actuarial Flashcards
1
Q
actuarial
A
relating calculations of risk for assurance companies and pension funds.
2
Q
enforcement
A
N. the process of making sure that ppl obey sth such as law or rule
3
Q
obey
A
V. to act according to what you have been asked or ordered to do by someone in authority or to have according to rule, law or instruction
4
Q
complicit
A
involved in or knowing about crime or some activity that is wrong
Eg: she was accused of being complicit in her husband’s death
5
Q
financial statement
A
a report provided by a company for its shareholders and investors that shows details of its financial situation, and includes documents such as the profit and loss account and balance sheet
Eg. prepare/publish a financial statement There are various procedures that must be followed when preparing financial statements.
6
Q
skepticism
A
N. doubt that something is true or useful:
7
Q
collusion
A
Noun. the act of doing something secret or illegal with another person, company, etc. in order to deceive people:
There have been allegations of collusion between/among fund managers.
8
Q
covenant
A
noun. a part of a formal written agreement in which it is stated what must or must not be done, or in which someone promises to do or pay something
Eg. Any loss of rent may be claimed as damages for breach of covenant (= failure to do as promised).
9
Q
consolidate
A
V. to become or make something stronger or more successful:
Eg: Net assets rose to £758 million, consolidating the company’s position as a member of the FTSE 250 index.
10
Q
downsize
A
V to make a company or organization smaller by reducing the number of people working for it:
Eg:to downsize your workforce/company
11
Q
amalgamation
A
the combining of separate organizations to form a larger organization or group, or an organization or group formed in this way
Eg: amalgamation of sth The association was formed by the amalgamation of several regional environmental organizations.
12
Q
acquiree
A
N. a company that has been bought by another company:
Eg: A company that acquires another company usually brings its own systems, processes, and culture to the acquiree.
13
Q
dimension
A
N. a measurement of something in a particular direction, especially its height, length, or width:
Please specify the dimensions (= the height, length and width) of the room.
14
Q
acquirer
A
N. a person or company that buys another company:
an acquirer of sth Over the past few years, he has been Eg: a single-minded acquirer of small Web-development agencies.
15
Q
buyout
A
N. a situation in which a person or group buys most or all of the shares belonging to a company and so gets control of it:
lead/propose/negotiate a buyout As Managing Director, he led the buyout that created the firm three years ago.
16
Q
myriad
A
a very large number of something:
Eg: a myriad of choices
And now myriads of bars and hotels are opening up along the coast.
17
Q
pursuant
A
according to:
Eg: The fact that a person acted pursuant to an order of his government does not relieve him from responsibility under international law.
18
Q
presumably
A
adv. used to say what you think is the likely situation:
- They can presumably afford to buy a bigger apartment.
- Presumably he just forgot to send the letter.
19
Q
prospect
A
N. the possibility that something good might happen in the future:
- Is there any prospect of the weather improving?
- There seems little prospect of an end to the dispute.
20
Q
asset
A
N. something that is owned by a person, company, or organization, such as money, property, or land:
-The company reported total assets worth $1.9 million.
have/hold/own assets You can hold assets offshore, such as bank accounts or property.
-acquire/buy/increase assets The parties will decide whether to buy assets or shares.
21
Q
intact
A
adj. complete and in the original state:
- The church was destroyed in the bombing but the altar survived intact.
22
Q
sell-off
A
N. a sale of an investment, such as shares in a company, that causes its value to fall
23
Q
liquidation
A
to cause a business to close, so that its assets can be sold to pay its debts
24
Q
dividend
A
N. (a part of) the profit of a company that is paid to the people who own shares in it:
-Dividends will be sent to shareholders.
25
empty shell
when you go for shit and nothing comes out
26
cherry-pick
V. to choose only the best or most suitable from a group of people or things:
-They cherry-picked the most promising potential customers and concentrated their efforts on them.
27
litigation
N. the process of causing a disagreement to be discussed in a court of law so that an official decision can be made about it:
The company has consistently denied responsibility, but it agreed to the settlement to avoid the expense of lengthy litigation.
28
Terminate
to end or to make something end:
The takeover talks terminated without agreement.
-How do I terminate my subscription?
