Economic Terms and Concepts
Distribution and Allocation
Distribution: According to a plan: Allocation (Of resources)
Commercialization
Commercialize: Do organize something to make a profit
Externalities
Externalities: Possitive or negative consequences (benefit or cost) of economic activities experienced by other people
Infrastructure
Infrastructure: A basic systems and services such as transport and power supplies
Optimal
Optimal: The best of most likely to bring success
Outcome
Outcome: The result or effect of an action or situation
Unfettered
Unfettered: No limited by any rules or controls
Income Tax
Income Tax: The tax people pay in their wages and salaries
Direct Tax
Direct tax: Tax on wages and salaries or on Company Profit
Progressive Tax
Progressive Tax: A tax levied at a higher rate on higher incomes
Indirect Tax
Indirect tax: Tax on property, sales transaction, imports and so on
Value-added Tax
Value-added tax: Tax collected at each stage of production, excluding the already tax cost from previous stages
Capital Gains Tax
Capital gains tax: Profits made by selling asset are generally liable to
Inheritance Tax
Inheritance tax: Gift to family members over certain value are often liable to an
Wealth Tax
Wealth tax: The annual tax imposed on people fortunes(in some countries)
Tax Avoidance
Tax avoidance: Make false declarations to the tax authorities
Tax Havens
Tax havens: Countries where taxes are low, where multinational companies often set up their head offices
Loophole
Loophole: A small mistake or exception in a tax law, which allows you to avoid paying something
Downturn
Downturn: A decline in economic activity
Upturn
Am Increase in economic activity: upturn
Expectation
Beliefs about what will happen in the future: expectation
Consumption
Purchasing and using goods and services: consumption
Balance of Payment
The difference between the funds country receives and those it pays for all international transaction: Balance of payment
Gross Domestic Products
The total market value of all the goods and services produced in a country during a given period: Gross Domestic products
Demand
The willingness and ability of consumers to purchase goods and services: Demand
Supply
The willingness and ability of business to offer goods or services for sale: Supply
Safe
To pay money aside to spend in the future: Safe
Deficit
An amount of money that is smaller than is need (e.g when spending exceeds revenues): deficit
Surplus
An excess a quantity that is larger than is needed: surplus
Equilibrium
A state of balance for example when supply is the same as demands: equilibrium
Monetary Politics
Government of central bank action concerning the rate of growth of the money in circulation: monetary politics
Fiscal Policy
Government actions concerning taxation and public expenditure: fiscal policy
Keynesianism
The economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in a recession: Keynesianism
Money Supply
The total amount of money available in a economy at a particular time: Money Supply
Discrimination
Treating some people in a worse way than you treat other people: discrimination
Undermining
Making something weaker: undermining
Free Enterprise
An economic system in which anyone can raise capital from a business and offer goods or services: free enterprise
Conforming to
Complying with or following rules, etc: conforming to
Embodied
Express given a material for: Embodied
Ethical
According to generally accept beliefs based on moral: ethical
Custom
Usual way of behaving: custom
Insofar as
To the degree or extent that: Insofar as
Harms
Causes damages: Harms
Proponents
Supporters, people who argue in favors of something: proponents.
Flexible Labor Market
A situation in which it is easy for companies to hire non-permanent staff: Flexible labor market
Downsizing
Decreasing the number of permanent employee working for and organization: downsizing
Outsourcing of Contracting – Out
Using other businesses as subcontractors to supply components of services: outsourcing of contracting – out.
Job Sharing
Employing two or more or more people on a part time basis to perform job normally available to one person working full time: job sharing
Relocation or Delocalization
Moving some of a business activity (e.g accounting, production to another place or country): relocation or delocalization.
Delayering
Removing un productive parts of the management hierarchy to make organization more flexible and efficient: delayering
Rationalization or Restructuring
Reorganizing a company, business or system in a new way to reduce cost and improve efficiency and effectiveness: rationalization or restructuring.
Contract Work
Temporary employment by an organization to do a specific project of price of work: contract work
Casual Work
Temporary employment that not regular oz fixed: casual work
Rightsizing
Another way of saying downsizing thought it could also describe increasing the size of an organization, perhaps as an attempt to correct a previous downsizing: rightsizing
Revalue
To increase the value of a currency in an otherwise fixed system: Revalue
Devalue
To decrease the value of a currency in an otherwise fixed system: devalue
Floating
Adjective describing a rate change or varies: floating
Proponent
People who argue in favor if something: proponent
Depreciate
To fall in value in a market system depreciate
Appreciate
To rise in value in market system: appreciate
Hedge
To attempt to protect oneself against future price changes: hedge
Fluctuations
Continuous change in a price or value: fluctuations
Future Contracts
Agreement to buy something at a fixed price several month ahead: future contracts
Free Trade
Free trade means imports and
exports of goods and services: without any government restriction
Protectionism means restricting imports: way of trade barriers such as tariff and quotas
Trade barrier are government or regulation that restrict international trade .
A tariff is a tax charged
A quota is a maximum quantity of goods of specific kind that can be imported into a country.
Comparative advantage means a country ability to: produce particular goods more efficiently (using fewer resources and a at lower cost) that some other countries
An infant industry is one that is in an early stage of development and which cannot survive competition from foreign companies
A strategic industry is one that is particularly important to a country economy.
A cheaper copy of a product that is not marked with the product name: Generic
A name or a symbol showing that a product is made by a particular producer and which cannot be legally used by anyone else: Trademark
Selling unwanted goods very cheaply usually in other countries: Dumping
The legal right to control the production and selling of a book, play, flim, photograph, piace of music: Copyright
To pay part of the cost of something: Subsidize
Average: Mean
To accept or tolerate or endure something unpleasant: bear
Originating or developing as the result of something: stemming from
Am extremally import or necessary thing to ask: crucial question
Reduced: Discounted
The amount of income received each year form and investment expressed as a percentage of the total amount invested: rate of return/ capital
In summary briefly or simply: in a nutshell
Producing very good result for the amount of money concerned: highly cost effective
Least wealthy countries: poorest nations of developing nations
The minimum level of income necessary meet basic needs: poverty time
Albeit: Although it is
At threat: likely to become endangered in the future
Decouple: to disconnect or separate
Desertification: the process by which land becomes dry and vegetation is destroyed
Hindrance: something which makes it more difficult of something to happen.
Inertia: the physical force that keeps something maximum in the same direction.
Iterative: Repetitive or receiving
On a par with at: Th same level as something else.
Political will: Strong government intentions
Reticence: Unwillingness to do something.
Timeframe: the period during which something is projected to take place.