Agrarian price parity - the ratio between the value of agricultural and industrial products, in which the exchange between the city and the countryside is mutually beneficial.
An administrative monopoly is a monopoly that arises in a command economy due to the concentration, at the direction of the planning authorities of the state, of the production of certain products at one or a small number of enterprises.
Assets are everything of value that a person, company or government owns.
Excise - a tax levied on the buyer when purchasing certain types of goods and is usually set as a percentage of the price of this product.
A joint-stock company (JSC) is an economic organization, the co-owners of which can be a large number of owners of funds, each of which receives the right to part of its property and profits, while at the same time answering for its obligations only within the amounts once spent on the purchase of shares.
A share is a security sold to an investor in exchange for cash for the development of the company and confirming his rights as a co-owner of the company's property and its future income.
Barter is the direct exchange of one good or service for another without the use of money.
Poverty is the standard of living of a family at which its incomes allow it to acquire only a small part of the set of goods and services standard for a given country, which forms the basis for determining the cost of living in a given country.
Non-cash funds - amounts kept on the accounts of citizens, firms and organizations in banks and used for settlements by changing information in documents confirming to whom what amount of such funds belongs.
Unemployment is the presence in the country of people who are able and willing to work for hire, but cannot find a job in their specialty or find a job at all.
Benefits - everything that is valued by people as a means of satisfying their needs.
The wealth of the family is the property of the family, free from debt.
Accounting profit is the difference between the sales revenue and the firm's accounting costs.
Accounting costs - the costs associated with the use of resources for the needs of the firm, acquired by it from other firms or citizens.
Budget - a consolidated plan for collecting revenues and using the funds received to cover the costs of federal or local government bodies.
Gross national product is the total market value of all final goods and services produced in a country in a year.
Currency (exchange) rate - the price of one national monetary unit, expressed in monetary units of other countries.
The supply value is the volume of goods of a certain type (in natural terms), which sellers are ready (want and able) to put on the market within a certain period of time at a certain level of the market price for this product.
External (side) effects - damage (or benefit) from the production of any good that people or firms that are not directly involved in the sale of this good have to bear (or can receive).
External public debt - the debt of public authorities to governments, international banks and financial institutions who provided money on a loan based on government agreements.
Domestic public debt - the debt of government authorities to citizens, banks and firms of their country, as well as to foreigners who have bought securities of domestic loans.
Sales proceeds - the amount of money received from the sale and is equal to the product of the number of goods sold and the price at which they were bought.
Hyperinflation is a situation in the economy when the growth of the general price level in the country during the month exceeds 50% and this continues for more than three months in a row.
Government securities - obligations of the state to return the borrowed amount plus interest for the use of this money.
Public debt - the amount of loans taken by government agencies and not yet returned to creditors.
The border production possibilities- the volume of production that can be achieved by the country with the fullest use of its available production resources.
Free goods - goods, the available volume of which is greater than the needs of people, and their consumption by some people does not lead to a shortage of these goods for others.
Money capital - part of the savings of families, which is transferred on a paid basis to firms for the purchase of production capital by them.
Money is a special commodity that: 1) is accepted by everyone in exchange for any other goods and services, 2) allows you to uniformly measure all goods for the needs of exchange and accounting, and 3) makes it possible to save and accumulate part of current income in the form of savings.
Deposits - all types of funds transferred by their owners for temporary storage to the bank with the right to use this money for lending.
Defects (weaknesses) of the market - the inability of market mechanisms to solve some economic tasks in general or in the best way.
Shortage - a situation in the market when buyers at the current price level are ready to buy a larger volume of goods than sellers at this price are willing to offer for sale.
deficit state budget- a financial situation that arises when the state plans to spend more than it can actually receive income from all types of taxes and payments.
Dividends - part of the net profit of a joint-stock company, which is paid to its shareholders in proportion to the value of their shares.
A directive national economic plan is a way of distributing limited resources on the basis of government assignments that are mandatory for all enterprises in the country to fulfill.
The natural rate of unemployment is a situation where only frictional and structural unemployment exists in a country.
Natural monopolies are firms that control the entire market for a particular product or service by virtue of having a unique
A will is a legally executed gift of wealth that comes into force after the death of its owner.
Borrowed funds (credit) - funds that are provided to the company for use for a strictly fixed time and for a fee established in the loan agreement.
The law of exchange is the relationship between the average amount of money that a country needs to ensure normal monetary circulation, and: 1) average prices of goods and services; 2) the quantity of these goods and services; 3) the speed of circulation of money.
The law of supply - an increase in prices usually leads to an increase in the quantity supplied, and a decrease in prices - to its decrease.
The law of demand - an increase in prices usually leads to a decrease in the quantity demanded, and a decrease in prices - to its increase (with other equal conditions).
Engel's law - as household incomes rise, the share of spending on food usually decreases, on consumer goods it stabilizes, and on education, medicine, recreation and entertainment - increases.
Land - all types of natural resources available on the planet and suitable for use in the production of economic goods.
Excess (overstocking) - a situation that occurs in the market when, at the existing price level, sellers offer for sale a larger volume of goods than buyers are willing to buy at that price.
Import - the purchase by residents of one country of goods manufactured in other states.
Investing is the transfer by the owners of savings of their funds for use by commercial firms or the state in order to generate income.
An individual offer is an offer with which an individual seller enters the market.