29
demerger
a situation in which a company is divided into two or more parts, or in which a company is separated from a larger company:
-a demerger from sth The demerger of the restaurant from the hotel business will create two focused companies each with very exciting prospects.
30
spin-off
a new business created by separating part of a company, or the act of creating such a business:
-a spin-off from sth In Europe, most of the biggest internet companies are spin-offs from established firms.
31
intellectual property
N. someone's idea, invention, creation, etc., that can be protected by law from being copied by someone else
32
shell corporation
company or corporation that exist only in paper and has no office no employees, but may have a bank account or may hold passive investment or be the registered owner of asset such as intellectual property
33
tax-evasion
N. illegal methods used by people or companies to reduce the tax they pay, or a particular situation where this happens:
-He was arrested in October on charges of tax evasion and fraud.
34
goodwill
N. the value to a company or organization of things that cannot be directly measured, for example, its good reputation or its customers' loyalty:
-Charitable endeavours are important to us in terms of goodwill.
35
hybrid
N. something that is a combination of two different things, so it has qualities relating to both of them:
- a hybrid car/vehicle/engine
- Under the hybrid plan, the employee contributes payments to his retirement fund along with the government.
36
non-binding
adj. not legally necessary to obey or follow:
- a non-binding resolution/referendum/recommendation
- The committee's vote is non-binding.
37
heads of term
| letter of intent
is non-binding document outlining the main issues relevant to tentative sale, partnership pr other agreement
38
merger
2 entities into one
39
acquisition
entity take ownership of another entity's stock equity, interests or assets
40
amalgamation/ consolidation
2 companies combine to form a new enterprise altogether and neither of previous companies remains independency
41
warranty
N. a written promise from a company to repair or replace a product that develops a fault within a particular period of time, or to do a piece of work again if it is not satisfactory:
The warranty covers the car mechanically for a year, with unlimited mileage.
42
alternatively
Adv used to suggest another possibility:
| We could go to the Indian restaurant, or alternatively, we could try that new Italian place.
43
adjustment
N. a slight change made to something to make it fit, work better, or be more suitable, or the act of making such a change:
- A small adjustment at the right place can make a significant difference.
- If the colour does not appear quite right, check your monitor settings for adjustment.
44
valuation
N. the act of deciding how much money something is worth, or the amount decided:
- Insurers usually require a valuation.
- An independent valuation of the estimated purchase price of the house will be carried out.
45
bidder
N. someone who offers to pay a particular amount of money for something:
In an auction, goods or property are sold to the highest bidder (= the person who offers the most money).
46
liquidity ratio
the value of a company's cash and assets that can be easily changed into cash in relation to the amount of debt it has to pay back, usually over the next 12 months:
The company is perilously close to being in breach of its liquidity ratio.
47
dilution
N the process or action of making something less strong or valuable:
- economic dilution
- The destroyer of brand integrity is "brand dilution", which is the perverse reward for popularity.
48
financial slack
extra money has available in case of turndown in sales, revenue or profit. financial slack may help a company make it through a different period. it is equivalent to company's savings
49
fixed cost
N. a cost such as wages, rent, and interest that does not change in relation to how much a business produces:
When you take 2,000 people out of your business you will inevitably have fixed cost reductions.
50
profit margin
N. the difference between the total cost of making and selling something and the price it is sold for, or between the total amount of money a company receives from sales and the total cost of producing all its products and services. The profit margin is often expressed as a percentage:
- The company averages profit margins of 70%.
- high/low profit margins Other mid-size businesses, especially those with low profit margins, have similar objections.
51
revenue stream
N. the money coming into a company from a particular activity over a period of time, or the activity itself:
- We need to diversify and not rely on a single revenue stream.
- a steady/guaranteed/reliable revenue stream
52
synergy
N. the combined power, profits, etc. that can be achieved by two organizations or groups of people working together rather than separately:
-create/deliver/generate synergy The merger will help -the manufacturing company achieve synergies that will allow it to remain competitive.
53
bulk-buying
N. the activity of buying large quantities of a product, especially to get cheaper prices:
Supermarkets do not seem to encourage bulk buying: their prices for multiple products are not much cheaper than buying the products individually.
54
tax liability
N. an amount of tax that a person or business must pay:
- The company had to raise €5m to meet a tax liability.
