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English 3 > Economy > Flashcards

Economy Flashcards

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Proverbs and Idioms flashcards
1
Q

accommodation

A

Lodging; a place to live.

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2
Q

(to) allocate resources

A

To assign or allot financial means for a particular purpose.

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3
Q

austerity measures

A

Measures that are imposed on a country by its government with the purpose of reducing the national deficit by way of cutting down on consumer spending.

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4
Q

boom

A

A period of high economic growth characterized by rising wages, profits, and prices, full employment, and high levels of investment, trade, and other economic activity.

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5
Q

budget

A

An itemized summary of expected income and expenditure of a country, company, etc, over a specified period, usually a financial year.

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6
Q

budget deficit

A
  • An excess of liabilities over assets;
  • An excess of expenditures over revenues during a certain period;
  • An excess of payments over receipts on the balance of payments.
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7
Q

budget surplus

A
  • An excess of total assets over total liabilities;
  • An excess of actual net assets over the nominal value of capital stock;
  • An excess of revenues over expenditures during a certain period of time.
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8
Q

citizen

A

A native registered or naturalized member of a state, nation, or other political community.

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9
Q

commodity/raw materials

A

A reasonably interchangeable good or material, bought and sold freely as an article of commerce. Commodities include agricultural products, fuels and metals.

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10
Q

competition

A

Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service.

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11
Q

competitor

A

In business, a company in the same industry or a similar industry which offers a similar product or service.

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12
Q

consumption

A

The amount of a product that is used in a particular period.

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13
Q

core business

A

The business that makes the most money for a company and that is considered to be its most important and central one

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14
Q

cutting edge (technology)

A

At the forefront of people or things in a field of activity; leading.

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15
Q

depression/slump

A

Lowest point in an economic cycle characterized by reduced purchasing power, mass unemployment, excess of supply over demand, falling prices, or prices rising slower than usual, falling wages, or wages rising slower than usual, and general lack of confidence in the future. Also called a slump, a depression causes a drop in all economic activity. Major depressions may continue for several years.

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16
Q

developing country

A

A country that is changing its economy from one based mainly on farming to one based on industry

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17
Q

development zone

A

An area, usually on the outskirts of a large city, to which the government encourages new industries to come.

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18
Q

disposable income

A

Income left after taxes, etc. that you are free to spend or save as you want.

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19
Q

distribution channel

A

The way that products are made available to customers.

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20
Q

domestic

A

Of, produced in, or involving one’s own country or a specific country.

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21
Q

(to) downsize

A

Intentional reduction in the size of a workforce at all staffing levels, to survive a downturn, improve efficiencies, or become a more attractive candidate for acquisition or merger

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22
Q

economic

A

Regarding the economy.

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23
Q

economical

A

Using money, resources, etc., carefully.

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24
Q

economic outlook

A

Future economic probabilities.

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25
Q

economic/business cycle

A

Recurring, fairly predictable, general pattern of periodic fluctuations (as measured by gross national product) in national economies.

26
Q

economics

A

The theories, principles, and models that deal with how the market process works.

27
Q

economy

A

An entire network of producers, distributors, and consumers of goods and services in a local, regional, or national community.

28
Q

emerging market

A

A new market that is developing quickly.

29
Q

fair trade

A

A movement which strives for fair treatment for farmers. In a fair trade agreement, farmers, who in other situations might be more susceptible to the will of the purchaser, will negotiate with the purchasers in order to receive a fair price for their products. Farmers who engage in fair trade also aim to pay their workers a fair price, and engage in environmentally-friendly practices.

30
Q

globalization

A

The process by which businesses and organisations grow an start to operate in countries all over the world.

31
Q

Gross Domestic Product (GDP)

A

The total value of all the goods and services produced by a country in one year.

32
Q

Gross National Product (GNP)

A

GDP of a country to which income from abroad remittances of nationals living outside and income from foreign subsidiaries of local firms has been added.

33
Q

income

A

The amount of monetary or other returns, either earned or unearned, gathered over a given period of time.

34
Q

interest rate

A

The cost or price of borrowing money expressed as a percentage per period of time.

35
Q

life expectancy

A

The average number of years that a person or animal can expect to live.

36
Q

manufacturing industry

A

The industry that changes raw materials into finished products.

37
Q

market share

A

The amount of sales of a particular type of product that a company has, compared with the total sales.

38
Q

profitability

A

The state or condition of yielding a financial profit or gain.

39
Q

purchasing power

A

Money and credit available for spending and consumption of goods and services. Demand and prices cannot rise beyond the available purchasing power.

40
Q

raw materials/commodities

A

Cfr commodities.

41
Q

real estate

A

Land and anything fixed, immovable, or permanently attached to it such as appurtenances, buildings, fences, fixtures, improvements, roads, shrubs and trees (but not growing crops), sewers, structures, utility systems, and walls.

42
Q

recession

A

Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not last longer than one year and is much milder than a depression.

43
Q

resources

A

Sources of economic wealth, esp of a country (mineral, land, labour, etc) or business enterprise (capital, equipment, personnel, etc).

44
Q

retail

A

The sale of goods individually or in small quantities to consumers.

45
Q

saturated market

A

A market in which demand for a product has been met, so no more can be sold.

46
Q

services sector

A

The portion of the economy that produces intangible goods. The service sector primarily consists of truck transportation, messenger services and warehousing; information sector services; securities, commodities and other financial investment services; rental and leasing services; professional, scientific and technical services; administrative and support services; waste management and remediation; health care and social assistance; and arts, entertainment and recreation services. Individuals employed in this sector produce services rather than products. Examples of service sector jobs include housekeeping, psychotherapy, tax preparation, guided tours, nursing and teaching. By contrast, individuals employed in the industrial/manufacturing sector might produce goods such as cars, clothing and toys.

47
Q

shortage

A

A deficiency or lack in the amount needed, expected, or due; deficit.

48
Q

slump

A

Cfr. depression.

49
Q

standard of living

A

A level of subsistence or material welfare of a community, class, or person.

50
Q

supply and demand

A

The relationship between the availability of goods and services and how much of them people want. Used esp to relate to the impact of this relationship on price levels.

51
Q

sustainable growth

A

Growth rate that can be achieved without significant or permanent damage to the environment and the economy’s natural productive capacity.

52
Q

sweatshop

A

A factory/workroom where workers are employed for long hours and low pay, often in bad conditions.

53
Q

tax haven

A

Generic term for a geographical area outside the jurisdiction of one’s home country which imposes only a few restrictions on legitimate business-activities within its jurisdiction, and little or no income tax.

54
Q

trade

A

The act or an instance of buying and selling goods and services either on the domestic (wholesale and retail) markets or on the international (import, export, and entrepôt) markets.

55
Q

treaty

A

A formal agreement or contract between two or more states, such as an alliance or trade arrangement.

56
Q

turnover

A

The amount of business, usually expressed in terms of gross revenue, transacted during a specified period.

57
Q

VAT (Value Added Tax)

A

Indirect tax on the domestic consumption of goods and services.

58
Q

wealth tax

A

A tax on money, property or investments owned by a person.

59
Q

welfare state

A

A system in which the government undertakes the chief responsibility for providing for the social and economic security of its population, usually through unemployment insurance, old-age pensions, and other social-security measures.

60
Q

wholesale

A

The business of selling goods to retailers in larger quantities than they are sold to final consumers but in smaller quantities than they are purchased from manufacturers.

English 3 (10 decks)

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