Individual demand - the volume of purchases that an individual buyer is ready to make in the market at a given price level.
Inflation - the process of raising the general level of prices in the country, leading to the depreciation of money.
Information - all the information that people need for conscious activity in the world of the economy.
Capital is all that production and technical apparatus that people have created from the substance of nature to increase their strength and expand the possibilities of producing the goods they need.
Cartel - a method of monopolizing the market, consisting in the conclusion of an agreement between manufacturers of a homogeneous product on the division of the market between them and the coordination of sales volumes and prices of each of the cartel members.
The command system (socialism) is a way of organizing economic life, in which capital and land are actually owned by the state, which also distributes all limited resources.
A commercial bank is a financial intermediary engaged in: 1) accepting deposits; 2) granting loans; 3) organization of settlements; 4) purchase and sale of securities.
Competition - economic rivalry for the right to obtain a larger share of a certain type of limited resources.
Indirect tax - a fee in favor of the state, which is taken from citizens or economic organizations only when they perform certain actions.
Credit emission - an increase by a bank of the country's money supply by creating new deposits for those customers who received loans from it.
A loan agreement is an agreement between a bank and the one who borrows money from it (the borrower) that defines the obligations and rights of each of the parties, and above all: the term for granting a loan, a fee for using it and a guarantee of a refund to the bank.
Creditworthiness is the readiness and ability of the borrower to fulfill its obligations under loan agreement, that is, to return the borrowed amount and pay interest on its use.
Liquidity - the degree of ease with which any assets can be turned into money by the owner.
Lobby - a form of legal defense of the interests of a certain group of firms or citizens of the country through the formation of factions of deputies in the legislature.
Manager - hired manager of the company, accountable to its owner.
Price mechanism - formation and change market prices under the influence of a clash of interests between buyers and sellers who make their decisions without outside coercion.
Market monopolization is a situation when one of the sellers or buyers accounts for such a large share of the total volume of sales or purchases in a particular commodity market that it can influence the formation of prices and terms of transactions to a greater extent than other participants in this market.
A monopolist is a firm that is the only seller in the market and therefore its individual demand curve coincides with the market one.
"Price scissors" - the degree of violation of price parity, that is, the difference in the growth rate of product prices Agriculture and industrial products for the village.
Cash - paper money and small change.
Taxation is a mechanism for withdrawing part of the income of citizens and firms in favor of the state to solve national problems.
Wealth inequality - differences in the amount of regularly received nominal income (per family member) and the market value of property owned by families.
Nominal income - the amount of money received by a citizen or family as a whole for a certain period of time.
Normal profit - income that could actually be received by the owner of the capital when investing not in his own business, but in other commercial and financial projects with the same level of risk.
Normal goods are goods for which the quantity demanded increases with an increase in the income of buyers.
Loan collateral (collateral) is the property of the borrower, which can be seized from him by the bank and sold to cover those debts of the borrower that he himself cannot cope with.
The total utility of a good is the total benefit (benefit) received by a person, firm or country from the use of the entire volume of goods of a certain type.
Public goods are goods or services that people share and that cannot be the exclusive property of anyone.
Total costs - the cost of acquiring the entire volume of resources that the company has already used to organize the production of a certain volume of products.
The volume of need is the amount of goods of a certain type that a person would like to receive to satisfy his needs, if these goods were available free of charge and without restrictions.
Limited (economic) goods are the means of satisfying human needs that can be created only by spending factors of production and are obtained, as a rule, only on the basis of exchange.
Oligopoly is a market in which competition occurs only between a small number of firms that have forced out other rivals.
An industry is a group of firms producing similar or identical products.
variable costs- these are the costs that grow (decrease) with any increase (decrease) in production volumes.
Absorption - a method of monopolizing the market, which consists in buying up competing firms and including them in the firm striving to become a monopolist.
The purchasing power of money is the amount of goods and services that can be purchased with a certain amount of money at a given time.
Fixed costs are those costs that remain the same with small changes in the volume of production of goods or services.
Needs - a specific form of manifestation of human needs, depending on living conditions, skills, traditions, culture, level of development of production and other factors.
Duty - a fee levied by the state from citizens and business organizations for providing them with a certain type of service or issuing a permit to carry out certain activities.
The right of private property is a recognized and legally protected right individual person own, use and dispose of a certain type and amount of limited resources (for example, a piece of land, a coal deposit or a factory).
The marginal (marginal) utility of a good is the benefit (benefit) received from an additionally used unit of a good.
Marginal (marginal) costs - the real amount of costs, which costs the production of each additional unit of output.
Supply - the dependence of the quantities supplied on the market for a certain product during a certain period of time (month, year) on the price levels at which this product can be sold, which has developed in a certain period of time.
An entrepreneur is a person who, at his own peril and risk, and to a large extent at his own expense, creates a company.
Entrepreneurship is a special kind of service rendered to society, consisting in the creation of new commercial organizations called firms for the production and distribution of vital goods.
Profit - the difference between the proceeds from the sale of goods or services and the costs necessary for the production and organization of the sale of these goods and services.
A preferred share is a security whose owner has the right to a fixed dividend regardless of how much net profit the company actually received, but does not have the right to participate in its management.
The principle of absolute advantage - countries benefit from trade with each other if each of them specializes in the production of goods that it can produce with absolutely less of its resources than its own. trading partners.
The principle of relative advantage - it is more profitable for each country to export those goods for which its selection prices are relatively lower than in other countries.