- Shareholders may incur a tax liability upon the sale or redemption of shares of a Fund
55
downturn
N. a reduction in the amount or success of something, such as a country's economic activity:
- the continuing economic downturn
- There is evidence of a downturn in the housing market.
56
statutory merger
merger in which the acquiring company survives the target company dissolves. the purpose of this merger is to transfer the assets and capital of the target company into acquiring company without having to maintain the target target company as a subsidiary
57
consolidated merger
merger is in which an entirely new legal company is formed through combining the acquiring and target company. the purpose of this merger is to create a new legal entity with the capital and assets of the merged acquirer and target company. both acquiring and target company as dissolved in process
58
dissolve
V. to end an official organization or a legal arrangement:
- A vote to dissolve the power-sharing government is scheduled for next week.
- The committee has announced that it will dissolve or completely reshape the Information Management Group.
59
disaggregate
V to separate something into separate parts:
| -the need to disaggregate social and economic data by age as well as gender
60
affirmative
adj. relating to a statement that shows agreement or says "yes":
- an affirmative answer/response
61
presumptive
adj. believed to be something, or likely to be true, based on the information that you have:
- presumptive signs of pregnancy
62
plaintiff
N. a person or company that makes a legal complaint about someone else in a court of law:
- The plaintiff claimed damages for the financial losses suffered through breach of copyright.
- Judges in three states have sided with the plaintiffs-.
63
inference
N. a guess that you make or an opinion that you form based on the information that you have:
- They were warned to expect a heavy air attack and by inference many casualties.
- His change of mind was recent and sudden, the inference being that someone had persuaded him.
64
complementary
adj. useful or attractive together:
- complementary colours/flavours/skills
- My family and my job both play an important part in my life, fulfilling separate but complementary needs.
65
inconsequential
adj. not important:
- an inconsequential matter/remark
- Most of what she said was pretty inconsequential.
66
pros and cons
advantage and disadvantage
67
demote
V. to move someone to a less senior job than the one they had before:
- demote sb from/to sth Her manager demoted her from her job as a supervisor.
- demote sb for sth Sources said he was demoted for violation of departmental rules.
68
ego
N. your idea or opinion of yourself, especially your feeling of your own importance and ability:
-That man has such an enormous ego - I've never known anyone so full of themselves!
69
self-esteem
N. belief and confidence in your own ability and value:
- The compliments she received after the presentation boosted her self-esteem.
- She suffers from low self-esteem and it prevents her from pursuing her goals.
70
capital-intensive
adj. A capital intensive industry, business, or process needs a lot of money to buy buildings and equipment in order to start operating:
- As agriculture became more capital intensive, many farm labourers moved to the towns and cities to look for work.
71
catalyst
N. someone or something that causes a big change:
the catalyst behind sth
-The catalyst behind this welcome trend has been the mighty Bill Gates.
-catalyst for sth An outside leader is often needed to serve as a catalyst for change.
72
homogenous
adj. consisting of parts or people that are similar to each other or are of the same type:
- a homogeneous group/society
- The population of the village has remained remarkably homogeneous.
73
ensue
to happen after something else, especially as a result of it:
-The police officer said that he had placed the man under arrest and that a scuffle had ensued.
74
turnover
N. the amount of business that a company does in a period of time:
Large supermarkets have high turnovers (= their goods sell very quickly).
The business has an annual turnover of £50,000.
75
return on investment
N. the profit from an activity for a particular period compared with the amount invested in it:
-Weekly sales are running well ahead of the levels required for a 25% return on investment.
76
enterprise
an organization, a company, or a business:
- a manufacturing/catering/farming enterprise
- a large/small/medium-sized enterprise
- a state/state-owned/multinational enterprise
- a domestic/local/foreign enterprise
77
creditor
a person, organization, or government that is owed money:
Filing for bankruptcy protection allows the company to avoid paying creditors while it works out a plan to reorganize.
-a big/large/major creditor
-He has been sued several times by his creditors.
78
acquire
V to buy or take control of a company or part of a company, often by buying shares in it:
-They acquired a chain of about 20 phone shops.
