English for Economics

Cost inflation

the kind of inflation that is caused by rising costs of labor and materials, not by increased demand

Costing estimating

the cost of making goods or fixing the prices they should be sold at to make a profit

Cost plus pricing

fixing a price by adding a percentage profit margin to the cost of production of the good or service

Creeping inflation

a slow rise in the level of prices of below 2 or 3 per cent a year

Demand

the quantity of goods or services which purchasers are prepared to buy at a given price in a given period of time

Demand inflation

the kind of inflation caused by an excess of demand over supply resulting in a decrease in the value of money

Denomination

a class or unit based on quantity, value or measure

Direct foreign

investment

investment by companies domiciled in one country in companies a domiciled in another; it usually entails investor control and managerial involvement

Discount

a sum of money allowed for immediate payment of a sum due to a later date

Discount House

a commercial banking firm that discounts bills of exchange which have been accepted by accepting houses

Discouraged worker

a person who has become depressed about the prospects of ever finding a job and decides to stop even trying

Distribution

the arrangements and activities needed for getting goods from the manufacturer or importer to the consumer through the channels of distribution which are usually the wholesalers and retailers

Duopoly

a market consisting of two sellers

Economic activity

the activity relating to commerce and industry

Economic growth

the percentage annual charge in the national income of a country or a group of countries

Economic theory

that part of the study of economics that examines and explains the working of an economic system and how it is influenced by human behavior, by the natural forces of the world and by man-made institutions such as markets, laws and governments

Economies of scale

the long run reduction in average costs that occurs as the scale of the firm's output is increased

Economics

a social science studying human behavior within the context of markets, the study of the natural laws governing the production, distribution and consumption of wealth

Economist

a social scientist with special knowledge of economics, such as a teacher or a writer on the subject or a person who is employed by a business organization to forecast movements in prices and in the market demand for various products and services

Employment

the use of labor and capital to produce goods and services

Employee

a person who works for another person or a business, especially for money

Employer

a person or company that hires workers and provides work

Entrepreneur

a person, usually the owner, who organizes, finances and manages a commercial or industrial business in the expectation of making a profit

Enterprise

a business organization

Equilibrium

a state of balance when all the economic forces present in a situation have an equal influence and there is no tendency to change

Exchange

the process of giving and receiving

Fluctuation

the rising and falling or changing of prices, numbers, rates or amounts

Free market economy

an economy in which supply and demand regulates prices, wages, etc., rather than government policy

Funds

amounts of money

Hidden inflation

the lowering of the quality of products in general in order to prevent, and so to hide, an increase in price

Horizontal merger

a merger between firms that produce and sell the same products, i.e. between competing firms

Household

a group of individuals whose economic decision-making is interrelated. They enter the market place as buyers or consumers of goods and services produced by firms. They provide factor inputs to firms in order to produce those goods and services

Hyper-inflation

an extreme form of inflation, when the money supply is being increased very rapidly, resulting in an increase of over 20% of the price level annually

Income

the money of all kinds coming in regularly, especially to a person, family, or organization, such as salary or wages from employment, rent from property, profits from business and fees for professional services

Inflation

a rise in the general level of prices

Inflationary gap

that part of government spending which is not covered by taxes or borrowing from the public, but is met by issuing new paper money

Inflationary spiral

a state of inflation that gets worse and worse, because higher prices result in demands for higher wages; and higher wages increase costs and so cause higher prices

Innovation

practical application of an idea that has already been discovered but is only now to be exploited

Interest rate

the relation between the payment received by a lender of money and the amount of money lent, expressed as a percentage per period of time

Intermediary

an individual acting as a link between persons or companies

Labor force or

workforce

1) the total number of people employed by a firm or some other organization to produce goods and services; 2) the total number of people in an economy available to produce goods and services

Laissez-fair

loose-rein supervision

Legal tender

the form of money in which a person has a right by law to pay a debt and which the creditor must by law accept in settlement of the debt

Liabilities

the debt owed by a business to its creditors and to its owner

Loan

an amount of money borrowed by an individual or a company

Macroeconomics

part of economic study considering the whole economy from a national point of view

Market oriented

business

a business which develops products which have been researched and designed to meet the needs of customers

Mainstream economics

the study of how market works

Marginal utility

the utility of one unit of a commodity

Market

an institutional arrangement that promotes trade or exchange of goods

Market share

the amount of an economic good that will be offered for sale in the market at a certain price or time

Market oriented

pricing

setting a price based on an analysis of the market

Marketing

the action of identifying, satisfying and increasing the buyer's demand for a company's products by means such as advertising, sales promotion, pricing, carrying out market research and developing and testing new products

Market research

1) the systematic and objective classification, collection, analysis and reporting of information about a particular marketing problem; 2) the process of gaining information about customers, competitors and market trends through collecting primary and secondary data

Mature

in business, especially regarding bills of exchange or insurance in policies, to become due for payment or repayment

