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Money > The economy > Flashcards

The economy Flashcards

1
Q

aggregate

A
  • a total number or amount made up of smaller amounts that are collected together

The three smaller parties gained an aggregate of 25 per cent of the vote

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2
Q

asset-stripping

A
  • the practice of buying a company that is in financial difficulties at a low price and then selling everything that it owns in order to make a profit
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2
Q

bailout

A
  • ​an act of giving money to a company, a foreign country, etc. that has very serious financial problems

The airline was saved by a government bailout

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3
Q

black market

A
  • ​an illegal form of trade in which foreign money, or goods that are difficult to obtain, are bought and sold

You could buy anything you needed on the black market

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4
Q

boom (noun)

A
  • a sudden increase in trade and economic activity; a period of wealth and success

Living standards improved rapidly during the post-war boom

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5
Q

boom (verb)

A
  • to have a period of rapid growth; to become bigger, more successful, etc
    .
    By the 1980s, the computer industry was booming
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6
Q

bubble

A
  • ​a good or lucky situation that is unlikely to last long

Economists warned of a stock-market bubble.

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7
Q

bust

A
  • ​a period of economic difficulty in which people and businesses struggle to survive

Both the boom and its inevitable bust have been enormously disruptive.

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8
Q

buyout

A
  • ​a situation in which a person or group gains control of a company by buying all or most of its shares

a management buyout

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9
Q

common market

A
  • a group of countries that have agreed on low taxes on goods traded between countries in the group, and higher fixed taxes on goods imported from countries outside the group
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10
Q

consolidate sth

A
  • join things together into one; to be joined into one

All the debts have been consolidated.
consolidated accounts
The two companies consolidated for greater efficiency.

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11
Q

corporate welfare

A
  • government support of private business, for example by special payments or tax deals

They argue that spending should be cut by ending the tax subsidies that make up corporate welfare.

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12
Q

crunch

A
  • a situation in which there is suddenly not enough of something, especially money

thebudget crunch
Higher grain prices are putting a crunch on cattle feeders

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13
Q

cryptocurrency

A
  • ​any system of electronic money, used for buying and selling online and without the need for a central bank

Cryptocurrency represents one of the most promising internet technologies in years

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14
Q

deficit spending

A
  • government spending of money that comes from borrowing rather than from taxes

As the government borrows more to pay for its deficit spending, interest rates rise and businesses suffer

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15
Q

deflation

A
  • a reduction in the amount of money in a country’s economy so that prices fall or remain the same
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16
Q

depreciate sth

A
  • to reduce the value, as stated in the company’s accounts, of a particular asset over a particular period of time

The bank depreciates laptops over a period of five years

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17
Q

depression

A
  • a period when there is little economic activity and many people are poor or without jobs

The country was in the grip of (an) economic depression.

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18
Q

deregulation

A
  • the process of making a trade, business activity, etc. free from rules and controls
    SYNONYM decontrol

financial/economic deregulation

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19
Q

devalue

A
  • to reduce in value when it is exchanged for the money of another country; to reduce the value of money in this way

The local currency was rapidly devaluing.

  • devalue (something) (against something)

The pound was devalued against the US dollar.

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20
Q

dividend

A
  • ​an amount of the profits that a company pays to people who own shares in the company

Shareholders will receive an interim dividend payment of 50 cents a share

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21
Q

downtrend

A
  • ​a situation in which business activity or performance decreases or becomes worse over a period of time

There was a gradual downtrend in the price of grain

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22
Q

downturn

A
  • a fall in the amount of business that is done; a time when the economy becomes weaker

the recent economic downturns
a downturn in sales/trade/business

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23
Q

EMU

A
  • Economic and Monetary Union (of the European Union)
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24
Q

entrepreneurship

A
  • the activity of making money by starting or running businesses, especially when this involves taking financial risks; the ability to do this

The reforms are designed to encourage entrepreneurship and promote business and investment.

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25
Q

equilibrium

A
  • ​a state of balance, especially between different forces or influences

Any disturbance to the body’s state of equilibrium can produce stress.

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26
Q

equity

A
  • the value of a property after all charges and debts have been paid

The couple have no savings except for the equity in their house.

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27
Q

expansionary

A
  • encouraging economic or political expansion

This budget will have a net expansionary effect on the economy.

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28
Q

fiddle sth

A
  • to change the details or figures of something in order to try to get money dishonestly or gain an advantage
    to fiddle the accounts

She fiddled the books (= changed a company’s financial records) while working as an accountant

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29
Q

fiscal

A
  • connected with government or public money, especially taxes

fiscal policies/reforms
the country’s fiscal system

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30
Q

fiscal cliff

A
  • a situation in which the combination of a number of financial factors could result in sudden and very serious damage to a country’s economy

This nation is facing a fiscal cliff that some say could plunge us back into recession.

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31
Q

float

A
  • to sell shares in a company or business to the public for the first time

The company was floated on the stock market in 2014.