79
proprietor
a person who owns a particular type of business, especially a hotel, a shop, or a company that makes newspapers:
-a hotel/newspaper proprietor
80
operating cost
| operational cost
a cost relating to producing a company's goods or services:
- cut/increase/reduce operating costs
- The company plans to cut operating costs by £1.2bn a year.
81
variable cost
a cost that changes according to how much of a product is being produced or used:
One way to reduce car usage is to increase the variable cost of using a car.
82
semi variable
the expenses necessary to keep business in proper condition
83
inventory
the amount of goods and materials owned by a company at a particular time, including parts, products being made, and finished products:
N. We are trying to reduce manufacturing cycle time and the associated raw material, work in process, and finished goods inventory levels.
84
fixture
property law. any physical property that is permanently attached to real property (usually land|)
85
real property
land or buildings that someone owns:
- The majority of the assets are invested directly in real property.
- real property taxes/lawyers
86
share
one of the units that the ownership of a company, fund, etc. is divided into and which can be bought by members of the public:
- She buys and sells stocks and shares.
- The value of my shares has fallen by 8%.
87
venture
a new business activity:
- business/commercial venture
- The firm is looking overseas for more lucrative business ventures.
88
fund
an amount of money saved, collected, or provided for a particular purpose:
- a pension/trust fund
- The hospital has set up a special fund to buy new equipment.
89
offshore company
a company that is based in a different country to the one in which it does most of its business, often for tax reasons:
-We offer a one-day offshore company incorporation service from our law firm in Belize.
90
guarantor
a person or organization that promises to pay back a loan if the person or organization that originally borrowed the money does not:
- guarantor for/on sth
- Some providers lend young people more if their parents agree to be guarantor for the loan.
91
jurisdiction
the authority of a court or official organization to make decisions and judgments :
The court has no jurisdiction in/over cases of this kind.
92
distinguish
to notice or understand the difference between two things, or to make one person or thing seem different from another:
He's colour-blind and can't distinguish (the difference) between red and green easily.
93
deem
to consider or judge:
| -The president asked Congress for authority to take whatever steps he deemed necessary, including the use of force.
94
intend
to have as a plan or purpose:
- intended customer
- We intend to go to Australia next year.
- Somehow I offended him, which wasn't what I'd intended.
95
broker
a person or a company that buys and sells shares, bonds, currencies, insurance, etc. for other people or organizations:
- In all these matters, your broker will be able to advise you.
- firm of insurance brokers
96
credit union
a financial organization that is owned and controlled by its members, who can borrow at low interest rates from the money they have saved as a group:
-To take out a loan, a customer must first be a member of the credit union by opening a savings account with a minimal balance.
97
utility
N. a service that is used by the public, such as an electricity or gas supply or a train service:
-utility bills
98
sole proprietorship
a business that is owned and operated by only one person:
| A sole proprietorship is owned by one person who reports the profits on a personal income-tax return.
99
partnership
a company that is owned by two or more people:
| the John Lewis Partnership
100
cooperative
an organization or company that is owned and controlled by a group of members who each have a share in it, for example its employees or customers:
-a farmers' cooperative
101
limited liability
a situation in which the owners or other shareholders of a company are not responsible for all of its debts if the company fails:
The bank can rely on limited liability to protect employees and shareholders from lawsuits.
102
franchise
a right to sell a company's products in a particular area using the company's name:
a fast-food franchise
a franchise holder
103
public company
a company whose shares are traded on a stock exchange:
| All public companies should report on their shareholder returns.
104
private company
a company whose shares are not traded on a stock market:
| EM.TV is a family-owned private company.
105
accounting
measures of organization's economic activities and conveys this info to variety users, including investors, creditors, management etc
106
finance
study of investment or defines as science of money management
107
manufacturing
raw materials are transformed into finished goods on large scale
108
marketing
going to market to buy or sell goods or services. Marketing tactics including advertising, determining product pricing
109
research and development
first stage of development of potential new service or product
110
sales
selling or number of goods or services sold in given time
111
management
efficient and effective operation of business and study of this subject
112
corporate law
enterprise law
company law
body of law governing rights, relations, and conduct of persons, companies, organizations and business
113
trademark
a name or symbol on a product that shows it was made by a particular company, and that it cannot be used by other companies without permission:
Velcro is a registered trademark.