Progressive taxation of income is a financial mechanism used to solve two problems: to raise funds for the needs of the country and to smooth out differences in the levels of well-being of families.
Living wage - the amount of money necessary for a person to purchase the amount of food that allows him to survive, as well as to meet the minimum
Productivity - the amount of benefits that can be obtained from the use of a unit of a certain type of resource for a fixed period of time.
Derived demand - the demand for factors of production, predetermined by the demand for goods and services for the creation of which these resources are used.
Production is the process of using labor and material resources to create goods or services.
Protectionism - state economic policy, the essence of which is the protection of domestic producers of goods from competition from firms in other countries by establishing various kinds of restrictions on imports.
A trade union (trade union) is an organization that represents the common interests of employees of certain professions or a certain industry in negotiations with entrepreneurs.
Direct tax - a fee in favor of the state, levied on each citizen or business organization.
Labor force - the total number of working-age citizens of the country who have a job, and citizens who cannot find work for themselves.
The equilibrium price is the price at which the volume of goods that manufacturers (sellers) agree to offer for sale at this price and the volume of goods that buyers agree to buy at this price coincide.
Distribution - the provision of resources between firms, and produced goods - between people in accordance with some criteria by which these people are entitled to receive such benefits.
Real income - the amount of goods and services that a citizen or family can purchase in a certain period of time with their nominal income.
Reserve requirements - the mandatory proportion of fractional reserves established by the central bank of the country.
Rent is the general name for the income of land owners and owners of other factors of production, the supply of which is rigidly fixed.
Market - all activities associated with the sale and purchase of goods of a certain type in a certain region or different regions, where goods can be delivered in the usual way.
Market of monopolistic competition - a situation characterized by the fact that, in order to satisfy the same need, sellers begin to offer buyers many varieties of substitute goods with significant differences, but each variety is offered to the market by only one seller.
The labor market is a set of economic and legal procedures allowing people to exchange their labor services for wages and other benefits that firms agree to provide them in exchange for labor services.
The market of pure (perfect) competition is a situation characterized by a clash in the competition for the money of buyers of many manufacturers of the same type of goods, none of which has control over such a market share in order to be able to influence sales volumes and market price in their own interests.
A pure monopoly market is a situation where there is only one seller in the market.
Market supply - the total supply of goods on the market by all sellers.
Market demand is the total volume of purchases that all buyers are ready to make in the market at a given price level.
Savings - the balance of income after payment of all expenses associated with current consumption.
Velocity of money is the number of times each monetary unit participates during the year in securing any transactions.
Weaknesses (imperfections) of the market - the inability of market mechanisms to solve some economic problems in general or in the best way.
A mixed economic system is a way of organizing economic life in which land and capital are predominantly privately owned, and the distribution of limited resources is carried out both by markets and with significant state participation.
Equity - money that is provided to the company in exchange for the right to co-ownership of its property and income, and therefore, as a rule, are not refundable and generate income that depends on the results of the company's work.
Aggregate supply - the total amount of final goods and services that firms in the country can and are ready to offer to the market for a certain period of time at: 1) the price level prevailing in the country; 2) existing technology; and 3) available resources of all kinds.
Aggregate demand - the total amount of final goods and services of all kinds that all buyers of the country are willing to purchase during a certain period of time at the prevailing price level.
Specialization is the concentration of a certain type of activity in the hands of a certain person or economic organization.
Demand - the dependence of the quantities of demand in a given commodity market on the prices at which goods can be offered for sale that has developed over a certain period of time.
Wage rate - the amount of money paid to an employee for labor services provided to them during a certain period of time (hour, shift or month) or necessary to perform a certain amount of work (for example, the manufacture of one part).
The cost of living is the amount of money that it costs to acquire a standard set of goods and services for most families in a given country over a certain period of time (usually a month).
"Shadow economy" - economic activity carried out in such a way as not to pay taxes to the state.
Customs duty - a tax levied in favor of the state treasury from the owner of a foreign-made product when this product is imported into the country for sale.
Current (perpetual) deposits - funds transferred by their owners for temporary storage to the bank with the right to use this money for lending and the owner of the funds retaining the right to withdraw this money from the bank at any time without prior notice.
A commodity is a material object useful to people and therefore valued by them as a blessing.
Trade margin - a markup set by a trade organization to the price at which the goods are sold by the manufacturer.
Trade is a voluntary and mutually beneficial exchange of the results of the specialized production of goods.
The traditional economic system is a way of organizing economic life in which the land is in common ownership of the tribe, and limited resources are distributed in accordance with long-standing traditions.
Transactional (organizational-contractual) costs - the time, effort and money spent on finding a supplier of resources or services, concluding an agreement with him on prices and other terms of the transaction and monitoring that it is completed.
Transfer - a sum of money transferred by the state to the poorest citizens to improve their standard of living and formed from funds seized with the help of taxes from wealthier citizens.
Labor is the use of the mental and physical abilities of people to carry out work related to the production of economic goods.
The burden of labor is a measure of the physical and nervous complexity and tediousness of performing professional duties.
A service is an intangible good that has the form of an activity that is useful to people.
Factors of production - the resources used by people to create the benefits of life.
Physical capital - buildings, structures, machines, ameliorative systems used to transform the substance of nature into benefits useful to people with the help of technology.
A financial intermediary is an organization that provides services to citizens and firms, helping the former to place their savings with the greatest benefit, and the latter to receive additional funds with minimal effort.