Merger

an amalgamation or joining of two or more firms into an existing firm or to form a new company

Microeconomics

part of economic study oferring a detailed treatment of one aspect of economic behaviour ignoring interactions with the rest of the economy

Monetary policy

the control, by the government, of a country's currency and its system for lending and borrowing money, especially through the supply of money

Monetary union

permanently fixed exchange rates within the union, free capital movements and a single monetary authority setting the union's money supply

Money

any article or commodity that is generally acceptable by law and custom as a means of payment

Monopoly

a market with a single buyer who has some influence over the price of his input

Mortgage

the advance of a loan to a person or business (the borrower/mortgagor) by other persons or businesses; the thing given as a security

Multinational

enterprise

A firm that owns production, sales and other revenue-generating assets in a number of countries

Multiplier effect

denotes the phenomenon whereby some initial increase (or decrease) in the rate of spending will bring about a more than proportionate increase (or decrease) in national income

Natural monopoly

a market with a single firm which can serve that market at lower cost than any combination of two or more firms

Natural rate of

unemployment

the rate of unemployment when the labour market is in equilibrium

Non-tariff barriers

differences in national regulations or practices which prevent free movement of goods, services and factors across countries

Oligopoly

a market with a small number of sellers

Participation rate

the percentage of the population of working age who declare themselves to be in the labour force

Payment

a transfer of funds in any form between two parties

Prevailing price prices

now current in the market

Price

the money value of a unit of a good, service, financial security or assets which a buyer is required to pay a seller to purchase the item

Prices and incomes policy

the application of controls on prices and incomes (particularly wages) in order to stop or slow down inflation in an economy

Pricing

decision-making process involved in setting a price for a good or a service

Primary data

information which has been gathered for a specific purpose through direct investigation such as observation, surveys and through experiment

Product oriented business

a business which develops products with little or no market research and which it hopes will prove successful in the market

Profit margin

the extra which is added to the cost of a product to cover the profit to be made

Production

the making of useful goods and services which are scarce and have a price

Production technique

a particular method of combining inputs to make outputs

Regional policy

a policy concerned with removing significant imbalances between the regions of an economy in respect of unemployment rates and levels of income per head

Regional

unemployment

a form of structural unemployment associated with the decline of certain industrial activities

Revenue

the money received by a firm from selling its output of goods or services, or money received by government from taxation

Resource allocation

a list or complete description of who does what and who gets what

Scale of preferences

an arrangement of things in one's own mind with the most preferred items towards the top of the scale

Secondary data

information which already exists, such as accounts and sales records, government statistics, newspaper articles or reports from advertising agencies

Shareholders

the individuals and institutions who contribute funds to finance a joint-stock company in return for shares in that company

Substitute products

any goods or services that are considered to be economically interchangable by buyers

Supply

the total quantity of a good or a service available to the general public

Suppressed inflation

inflation that would be much greater if the government were to remove controls on prices and wages

Takeover

the acquisition of control of one company by another or occasionally by an individual or group of investors

Total utility

total satisfaction derived from the possession of a commodity

Trade

the business of buying and selling goods for money or of exchanging goods for goods

Transaction

a business deal, especially a sale or a purchase, by business

Treasury

the department responsible for the finances, the management of the monetary system, etc.

Unemployment rate

the percentage of the labour force without a job but registered as being willing and available for work

Utility

the ability to satisfy wants

Vertical merger

a merger between firms operating at different stages of production, e.g. from raw materials to finished products to distribution

Wage

the money paid, usually in cash each week, to a worker for work done

Wants

the basic needs of people

Wealth

a stock of goods that are useful, scarce and can be exchanged for a money price

BIBLIOGRAPHY

1. W. D. Barndt, Jr. - Marketing. - The Hartford Graduate Center. School of Management, 1991.

2. T. E. Benson. - Beyond Niche Marketing. Industry Week, Sept. 17, 1990.

3. Business and Economics for GCSE. - Harper Collins Publishers Ltd, 1996.

4. Economic Analysis. A Workbook. - Department of Social Sciences and Languages. Sunderland Polytechnic. London Butterworths, 1971.

5. Economics, Business: Student's Book. - Nuffield, Longman group Ltd, 1994.

6. K. Hoyle, G. Whitehead. - Business, Economics: Made Simple. - 1970.

7. G. Whitehead. - Economics: Made Simple. - W. H. Allen&Co. Ltd, 1970.

8. Дроздова Т.Ю., Берестова А.И., Маилова В.Г. - English grammar. Reference and practice. - СПб., 2001. - 357 с.

9. Дроздова Т.Ю. Зайцева И.К. Лабораторные работы по грамматике английского языка для студентов I курса. - Л., 1989. - 62 с.

10. Португалов В.Д. Economics: Учебник по английскому языку. - М.: 1998. - 303 с.

Учебное издание

English for Economics

Учебное пособие для студентов

экономических специальностей вузов

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