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32
Q

free enterprise

A
  • ​an economic system in which private businesses compete with each other without much government control
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33
Q

free market

A
  • ​an economic system in which the price of goods and services is affected by supply and demand rather than controlled by a government

She was a supporter of the free market economy.
to compete in a free market

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34
Q

free trade

A
  • ​a system of international trade in which there are no limits or taxes on imports and exports

a free trade agreement/area

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35
Q

futures (plural)

A
  • goods or shares that are bought at agreed prices but that will be delivered and paid for at a later time

oil futures
the futures market

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36
Q

gearing/leverage

A
  • the relationship between the amount of money that a company owes and the value of its shares
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37
Q

​negative gearing 🖤

A
  • the practice of borrowing and investing money in order to make a loss that can be used to lower the amount of tax paid

Income tax rates are low, making negative gearing less attractive.

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38
Q

gig economy

A
  • ​an economic system in which many short periods of work are available rather than permanent jobs

Working in the gig economy means constantly being subjected to last-minute scheduling.

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39
Q

gilts (plural)

A
  • documents offering a fixed rate of interest on money lent to the UK government;gilt-edgedinvestments (= investments that are considered safe because they have been sold by the government)
40
Q

hard currency

A

*money that is easy to exchange for money from another country, because it is not likely to lose its value

The hotel insisted that we pay in hard currency.

41
Q

hyperinflation

A
  • a situation in which prices rise very fast, causing damage to a country’s economy
42
Q

IMF

A
  • ​International Monetary Fund (the organization within the United Nations that is concerned with trade and economic development)
43
Q

income tax

A
  • ​the amount of tax that you pay to the government according to how much you earn

The standard rate of income tax was cut to 23p in the pound.

44
Q

index

A

*a system that shows the level of prices and wages, etc. so that they can be compared with those of a previous date

the cost-of-living index
stock-market indices

45
Q

insider trading

A
  • ​the crime of buying or selling shares in a company with the help of information known only by those connected with the business, before this information is available to everybody

a Wall Street dealer convicted of insider trading

46
Q

instability

A
  • ​the quality or state of being likely to change or fail suddenly

political and economic instability

47
Q

interventionism(noun)

interventionist (adj)

A
  • the policy or practice of a government influencing the economy of its own country, or of becoming involved in the affairs of other countries
48
Q

laissez-faire (noun, adj)

/ˌleseɪ ˈfeə(r)/

A
  • ​the policy of allowing private businesses to develop without government control
49
Q

leverage buyout

A
  • ​the act of buying a company using money that is borrowed based on the value of the company being bought

покупка компании с привлечением кредита и продажи активов для покрытия долгов

50
Q

liquid

A
  • in cash, or that can easily be changed into cash

liquid assets

51
Q

liquidity

A
  • ​the state of owning things of value that can easily be exchanged for cash
    Financial institutions must maintain sufficient liquidity to meet the demands of depositors.
52
Q

market economy

A
  • ​an economic system in which salaries and the prices of goods are determined by supply and demand rather than by the state

emerging market economies

53
Q

market forces

A
  • ​the economic factors that affect the price of, demand for and supply of a product or service
54
Q

mercantilism

A
  • ​the economic theory that trade increases wealth
55
Q

merger

A
  • ​the act of joining two or more organizations or businesses into one

If the merger goes through, thousands of jobs will be lost.

  • merger between/of A and B a merger between the two banks
  • merger with something our proposed merger with the university
56
Q

monetarism

A
  • the policy of controlling the amount of money available in a country as a way of keeping the economy
57
Q

mutual fund

A
  • a company that offers a service to people by investing their money in various different businesses
58
Q

NYSE

A
  • ​New York Stock Exchange
59
Q

OECD

A
  • Organization for Economic Cooperation and Development (an organization of industrial countries that encourages trade and economic growth)
60
Q

option

A
  • the right to buy or sell something at some time in the future

share options (= the right to buy shares in a company)

  • option on something

We have an option on the house.

61
Q

overheat

A
  • (of a country’s economy) to be too active, with rising prices
62
Q

portfolio

A
  • a set of shares owned by a particular person or organization
    an investment/share portfolio
63
Q

predatory pricing

/ˌpredətri ˈpraɪsɪŋ/

A

*​the fact of a company selling its goods at such a low price that other companies can no longer compete and have to stop selling similar goods

64
Q

private enterprise

A

*​the economic system in which industry or business is owned by independent companies or private people and is not controlled by the government

65
Q

privatization

A
  • the act of selling a business or an industry so that it is no longer owned by the government

There were fears that privatization would lead to job losses.

66
Q

progressive

A
  • (of a tax) at a higher percentage as the total amount of money being taxed increases

Supporters of a progressive income tax argue that it is fairer.
The government made the tax more progressive, ensuring that higher earners pay more.

67
Q

public spending

A
  • ​the amount of money that is spent by the government

The government is keen to cut public spending.