The financial market is the market in which the money needed to acquire the physical capital of firms is bought and sold.
Firm finances - ratio between monetary expenses and cash receipts of the firm.
A firm is an economic organization created specifically to produce goods and sell them on the market for profit to their owners.
Choice price ( opportunity cost) - the value of the most preferred of the benefits, the receipt of which becomes impossible with the chosen method of using limited resources.
The price of money capital is the amount of income (percentage) that the firm must provide to the owners of savings so that they agree to provide it with these savings for the implementation of commercial projects.
A security is a document that can be bought or sold in connection with the fact that it certifies the rights of its owner to a part of the property and income of the organization that issued this security.
Fractional reserve - the proportion of deposits made to the bank, which he must and can constantly have at his disposal in order to be able to fulfill his obligations to depositors in normal business conditions.
Human needs - the range and volume of goods that people would like to receive to meet their needs, if these goods were available free of charge and without restrictions.
Human capital - knowledge and skills accumulated by a person as a result of training and previous labor activity and affecting the possibility of his employment and the level of salary received.
Net profit - part of the profit remaining at the disposal of a business organization after paying taxes and other obligatory payments.
Economy - 1) the activities of people aimed at creating the benefits they need; 2) a science that studies the behavior of people in the process of creating, exchanging and consuming the goods they need.
Economic profit is the difference between sales revenue and economic costs.
Economic efficiency - a way of organizing production, in which the cost of producing a certain amount of products is minimal.
Economic systems - forms of organization of the economic life of society, differing in: 1) the method of coordinating the economic activities of people, firms and the state, and 2) the type of ownership of economic resources.
Economic growth is a steady increase in a country's productive capacity.
The economic cycle is a period of time during which the country's economy goes through two main phases: boom and bust.
Export - sale to residents of other countries of goods produced by sectors of the domestic economy.
Price elasticity of supply - the scale of change in the quantity supplied (in%) when the price changes by one percent.
Price elasticity of demand - the scale of change in the quantity demanded (in%) when the price changes by one percent.
An issuing bank is a bank that has the right to issue (issue) national monetary units and regulate the money circulation in the country.
Issue of money - issuance by the state into circulation of an additional amount of banknotes.
Income effect - with a decrease in price (or an increase in income), the product becomes cheaper in relation to the total income of a person, and therefore the buyer is able to purchase this product in larger quantities without abandoning his other usual purchases. And vice versa.
Economies of scale - a situation where the firm has the ability to increase the volume of its output to a greater extent than the increase in the volume of all resources used by it.
Eeconomics as a science
"Economics is the science that studies human behavior in terms of the relationship between its ends and limited means that allow for alternative uses." Economic theory is closely related to many other sciences: philosophy, psychology, history, demography, statistics, mathematics, jurisprudence, etc. From the point of view of the object of study, sections of economic theory can be conditionally designated as “microeconomics” and “macroeconomics”. Microeconomics is the analysis of the causes, patterns and consequences of the functioning of individual entities in a market economy (for example, an industrial firm, a family farm, etc.). Macroeconomics considers the aggregate indicators of income, employment, price dynamics, determines the patterns of state economic policy.
Eeconomicswhat needs, resources and benefits
In turn, the economic good is tangible and intangible objects, or rather the property of these objects, capable of satisfying economic needs.
Resource means that allow, with the help of certain transformations, to obtain the desired result.
Resources are divided into: - economic (functioning) - potential (not involved in economic turnover)
Economic resources include: - natural resources - labor (working-age population) - material (all man-made means of production that are the result of production) - financial (money that society is able to allocate for the organization of production) - information (scientific, scientific and technical, design, statistical, technological, informational information, as well as other types of intellectual values necessary to create an economic product)
Eelasticity of demand
Elasticity of demand allows you to measure the degree of reaction buyer to change prices, income level or other factors. Calculated via elasticity coefficient.
Distinguish elasticity demand price and income elasticity of demand.
Price elasticity of demand shows how much the quantity demanded will change if the price changes by 1%. The price elasticity of demand is influenced by the following factors:
Availability of competitor products or substitute products (the more there are, the more more opportunity find a replacement for a product that has risen in price, i.e. higher elasticity)
· Imperceptible to the buyer change in the price level;
· Conservatism of buyers in tastes;
Time factor (the more time a consumer has to choose a product and think about it, the higher the elasticity);
· The share of goods in the income of the consumer (the greater the share of the price of goods in the income of the consumer, the higher the elasticity).
Depending on these indicators, there are:
Inelastic demand (Ep(D)< 1) - рыночная ситуация, при которой изменение цены на 1 % вызывает незначительное изменение объема (QD).
· Elastic demand (Ep(D) > 1) - a market situation in which a change in P by 1% (Dp=1%) causes a significant change in QD.
Unit elasticity demand (Ep(D) = 1) is a market situation in which a 1% change in price causes a 1% change in QD.
· Absolutely inelastic demand, meaning the absolute insensitivity of the volume of demand to price changes Ep(D) = 0): a change in P by 1% or more does not affect the change in QD.
Income elasticity of demand measures the percentage change in demand for a 1% change in income. It depends on the following factors:
· Importance of goods for the family budget.
Whether the product is a luxury item or a necessity item.
· Conservatism in tastes.