114
trade union
an organization that represents the people who work in a particular industry, protects their rights, and discusses their pay and working conditions with employers:
The government's proposals have been strongly criticized by the trade unions.
115
business administration
the study of the principles of running a business:
| She has a master's degree in business administration from an American university.
116
correspondingly
adv. in a way that is similar to, connected with, or caused by something else:
Life in the city is more expensive, but salaries are correspondingly higher.
117
bond
an amount of money that an organization or government borrows and promises to pay back on an agreed date with an agreed amount of interest, or the document that contains this agreement:
a 10-year/20-year, etc. bond The first new bond is a 10-year bond, paying a 6.5% interest rate and repayable on Oct. 25, 2021.
118
deposit
N. an amount of money that someone pays into a bank account:
- Using the cash machine I can make a deposit at any time of the day.
- have/keep/hold money on deposit Rather than hold money on deposit, you should pay off your debts.
119
equity
is ownership of assets that may have debt or other attached liability
-car owes 9000, loan used 3000, difference-6000 is equity
120
lender
someone or something that lends money, especially a large financial organization such as a bank:
The smaller local lenders charge high interest rates.
121
borrower
a person or organization that borrows something, especially money from a bank:
Banks are encouraging new borrowers.
122
creditor
lender of bond
123
personal finance
the activity of managing your own money:
| This weekend we've launched a new online guide to personal finance.
124
public finance
the management of government money:
| He is an economist who specializes in public finance and international debt.
125
tax subsidy
N. a reduction in tax in order to reduce the cost of producing food, a product, etc. and to help to keep its price low:
tax subsidies to sb/sth Environmentalists have lobbied to end all tax subsidies to big oil companies.
126
pursue
to follow someone or something, usually to try to catch him, her, or it:
The car was pursued by helicopters.
The hunters spent hours pursuing their prey.
127
capital structure
N. the combination of ways in which a company finances its business, which may include selling shares, using its profits, or borrowing money:
An imbalance in a company's capital structure can prove to be life-threatening for a smaller company.
128
cash flow
the amount of money moving into and out of a business:
| strong/improved cash flow
129
production cost
all the expenses associated with a company conducting its business. include fixed and variable cost of operating business. raw materials and labour are production cost
130
manufacturing cost
only the expenses necessary to make profit
131
capital asset
For businesses, a capital asset is an asset with a useful life longer than a year that is not intended for sale in the regular course of the business's operation. This also makes it a type of production cost. For example, if one company buys a computer to use in its office, the computer is a capital asset. If another company buys the same computer to sell, it is considered inventory.
132
net income
| net earnings
a person's income after all tax and other costs have been paid:
Next year, her net income will increase to almost £19,000, thanks to the increases in tax credits.
133
bottom line
the final line in the accounts of a company or organization, stating the total profit or loss that has been made:
How will the rise in interest rates affect our bottom line?
134
profit
money that is earned in trade or business after paying the costs of producing and selling goods and services:
She makes a big profit from selling waste material to textile companies.
135
revenue
money that a company receives, especially from selling goods or services:
revenue(s) from sth Revenue from online ads is much less than from print advertising.
136
top line
the first line in the accounts of a company or organization, which states the amount it receives from sales, rather than its final profit or loss:
The top line normally includes gross revenues before any deduction of costs or expenses.
137
corporate finance
Corporate finance is the division of finance that deals with how corporations deal with funding sources, capital structuring, and investment decisions. Corporate finance is primarily concerned with maximizing shareholder value through long and short-term financial planning and the implementation of various strategies. Corporate finance activities range from capital investment decisions to investment banking.
138
longer-term
continuing to exist or have an effect for a long time into the future:
It's too early to tell whether the long-term benefits of biofuel plants will exceed the taxpayer dollars invested in them.
139
working capital
the money that a company needs to operate and produce its goods or provide its services, for example to make payments to employees, suppliers, etc. before it has been paid by customers:
Companies need large amounts of working capital in order to operate and grow.
140
allocation
the act of deciding officially which person, company, area of business, etc. something should be given to, or what share of a total amount of something such as money or time should be given to someone to use in a particular way:
resource/time allocation
The company is holding a review into the optimal allocation of a salesperson's time.
