B250 words
Economics Terms
Key vocabulary for economics and financial systems.
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Words in this collection
- economynounɪˈkɒn ə miThe careful management of resources (money, materials, labor) to avoid waste and maximize efficiency.
- growthgrōthThe process or act of increasing in physical size, quantity, quality, or importance.
- inflationnounɪnˈfleɪʃənA sustained increase in the general level of prices for goods and services in an economy, resulting in a decline in the purchasing power of money.
- recessionnounrɪˈsɛʃənA period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
- unemploymentnounˌʌn ɛmˈplɔɪ məntThe state of not having a paid job when one is able and willing to work.
- investmentnounɪnˈvɛstməntThe action or process of putting money, time, or effort into something with the expectation of achieving a profit or benefit in the future.
- marketˈmɑːkɪtA physical or virtual place where goods and services are bought and sold.
- tradenountreɪdThe activity of buying, selling, or exchanging goods or services between people, companies, or countries.
- competitionnounkŏm′pĭ-tĭsh<strong>′</strong>ənThe activity of trying to win or be more successful than others in an activity (e.g., sport, business, exam).
- monopolynounməˈnɒpəlɪExclusive control or possession of the supply of or trade in a commodity or service.
- regulationnounˌrɛɡjʊˈleɪʃənAn official rule, directive, or law created and enforced by an authority (often a government or organization) to control conduct or manage a system.
- policynounˈpɒl ə siA formally decided set of principles, plans, or rules of action, especially one formally adopted by an organization, government, or individual.
- fiscaladjectiveˈfɪs kəlRelating to government revenue, especially taxes and public money.
- budgetnounˈbʌdʒ ɪtA plan for managing income and expenses over a specific period.
- deficitnounˈdɛfɪsɪtThe amount by which something, especially money, is too small or falls short of what is required.
- surplusnounˈsɜr plʌsAn amount that exceeds what is needed or used; excess.
- taxationnountækˈseɪʃənThe system or act of imposing compulsory levies on individuals or entities by a governmental authority to fund public expenditure.
- demandverbdɪˈmɑːndTo ask for something forcefully or claim as a right.
- supplyverbsəˈplaɪTo make something available or provide something that is needed.
- productivitynounˌprɒdʌkˈtɪvɪtɪThe rate or efficiency at which goods are produced or work is completed; the state or quality of being productive.
- inequalitynounˌɪnɪˈkwɒlɪtɪThe state of not being equal, especially in status, rights, opportunities, or treatment.
- povertynounˈpɒv ər tiThe state of being extremely poor, lacking sufficient financial resources to meet basic needs like food, shelter, and clothing.
- wealthnounwɛlθAn abundance of valuable possessions or money; a large amount of money and property.
- globalizationnounˌɡləʊbəlaɪˈzeɪʃənThe process by which businesses, ideas, and cultures spread around the world, creating a more interconnected and interdependent global system.
- capitalismnounˈkæp ɪ tlˌɪz əmAn economic system based on private ownership of the means of production and their operation for profit, driven by market competition.
- socialismnounˈsoʊ ʃəˌlɪz əmA political and economic theory advocating that the means of production, distribution, and exchange should be owned or regulated by the community as a whole, rather than by private individuals.
- financenounfɪˈnænsThe management of large amounts of money, especially by governments or large companies.
- consumptionnounkənˈsʌmpʃənThe act or process of using up a resource, product, or substance.
- distributionˌdɪs trəˈbyu ʃənThe act of giving out or delivering something to multiple recipients or locations; the way in which something is shared or spread out.
- allocationnounˌæl əˈkeɪ ʃənthe act of setting apart or designating something (like money, time, or resources) for a specific purpose.
- scarcitynounˈskɛər sɪ tithe state of being insufficient or not enough; shortage, lack
- commoditykəˈmɒdɪtɪA raw material or primary agricultural product that can be bought and sold, such as copper, coffee, or wheat.
- currencyˈkɜr ən siThe money that is officially used in a particular country.
- exchangeverbɪksˈtʃeɪndʒto give something and receive something else in return
- ratenounreɪtA measure, quantity, or frequency, typically one measured against another quantity or measure (e.g., speed, price, proportion).
- interest-tərɪsta feeling of wanting to know, learn about, or give attention to something; money paid regularly for the use of money lent
- loannounləʊnA sum of money borrowed, usually with an agreement to repay it with interest.
- debtdɛtA sum of money that is owed or due.
- creditnounˈkrɛd ɪtThe trust that allows someone to receive something of value now with the agreement to pay later, or the acknowledgment of someone's contribution or achievement.
- assetnounˈæsɛtA useful or valuable thing, quality, or person.
- liabilityˌlaɪ əˈbɪl ɪ tiSomething for which one is legally responsible, especially a financial debt or obligation; a person or thing that is a burden or disadvantage.
- portfolionounpɔrtˈfoʊ liˌoʊA flat case or folder for holding documents, papers, or drawings.
- stockstŏkA supply of goods or materials kept on hand for sale or use; a share in the ownership of a company.
- bondnounbŏndA thing that fastens, ties, or holds things together; a connection or link.
- dividendnoundĭv<strong>′</strong>ĭ-dĕnd′A sum of money paid regularly (typically annually) by a company to its shareholders out of its profits.
- profitnounˈprɒfɪtA financial gain; the positive difference between the money earned from selling goods/services and the money spent to produce/acquire them.
- lossnounlɔsThe fact or process of losing something or someone; the state of no longer having something that one previously possessed.
- revenuenounˈrɛvɪˌnjuːThe total income produced by a given source, typically from business activities, investments, or taxation.
- expenditurenounɪkˈspɛndɪtʃəAn amount of money spent.
- subsidynounˈsʌbsɪdɪMoney granted by a government or public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.