By measuring the income elasticity of demand, it is possible to determine whether a given product belongs to the category of normal or low-value goods. The bulk of the consumed goods belong to the category of normal. As incomes rise, we buy more clothes, shoes, high-quality food, durable goods. There are goods, the demand for which is inversely proportional to the income of consumers. These include all secondhand products and some types of food (cheap sausage, rotten apples).
Rmarket, system market and their variety
A market is a collection of transactions for the purchase and sale of goods. The market in its development has come a long way, the duration of which is more than 30 thousand years. The very first definition of a market is an area, a public place for the sale of goods, i.e. goods and services. The market is a system of relations between sellers and buyers, i.e. it is a system of relations between supply and demand. Conditions for the emergence of the market: 1 The needs of people in goods. 2 The limited nature of all production resources - labor, land and other material means of production. 3. Social division of labor, which increases the efficiency of production and creates a material basis for commodity exchange. 4. Economic isolation of commodity producers within the framework of property - initially communal, and then private. 5. Independence of commodity producers, his freedom as entrepreneurs. Market functions: 1 Informational. Its essence lies in the fact that the market, like a computer, collects, processes and transmits and issues information within the economic territory that it covers. 2. Intermediary. The market connects economically isolated commodity producers and consumers into a single system. As a result, sellers and buyers find each other. 3. Regulatory. The market provides answers to the questions: What to produce? How to produce? For whom pro-Th? 4. pricing function. The market recognizes only publicly necessary costs and, accordingly, public prices, which reflect the needs of the buyer.5. Stimulating. Orientation of market prices to the social level of costs, to take into account the demand of consumers, encourages the commodity producer to save his individual costs and present the goods that the buyer needs to the market.6. Creative-destructive. The market provides a change in all economic proportions between industries and regions. bright and good example to that - the restructuring of the economy in Russia.7. Improving function (clearing the market from non-competitive producers) 8. Differentiating. The market enriches some commodity producers and ruins others.
There are 2 kinds of connections between market agents: A market transaction can be viewed from the economic side, in the form of an act of commodity-money circulation. The economic interest of the seller is to exchange the goods for the appropriate amount of money, and the buyer is to purchase the useful thing he needs for money. And from the legal side, a market transaction means the action of citizens and legal entities that take the form of a contract of sale. There are markets: local (market within the village, city), national, world. From the point of view of economists, there is a market for resources and consumer goods. In turn, they are subdivided into the consumer market, the market for means of production, the market for land, real estate, labor, services, foreign exchange, insurance, and information.
Dengi, money functions
Essence and functions of money. In modern economic theory, the following 4 functions of money are distinguished: 1. Medium of exchange when money is used to buy goods and services. Money here acts as a technical means through which the exchange of goods and services is carried out. As a means of circulation, money is absolutely liquid; quickly implemented in economic life.2. A measure of value, when money is used as a unit or measure of the relative prices of dissimilar goods and services. Money is used as a unit of account for the evaluation of goods, services, assets. The value of goods is expressed in prices, and prices are measured by means of money.3. means of savings. As the most liquid property, money is a very convenient form of storing wealth; money is withdrawn from circulation and acts as a store of value. At the early stages of the development of a commodity economy, such a withdrawal of money from circulation turned it into a treasure, a treasure. Instrument of payment. In this function, money primarily serves credit relations and acts as a medium of exchange, as well as a measure of value. Money as a means of payment functions in the sale of goods on credit and outside the sphere of commodity circulation.
Pentrepreneurship
Entrepreneurship, business- independent, carried out at one's own risk, activity aimed at systematic obtaining arrived from using property, sales goods, run works or providing services persons registered as such in the prescribed law okay. The effectiveness of entrepreneurial activity can be assessed not only by the amount of profit received, but also by the change in the value of the business (the market value of the enterprise). Entrepreneurship, business is the most important attribute market economy permeating all its institutions.
Can be carried out legal entity or directly individual. In Russia, as in many countries, in order to conduct business activities, an individual is required to register as individual entrepreneur.
Entrepreneurship can be done in different areas. In addition to general entrepreneurship, there are social and technological entrepreneurship. Sources of start-up capital for starting a business can be: loans ( debt financing- in a bank or with friends), gratuitous assistance (grants or subsidies), investments (venture funds or business angels - equity financing). In addition, to help start-up entrepreneurs, there are government and public organizations, technology parks and business incubators. However, entrepreneurship is not easy, and most new businesses fail.
General partnership and limited partnership
Among the types of business partnerships, a general partnership and a limited partnership are distinguished. Under general partnership means a commercial organization created as a result of the association of persons and their property on the basis of an agreement concluded between them on joint entrepreneurial activity, the participants of which are liable for its obligations with all their property. Faith partnership is a commercial organization created as a result of the association of persons and their property on the basis of an agreement on joint entrepreneurial activity, in which some participants (general partners) are liable for its obligations with their property, while others (contributors) are not liable for the obligations of this organization. In practice, both types of partnerships are extremely rare. Most entrepreneurs prefer to create limited liability companies and joint-stock companies.
Limited Liability Company
Among business companies, the most common are limited liability companies (LLC). A limited liability company is a commercial organization created as a result of a combination of property by several persons who are not liable for the obligations of this organization and have shares in its authorized capital.
