POSIBNIK_1_KURS

PEDLERS. They carried their whole stock in trade from door to door. It was a most wasteful expenditure of energy. Distribution was as confused and irrational as the whole general system of society.

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GLOSSARY

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 products

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

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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

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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.

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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

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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; the 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

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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 everchanging 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

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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

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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 time

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

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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

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