68
Q

quote

A
  • to give the prices for a business company’s shares on a stock exchange

Several football clubs are now quoted on the Stock Exchange.
publicly quoted companies

69
Q

recession

A

*a difficult time for the economy of a country, when there is less trade and industrial activity than usual and more people are unemployed

How do you assess the impact of the current recession on manufacturing?

  • in recession The economy is in deep recession.
70
Q

recovery

A
  • the process of improving or becoming stronger again

The government is forecasting an economic recovery.
The economy is showing signs of recovery.

71
Q

reflation (noun)

reflationary (adj)

A
  • ​an increase in the amount of money that is used in a country, usually in order to increase the demand for goods

reflationary policies

72
Q

risk

A

*a good/bad/poor risk a person or business that a bank or an insurance company is willing/unwilling to lend money or sell insurance to because they are likely/unlikely to pay back the money, etc.

With five previous claims, he’s now a bad insurance risk.

73
Q

sharing economy

A
  • an economic system in which people can share possessions, services, etc., usually by means of the internet

The sharing economy lets people turn a quick profit by renting out rooms, cars or even washing machines.

74
Q

sovereign debt

A
  • money that the government of a country owes
    SYNONYM national debt

The prime minister has failed to resolve the country’s sovereign debt crisis.
A huge amount of sovereign debt must be written off.

75
Q

spiral verb

/ˈspaɪrəl/

A
  • to increase rapidly

the spiralling cost of healthcare
+ adv./prep. Prices are spiralling out of control.

76
Q

stagflation

A
  • ​an economic situation where there is high inflation (= prices rising continuously) but no increase in the jobs that are available or in business activity
77
Q

the Dow Jones Index (also Dow Jones average, the Dow)

A
  • ​a list of the share prices of 30 US industrial companies that can be used to compare the prices to previous levels
78
Q

the Federal Reserve System ( also the FRS, the Fed)

A
  • ​the organization that controls the supply of money in the US
79
Q

the FTSE index™ (also the Footsie™)

A
  • the Financial Times Index, a figure that shows the relative prices of shares on the London Stock Exchange
80
Q

the NASDAQ

A
  • National Association of Securities Dealers Automated Quotations (a computer system in the US that supplies the current price of shares to the people who sell them)
81
Q

stock exchange

A
  • a place where shares in companies are bought and sold; all of the business activity involved in doing this

the London Stock Exchange
to lose money on the stock exchange

82
Q

subsidy

/ˈsʌbsədi/

A
  • money that is paid by a government or an organization to reduce the costs of services or of producing goods so that their prices can be kept low

agricultural subsidies
to reduce the level of subsidy

83
Q

takeover

A
  • ​an act of taking control of a company by buying most of its shares

a takeover bid for the company

84
Q

tariff

A
  • a tax that is paid on goods coming into or going out of a country

A general tariff was imposed on foreign imports

85
Q

taxable

A
  • (of money) that you have to pay tax on

taxable income
Where payments exceed these limits they become fully taxable.

86
Q

taxation

A
  • money that has to be paid as taxes

to reduce taxation

87
Q

tax avoidance

A
  • ways of paying only the smallest amount of tax that you legally have to
88
Q

tax evasion

A
  • ​the crime of deliberately not paying all the taxes that you should pay
89
Q

tax-free

A
  • (of money, goods, etc.) that you do not have to pay tax on

a tax-free allowance

90
Q

tax haven

A
  • a place where taxes are low and where people choose to live or officially register their companies because taxes are higher in their own countries
91
Q

the bottom drops/falls out (of something)

A

​people stop buying or using the products of a particular industry

The bottom has fallen out of the travel market

92
Q

trade deficit

A
  • a situation in which the value of a country’s imports is greater than the value of its exports
93
Q

treasury

A
  • ​the Treasury [singular + singular or plural verb] (in the UK, the US and some other countries) the government department that controls public money

(In the UK, the Treasury, also known as HM Treasury, Her/​His Majesty’s Treasury or HMT, is in Westminster in central London. Three of its senior officials are also members of the Cabinet: the First Lord of the Treasury (which is one of the titles of the Prime Minister), the Chancellor of the Exchequer, who is really the head of the Treasury, and the Chief Secretary to the Treasury. One of the main responsibilities of the Treasury is deciding how much money should be spent on various aspects of national life, such as education, healthcare, defence, etc., and providing such money to the appropriate authorities)

94
Q

unit trust

A
  • ​a company that offers a service to people by investing their money in various different businesses

Investing in a unit trust reduces risks for small investors.

95
Q

utility

A

*a service provided for the public, for example an electricity, water or gas supply

a privatized electricity utility
Rescue teams worked desperately to restore utilities in the area shattered by the hurricane

96
Q

Wall Street

A

*​the US financial centre and stock exchange in New York City (used to refer to the business that is done there)

Share prices fell on Wall Street today.
Wall Street responded quickly to the news.

97
Q

WTO

A
  • ​World Trade Organization (an international organization that encourages international trade and economic development, especially by reducing limits on trade)

Money (2 decks)

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