Additional Liability Company(ODO), which has the same features as LLC, with some exceptions. ALC participants are liable for the obligations of the company, but not with all their property, but only with some part of it, while in the same multiple for all of the amount of the contribution made. For example, the charter states that ALC participants are liable twice. This means that if a participant has made a contribution in the amount of 100 thousand rubles, then if the property of the ALC is not enough for settlements with creditors, he bears a maximum liability of 200 thousand rubles. In fact, ALC is a transitional form from a full partnership to a society as an economic organization.
There are two types of AO - public corporation(JSC) and closed joint stock company(COMPANY).
Public corporation
JSC is characterized by:
· Its participants can alienate their shares without the consent of other shareholders, that is, this company is open to any participant in civil transactions. Any participant in the civil turnover can purchase shares in a joint-stock company, there are no restrictions here. At the same time, any shareholder can sell his shares to any subject of civil law at any time;
· An open joint-stock company can make an open subscription for shares according to the following algorithm: a joint-stock company is formed, an issue of shares is announced and registered, and anyone can purchase them on the stock exchange;
· The number of JSC shareholders is not limited.
Closed Joint Stock Company
JSC is characterized by:
· Alienation of shares to CJSC shareholders is limited by the pre-emptive right to purchase by other shareholders. Similar to the procedure for alienating shares in an LLC, you must first offer shares to other shareholders, and only if they refuse, you can sell the shares to a third party;
· Shares in a CJSC are distributed among a limited number of participants, between specific persons, and are not sold on the stock exchange;
· The number of shareholders in a CJSC should not exceed 50.
Mmanagement
Management- this is the ability to achieve goals, use labor, intelligence, motives for the behavior of other people.
Management- this is not so much the ability to analytically solve tasks, but the ability to work with people, to get the maximum result from them
Management- is the effective and productive achievement of the goals of the organization through planning, organization, leadership (management) and control over organizational resources.
Mmarketing
“Marketing is a type of human activity aimed at meeting the needs and requirements through exchange” (the founder of the theory of marketing Philip Kotler)
“Marketing is art and the science choose the right target market, attract, retain and increase the number of customers by creating the confidence of the buyer that he represents the highest value for the company”, as well as “an orderly and focused process of understanding consumer problems and regulation market activity"(Philip Kotler) .
“Marketing is the implementation of business processes in the direction of the flow of goods and services from the producer to the consumer.” ( American Marketing Association(AMA))
«Marketing - system planning, pricing, promoting and disseminating ideas, goods and services to meet the needs, wants and desires of individuals and organizations; advertising is just one of factors process marketing."
FROMproperty
Relations regarding the ownership of factors of production (means, objects of labor, information and intellectual resources, land and labor) have always played an important role in the organization and socio-economic nature of production. When considering property relations, it is necessary to single out: 1) legal (legal) property relations; 2) economic relations of ownership. Legal property relations characterize the attitude of subjects - citizens and the state to objects of property (property). The legal powers of the owner are defined as the right to own (actually possess), use (extract useful properties for themselves) and dispose of property at their own discretion, i.e. determine its legal fate, for example, sell, exchange, donate, leave by inheritance, pledge, rent, etc. Types of legal relations of ownership depend on who is the subject of ownership: a) subjects of ownership - citizens. Among citizens, as subjects of property, the prevailing are property relations which are governed by civil (private) law. Hence the property of citizens was called private property. Due to the fact that citizens exercise their powers as owners in various forms, for example, entrepreneurial, socio-political, religious associations of citizens, all these forms are regulated by private or civil law. b) the subject of ownership is the state. Property in respect of which the powers of the owner are exercised by state bodies (for example, the State Property Committee of the Russian Federation) is defined as state property, if local government bodies - then property is defined as municipal (in cities, regions of the Russian Federation). Economic property relations characterize the relations between the participants in production regarding the use of its factors. The nature of economic relations of ownership is determined by the direction of use of income from property. If production is carried out in the interests of private individuals, then the form of economic relations of private property is formed with regard to the production of goods and private appropriation is represented. If production is carried out in the interests of a group, then we are talking about economic relations of group (collective) appropriation. If production functions in the interests of society, then the economic relations of public ownership and public appropriation are represented. In turn, the economic relations of collective property in relation to private property act as a form of public property, and in relation to public appropriation - as private. The economic relations of property occupy the main place in the entire system of production relations, thus determining their nature and essential content. Legal relations of ownership and economic relations of ownership are closely interconnected, the former coexist - in laws and other regulations, the second - are added up between the participants in the production. At the same time, the legal and economic relations of ownership also have an independent movement, so it is unacceptable to directly derive the first from the second.
Fform of ownership
Forms of ownership. There are 2 main subjects of ownership (citizens and the state) and, accordingly, two main forms of ownership: 1) private; 2) state. Private property is subdivided into: individual capitalist property, collective property of organizationally united capitalists. Individual private property was characteristic of the pre-monopoly era, and collective capitalist property is characteristic of the modern financial capitalist economy, which represents financial capital as a new formation. These forms of capitalist property are characterized by the division of capital into real capital (money, means of production, finished goods) and fictitious (securities - stocks, bonds). The individual capitalist is directly the private owner of only the fictitious capital, while the real capital functions as the property of the corporation. As the productive forces develop, the forms of private capitalist property also undergo further evolution: the individual form of private property is increasingly being supplanted by group and state property. The economic importance of state property has especially increased. In the developed capitalist countries, an ever-increasing part of money and productive capital is concentrated in state ownership.
