NP-1k-short
.pdfbecause 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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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
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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.
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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
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