Kolokwium 4 Flashcards
a decline in economic activity
a downturn
an increase in economic activity
an upturn
beliefs about what will happen in the future
expectations
purchasing and using goods and services
consumption
the difference between the funds a country receives and those it pays for all international transactions
balance of payments
the total market value of all the goods and services produced in a country during a given period
GDP
the willingness and ability of consumers to purchase goods and services
demand
the willingness and ability of businesses to offer goods or services for sale
supply
to put money aside to spend in the future
save
a state of balance for example when supply is the same as demand
equilibrium
an amount of money that is smaller than is needed
deficit
an excess; a quantity that is larger than is needed
surplus
government actions concerning taxation and public expenditure
fiscal policy
government or central bank actions concerning the rate of growth of the money in circulation
monetary policy
the total amount of money available in an economy at a particular time
money supply
the economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in the recession
Keynsianism
a regular pattern of fluctuations in business activity, with alternating periods of expansion and contraction
business cycle
buying and using goods and services
consumption or consuming
keeping money in order to spend in the future
saving
purchasing machines, property, securities in order to produce income or profits
investment or investing
GDP plus income from foreign investments
GNP
the state of being out of work, or the number or percentage of people out of work
unemployment
to hire a new worker
to take on
to make someone redundant, to stop employing them
lay off
grow
expand
stimulate
boost
production
output
depression
slump
recovery
upturn
spending
expenditure
treating some people in the worse way than you treat other people
discriminate against
making something weaker
undermine
an economic system in which anyone can raise capital, form a business and offer goods or services
free enterprise
complying with or following (rules)
conform to
expressed, given a material form
embodied in
a usual way of behaving
custom
to the degree or extent that
insofar
causes damage to
harm
supporters, people who argue in favour of sth
proponents
imports and exports of goods and services without any government restrictions
free trade
restricting imports by way of trade barriers such as tariffs and quotas
protectionism
government policies or regulations that restrict international trade
trade barriers
a tax charged on imports
a tariff
a maximum quantity of goods of a specific kind that can be imported into a country
a quota
country’s ability to produce goods at a lower cost than any other country
absolute advantage
country’s ability to produce particular goods more efficiently (using fewer resources and at a lower cost) than some other countries
comparative adavantage
industry that is in an early stage of development and which cannot survive competition from foreign companies
an infant industry
industry that is particularly important to a country’s economy
a strategic industry