Rstatehood, privatization
Denationalization is the transformation of state property into other forms of ownership. The transition to a market economy in Russia required the introduction of real competition, which is possible under the conditions of denationalization and is feasible with the expansion of the share of private property. For this purpose, some state-owned enterprises were privatized in Russia. Privatization is the process of acquiring the ownership of citizens or their associations of all or part of the shares of joint-stock companies, partnerships and enterprises. In Russia, privatization began in October 1992 and took place in two stages. Voucher privatization took place at the first stage. From July 1, 1994 - the second stage of privatization, during this stage the property of state and municipal enterprises was sold for money. The sale and purchase procedure includes three methods of privatization: a commercial tender, a non-commercial tender and an auction. Privatization, as previously thought, did not lead to a turning point in the course of production processes. When considering property relations, it is necessary to single out: 1) legal (legal) property relations; 2) economic relations of ownership. Legal property relations characterize the attitude of subjects - citizens and the state to objects of property (property). Economic property relations characterize the relations between the participants in production regarding the use of its factors. Forms of ownership. There are 2 main subjects of ownership (citizens and the state) and, accordingly, two main forms of ownership: 1) private; 2) state. Private ownership is divided into: individual capitalist, collective ownership of organizationally united capitalists. Individual private property was characteristic of the pre-monopoly era, and collective capitalist property is characteristic of the modern financial capitalist economy, which represents financial capital as a new formation. These forms of capitalist property are characterized by the division of capital into real (money, means of production, finished goods) and fictitious (securities - shares, bonds). The individual capitalist is directly the private owner of only the fictitious capital, while the real capital functions as the property of the corporation. As the productive forces develop, the forms of private capitalist property also undergo further evolution: the individual form of private property is increasingly being supplanted by group and state property. The economic importance of state property has especially increased. In the developed capitalist countries, an ever-increasing part of money and productive capital is concentrated in state ownership.
Andproduction costs and profits. Zlaw of diminishing returns
Under production costs understand the costs of manufacturing products. From the point of view of society, the costs of producing goods are equal to full cost labor (living and materialized, necessary and surplus). From the point of view of the enterprise, due to its economic isolation, only its own expenses are included in the cost structure. Moreover, these costs are divided into external and internal. External (explicit) costs are direct cash payments to resource providers. Explicit costs include wages of workers and salaries of managers, payments to trading firms, banks, payment for transport services, and much more. Internal (implicit) costs (imputed): costs for own and self-used resource, opportunity costs that are not provided for by contracts, mandatory for explicit payments, and therefore remain unreceived in monetary form (use of premises or transport owned by the company, own labor of the owner of the company and etc.)
Profit- excess in monetary terms income from the sale of goods and services over costs for the production and sale of these goods and services.
Law of diminishing returns is that in the short run, when the value of production capacity is fixed, ultimate performance variable factor will decrease starting from a certain level of costs of this variable factor.
16. market economy in conditions of perfect and not perfect competition
Imperfect competition (Monopolistic competition). widespread market structure, is monopolistic competition (MC), which combines the features of competition and monopoly. MK is a structure with little monopoly power, but a very high degree of competition. It has the following features: there are many firms producing differentiated goods, and a large number of buyers; firms-monopolistic competitors can freely enter the industry and leave it; a monopolistic competitor has some control over price; There is significant non-price competition in the industry. A slightly negative slope of the demand curve under MC means that the firm will produce less output than under perfect competition.
Perfect, free or clean competition - economic model, idealized state market when individual buyers and sellers cannot influence the price, but form it with their own contribution demand and suggestions.
Features of perfect competition:
An infinite number of equal sellers and buyers
Homogeneity and divisibility of products sold
no barriers to entry or exit from the market
high mobility factors of production
Equal and full access of all participants to information (prices of goods)
Mmonopoly, oligopoly
Monopomliya(from Greek ???? (mono)- one and????? (poleo)- I sell) - a firm (a situation in the market where such a firm operates) operating in the absence of significant competitors (producing goods (s) and / or providing services that do not have close substitutes).
Types of monopolies
· natural monopoly- a type of monopoly that occupies a privileged position in the market due to the technological features of production (due to the exclusive possession of the resources necessary for production, the extremely high cost or exclusivity of the material and technical base). Most often, natural monopolies are firms that operate labor-intensive infrastructures, the re-creation of which by other firms is not economically justified or technically impossible (eg water supply systems, electricity supply systems, railways).
· Conglomerate (Concern) (in legal practice - a group of persons) - several heterogeneous, but financially mutually integrated entities (for example, in Russia CJSC " Gazmetal").
Oligopoly - a market structure in which a few large firms control the production and marketing of the bulk of products
Rmarket relations in the agricultural sector of the economy
The specificity of agricultural production determines the features of reproduction in the agrarian sector of the economy in the entire system of the agro-industrial complex (AIC) in a market economy, the totality of relationships and connections of the agro-industrial complex constitutes the agribusiness system. It is important to determine the sectoral aspects of the structure of the agro-industrial complex, i.e. to find out the range of industries that are included in the agro-industrial complex in the agribusiness system, their border and social economy functions.
AIC includes 4 areas:
Branches of the industry producing means of production for agriculture and other industries included in the complex
CX production (livestock and crop production
· the industry will carry out the processing of storage and transportation of products from agricultural raw materials to bring them to consumption.