141
reimburse
to pay someone back an amount of money that they have spent doing their work, or to pay them money because you have caused them to have a problem:
We will reimburse all costs.
Travel expenses will be reimbursed.
142
sovereign state
A sovereign state is a political entity that is represented by one centralized government that has sovereignty over a geographic area. International law defines sovereign states as having a permanent population, defined territory, one government and the capacity to enter into relations with other sovereign states.[1] It is also normally understood that a sovereign state is neither dependent on nor subjected to any other power or state
143
public finance
the money that a government has available to spend from taxes and borrowing:
Which country has been most successful in managing its public finances?
public finance department/figures/forecasts
144
issuance
the act of supplying an official document, especially a financial product:
bond/stock issuance
145
deployment
the use of something or someone in an effective way:
| the deployment of technologies to address this challenge
146
liability
1. the amount of money that a person or organization owes:
He listed liabilities of more than $3 million.
2. legal responsibility for something:
liability for sth Warning notices may not be enough to absolve a property owner of liability for visitors' injuries.
147
outcome
N. a result or effect of an action, situation, etc.:
| It's too early to predict the outcome of the meeting.
148
input
N. 1. a resource such as materials or labour that is involved in producing something and has a cost that affects profits:
The majority of input costs are related to the cost of the workforce.
2. help, ideas, or knowledge that someone gives to a project, organization, etc.:
input from sb/sth We had a very productive meeting with a lot of good input from the technical department.
149
interrelation
the way in which two or more things or people are connected and affect one another:
the interrelationship between smoking and respiratory disease
150
financial economics
Financial economics is a branch of economics that analyzes the use and distribution of resources in markets in which decisions are made under uncertainty. Financial decisions must often take into account future events, whether those be related to individual stocks, portfolios or the market as a whole.
151
assumption
something that you accept as true without question or proof:
| People tend to make assumptions about you when you have a disability.
152
econometrics
the testing of the performance of economies and economic theories using mathematical methods
153
parameter
a set of facts or a fixed limit that establishes or limits how something can or must happen or be done:
The researchers must keep within the parameters of the experiment. хэмжүүр, шалгуур
154
underlie
to be a cause of or strong influence on something:
| More fundamental economic problems may underlie last week’s stock market slide.
155
underlying entity
asset, index or interest rate and it is often called underlying
156
financial mathematics
field of applied maths, concerned with financial market
157
diffusion
the process by which information, ideas, changes in behaviour, etc. spread through a group of people:
The research looks at factors influencing the diffusion of innovative products in consumer markets.
(Definition of diffusion from the Cam
158
simulation
a situation or event that seems real but is not real, used especially in order to help people deal with such situations or events:
in a simulation If we can make mistakes in a simulation that keep you from making mistakes in the real world, that definitely saves lives.
159
behavioural finance
studies how psychology of investors or mangers affect financial decisions and markets when making a decision that cam impact either negatively or positively on one of their areas.
160
stakeholder
an employee, investor, customer, etc. who is involved in or buys from a business and has an interest in its success:
Corporate executives need to think about the whole business and how it creates value for customers and stakeholders.
161
align with
V. to agree with a person or an organization and work with them or support their ideas:
The company has a commitment to align itself closely with specialty retailers.
162
collapse
to suddenly fail or become unable to continue:
| the system/economy/government, etc. collapses Without computers the whole economic system would collapse.
163
elicitation
the process of getting or producing something, especially information or a reaction:
We discussed the elicitation of confessions in murder investigations.
He was charged with fraudulent elicitation of sensitive information.
164
workshop
a meeting in which people learn about a subject by discussing it or doing activities relating to it:
They offer a series of bilingual workshops on budgeting, marketing and managing a business.
165
job shadowing
| work shadowing
on-the-job leaning, career development, leadership development program
166
on-the-job
new employee from manager or mentor
167
end-to-end
from the very beginning of a process to the very end:
| We offer our clients end-to-end solutions covering all aspects from design, to manufacture to packaging.
168
robust
adj. strong and unlikely to break or fail:
| Exports will continue to be bolstered by the robust economy.
169
accumulate
V. to gradually increase in amount:
| While the deficit was allowed to accumulate, nothing was done to address the problem.
