisfy wants.

security in finance, assets that may be sold if a borrower defaults on a loan.

self-sufficient needing nothing; independent.

self-supporting 1 capable of maintaining oneself or itself financially.
2 staying up or standing without external aid.

service intangible item of value, such as the work of physicians, lawyers, actors or mechanics.

service industry sector of the economy that supplies services such as retailing, banking, and education.

share in finance, that part of the capital of a company held by a member.

shareholder owner of part of the share capital of a company.

shift in demand curve a shift in the demand or supply curve to the left on
a price-quantity diagram. A shift in the demand curve can arise because of a change in the income of buyers, a change in the price of other goods, or a change in tastes for the product.

shift in supply curve a shift in the demand or supply curve to the right on
a price-quantity diagram. A shift in the supply curve can arise because of change in the costs of production, a change in technology, or a change in price of other goods.

shortage a situatin where the quantity demanded is greater than the quantity supplied.

skilled worker manual worker who possesses a recognized craft skill, such as an electrician or a plumber. The skill is acquired through education and training. Work done by skilled workers cannot be done by just anyone, unlike those tasks performed by unskilled workers.

s ocial capital is usually owned by the state and is the infrastructure of
the economy, such as roads, bridges, schools, and hospitals.

s ocial costs are all the costs incurred by society through production.

s ocial services services provided by the State for the community, esp. education, health, and housing.

social work work of benefit to those in need of help or welfare, esp. done by specially trained personnel.

sole trader or sole proprietor one person who runs a business, receiving all profits and responsible for all liabilities.  Many small businesses are sole traders.

sole proprietorship a business that is owned by one person.

special drawing right (SDR) the right of a member state of the International Monetary Fund to apply for money to finance its balance of payments deficit. Originally, the SDR was linked to gold and the US dollar.

s pecialization a method of organizing production where economic units such as households or nations are not self-sufficient but concentrate on producing certain goods and services and trading the surplus with others.

statistics 1 a collection of information shown in numbers. 2 the science of collecting, classifying and analying such information.

standard of living the measure of consumption and welfare of a country, community, class, or person. Individual standard-of-living expectations are heavily influenced by the income and consumption of other people in similar jobs.

stimulus a thing that encourages or excites smb/smth to activity, greater effort, etc; an incentive.

stock 1 materials, unfinished goods, or work-in-progress, and finished goods that businesses hold. 2 in finance, the UK term for the fully paid-up capital of a company.

Stock Exchange institution for the buying and selling of stocks and shares (securities). The world’s largest stock exchanges are London, New York (Wall Street), and Tokyo.

stock holder owner of stock in a corporation.

stocks and shares investment holdings (securities) in private or public undertakings.

stock-in-trade 1 all the requisites of a trade or profession. 2 a ready supply of characteristic phrases, attitudes, etc.

stock market 1 = Stock Exchange.  2 transactions on this.

supply the production of goods or services for a market in anticipation of
an expected demand.

supply and demand one of the fundamental approaches to economics, which examines and compares the supply of a good with its demand (usually in the form of a graph of supply and demand curves plotted against price).

supply curve diagrammatic illustration of the relationship between the price of the good and the quantity that producers will supply at that price.

supply schedule a table showing the quantities of a product that would be offered for sale at various prices at a given time.

supply-side denoting a policy of low taxation and other incentives to produce goods and invest.

surplus a situation where the quantity supplied is greater than the quantity demanded.

tax assessor a person who places value on property for tax purposes.

taxation raising of money from individuals and organizations by the state in order to pay for the goods and services it provides.

tax avoidance conducting of financial affairs in such a way as to keep tax liability to a minimum within the law.

tax evasion failure to meet tax liabilities by illegal action, such as not declaring     income. Tax evasion is a criminal offence.

tax haven country or state where taxes are much lower than elsewhere. It is often used by companies of another country that register in the tax haven to avoid tax.

tax inspector an official who examines statements of people’s income and decides the tax to be paid.

taxman (pl.  -men) an inspector or collector of taxes.

tax shelter investment opportunity designed to reduce the tax burden on
an individual or group of individuals but at the same time to stimulate finance in the direction of a particular location or activity. Such shelters might be tax exempt or lightly taxed securities in government or a local authority, or forestry or energy projects.

tax year twelve-month period over which an individual or company calculates its income and liability to pay tax. The British tax year runs from 6 April of one year to 5 April in the following year.

technology the application of science to commerce and industry.

t otal cost the sum of all the costs of producing a given level of output. It is equal to fixed cost plus variable cost.

trade 1 buying and selling. 2 buying and selling conducted between nations etc. 3 business conducted for profit.

trade cycle Brit.  recurring periods of boom and recession.

trade gap the extent by which a country’s imports exceed its exports.

trade in (often foll. by for) exchange (esp. a used car etc.) in esp. part payment for another.

trade mark 1 a device, word, or words, secured by legal registration or established by use as representing a company, product, etc.
2 a distinctive characteristic etc. trade name 3 a name by which
a thing is called in a trade.  4 a name given to a product. 5 a name under which a business trades.

trade off exchange, esp. as a compromise.

trade price a wholesale price charged to the dealer before goods are retailed.

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

traditional theory of wage determination the theory that uses the tools of supply and demand to explain differences in wage rates.

turnover 1 the amount of money taken in a business. 2 the number of people entering and leaving employment etc.

u nemployment lack of paid employment. The unemployed are usually defined as those out of work who are available for and actively seeking work.

unlimited liability full responsibility of an individual or business organization for paying any debts incurred in a business activity.

unskilled worker worker who possesses no specialized knowledge or skill. Any worker can perform the tasks done by an unskilled worker. Examples of unskilled workers are general labourers, cleaners, and road sweepers.

utility the total satisfaction derived from the consumption of goods and services.

value the worth of something in terms of money or other goods for which it can be exchanged..

value-added tax (VAT) a tax on the amount by which the value of an article has been increased at each stage of its production.

variable costs costs that increase as the number of units produced increases.

venture 1 an undertaking of a risk.  2 a risky undertaking. 3 a commercial speculation.

venture capital or risk capital money put up by investors such as merchant banks to fund a new company or expansion of an established company.

w ant the desire of consumers for material goods and services. Wants are argued to be infinite, meaning that consumers can never be satisfied with their existing standard of living but would always like to consume more goods and services. Infinite wants mean that resources have to be allocated.

wage rate the wage over a period of time, such as an hour or week.

wage s income derived from human labour. Technically they cover all payments for the use of labour, mental or physical, but in ordinary usage the term excludes income of the self-employed and is restricted    to compensation of employees.

wealth the wealth of a nation is its stock of physical capital, human capital, and net financial capital owned overseas.

work 1 the application of mental or physical effort to a purpose; the use of energy.  2 a a task to be undertaken. b the materials for this.

workforce 1 the workers engaged or available in an industry etc. 2 the number of such workers.

working capital current assets minus current liabilities of a business organization. It is the assets which are left free, after liabilities have been covered, for the business to use or put to work if it feels that it should take that risk.

worth 1 of a value equivalent to.  2 such as to justify or repay; deserving; bringing compensation for (worth doing; not worth the trouble).             3 possessing or having property amounting to (is worth a million pounds).


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