170
outsource
If a company outsources, it pays to have part of its work done by another company:
Unions are fighting a plan by the university to outsource all non-academic services.
171
track
N. the way in which something develops or might develop:
| on the right/wrong track We believe we are on the right track to grow the business in the coming months.
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capture
to catch, to record
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ensure
V to make something certain to happen:
| The airline is taking steps to ensure safety on its aircraft.
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siphon
V. to take money, especially dishonestly, and use it for a purpose for which it was not intended:
siphon off funds/millions/money
siphon sth from sth He siphoned €600,000 from company accounts to pay for his secret lifestyle.
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propaganda
information, ideas, opinions, or images, often only giving one part of an argument, that are broadcast, published, or in some other way spread with the intention of influencing people's opinions:
political/wartime propaganda
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stake
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N. a share or a financial involvement in something such as a business:
He holds (= owns) a 40 percent stake in/of the company.
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melodrama
a story, play, or film in which the characters show stronger emotions than real people usually do:
a television melodrama
mainly UK The car's hardly damaged - there's no need to make a melodrama out of it (= make the situation more important than it is).
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oil well
N. a hole that is made in the ground so that oil can be taken out of it
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scrap
to decide not to continue with an activity or plan:
| The bank has scrapped its plans for a property division.
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get rid of
to remove or throw away something unwanted:
That cream got rid of my skin rash.
I used weedkiller to get rid of the weeds in the garden.
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scarcity
a situation in which something is not easy to find or get:
| the scarcity of skilled workers
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scarce
adj. not easy to find or get:
Food and clean water were becoming scarce.
scarce resources
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opportunity cost
the value of the action that you do not choose, when choosing between two possible options:
If we do take on the project, we need to think about the opportunity costs involved.
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phenomenon
plural-phenomena
something that exists and can be seen, felt, tasted, etc., especially something unusual or interesting:
Gravity is a natural phenomenon.
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aggregate
N. a total that is calculated by adding together different prices, amounts, etc.:
an aggregate of sth An aggregate of 18,003 shares of Series B Convertible Preferred Stock will remain outstanding.
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circular flow
The circular flow model demonstrates how money moves through society. Money flows from producers to workers as wages and flows back to producers as payment for products. In short, an economy is an endless circular flow of money.
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inflation
an increase in prices over time, causing a reduction in the value of money:
high/low/moderate inflation Higher inflation threatens to force interest rates higher.
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know-how
practical knowledge and ability:
| technical know-how
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volume
N. 1. the amount of space that is contained within an object, or that is filled by an object or substance:
What is the volume of the fuel tank?
2. STOCK MARKET
the total number of shares that are bought or sold on a stock market within a particular period of time:
Trading volume totalled more than 2.8 million shares.
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free market economy
The free market is an economic system based on supply and demand with little or no government control.
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social market economy
| eco-social market economics
socioeconomic model combining a free market capitalist economic system alongside social policies that establish both fair competition within the market and a welfare state.
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commodity market
trade in large quantities of substances or products such as oil, metals, grain, coffee, etc., or the place where they are traded:
In other commodity markets, lumber prices jumped, while oil prices fell sharply.
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marginal cost
In economics, the marginal cost of production is the change in total production cost that comes from making or producing one additional unit.
194
surplus
an amount that is more than is needed:
| a surplus of sth The plant had a surplus of components.
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shortage
N. a situation in which there is not enough of something:
| There's a shortage of food and shelter in the refugee camps.
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competitive equilibrium
Competitive equilibrium is a condition in which profit-maximizing producers and utility-maximizing consumers in competitive markets with freely determined prices arrive at an equilibrium price. At this equilibrium price, the quantity supplied is equal to the quantity demanded. In other words, all parties—buyers and sellers—are satisfied that they're getting a fair deal.
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substitute
V. to use something or someone instead of another thing or person:
You can substitute oil for butter in this recipe.
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demand-full inflation
is upward pressure on prices that follows shortage in supply, a condition that economists describe "too many dollars chasing too few goods"
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oligopoly
a situation in which a small number of organizations or companies has control of an area of business, so that others have no share
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cartel
a group of similar independent companies who join together to control prices and limit competition:
an oil cartel