· Industrial and social infrastructure
Ffinances and state financial system
Finamnsy(from lat. finance- cash, income) is a system of economic relations for the formation and use of cash funds based on the distribution and redistribution of GNP and national income
The financial system of any country is determined by the economic system of society. It is a combination of various spheres (links) financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in social reproduction. The financial system of the Russian Federation includes the following areas of financial relations: - public finances (state budget, off-budget funds, state credit, territorial budgets, finances of state enterprises, financial reserves); - finances of enterprises, institutions and organizations consist of finances of enterprises operating on a commercial basis, finances of institutions and organizations engaged in non-commercial activities, finances of public associations; - insurance finances include social, personal and property insurance funds; - lending finance covers the banking and parabanking systems. The financial system finds its expression in the financial policy, and the latter is implemented through the financial mechanism. Financial mechanism - a system of action of financial methods and levers in organizing, planning and stimulating the use financial resources.
The state budget
The state budget- these are monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income. in other words, it is a list of state revenues and expenditures.
AT budget system Russian Federation includes budgets of the following levels:
· Federal budget
Budgets of subjects of the Russian Federation (regional budgets)
budgets municipalities(local budgets)
budgets of state off-budget funds
AToff-budget funds
Statemrelated extrabudgetarymfund- a fund of funds formed outside federal budget and budgets subjects of the Russian Federation and designed to implement the constitutional rights of citizens to pensions, social insurance, social security in case of unemployment, health care and medical care. Expenses and incomes of the state non-budgetary fund are formed in the manner established Budget Code Russia, as well as other legislative acts, including laws on the budget of the Russian Federation for the corresponding year.
The following state non-budgetary funds operate in Russia:
· Pension Fund of the Russian Federation
· Social Insurance Fund of the Russian Federation
· federal fund compulsory health insurance.
Ffunctions of the principle of the tax system
Taxes are mandatory fees and payments levied by the state from individuals and legal entities to the budgets of the appropriate level or to extra-budgetary funds at a rate established by law. Functions of the tax system.
*fixed - associated with the dominance of the revenue side of the budget. In countries with a traditional market economy, 90% of state budget revenues are formed from taxes, payments and customs duties.
*regulatory - promotes the redistribution of income through the differentiation of tax rates
*social-implemented through the state budget and by financing social programs of the state.
* stimulating - associated with stimulating the investment process of agricultural production, small business
* protectionist - designed to temporarily protect the domestic manufacturer from the foreign trade expansion of foreign firms.
Principles of the tax system-
* the obligatory payment of taxes by all subjects of a market economy that receive income or profit
*Flexibility of the tax system.
*progressive nature of taxation.
Ffederal taxes
Federal taxes and fees- obligatory and gratuitous contributions that are fully or partially credited to the federal budget or federal off-budget funds and are sources of income for the federal budget (off-budget fund). In accordance with tax code RF to F.N. and s. include: VAT; excises on certain types of goods (services) and certain types of mineral raw materials; tax on profit (income) of organizations; capital income tax; income tax from individuals; unified social tax (contribution); government duty; customs duty and customs fees; subsoil use tax; tax on the reproduction of the mineral resource base; tax on additional income from hydrocarbon production; fee for the right to use objects of the animal world and aquatic biological resources; forest tax; water tax; environmental tax and federal license fees. F.s. and with., are established by the Tax Code of the Russian Federation, and the change or cancellation of federal taxes is carried out exclusively by the adoption of a federal law on amendments to the Tax Code of the Russian Federation. F.s. and s. are obligatory for payment throughout the territory of the Russian Federation.
Rregional taxes
Regional taxes
o Property tax organizations
o Gambling business tax
o Transport tax
Regional taxes and fees- obligatory and gratuitous contributions to the budget of the respective subjects of the Russian Federation, established by the laws of the subjects of the Russian Federation in accordance with the Tax Code of the Russian Federation and obligatory for payment on the territory of the respective subjects of the Russian Federation. K R.n. and s. include: corporate property tax; property tax; road tax; transport tax; sales tax; gambling business tax; regional license fees. R.n. and s. are credited to the relevant regional budgets (off-budget funds) and are sources of income for these budgets (off-budget funds).
Mlocal taxes
1. Local taxes include the following:
a) personal property tax. The amount of tax payments is credited to local budget at the location (registration) of the object of taxation;
b) land tax. The procedure for crediting tax revenues to the relevant budget is determined by land legislation;
c) registration fee from individuals engaged in entrepreneurial activities. The amount of the fee is credited to the budget at the place of their registration;
d) tax on the construction of industrial facilities in the resort area;
e) resort tax;
e) fee for the right to trade. The fee is established by district, city (without district division), district (in the city), settlement, rural representative bodies of power - local Soviets of People's Deputies. The fee is paid by purchasing a one-time coupon or a temporary patent and is fully credited to the relevant budget; (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)
g) targeted fees from citizens and enterprises, institutions, organizations, regardless of their organizational and legal forms, for the maintenance of the police, for the improvement of territories, for the needs of education and other purposes. (as amended by Law of the Russian Federation No. 4178-1 dated December 22, 1992) h) advertising tax. The tax is paid by legal entities and individuals who advertise their products at a rate not exceeding 5 percent of the cost of advertising services;
i) tax on the resale of cars, computers and personal computers. The tax is paid by legal entities and individuals reselling these goods at a rate not exceeding 10 percent of the transaction amount;
j) collection from dog owners. The fee is paid by individuals who have dogs in the cities (except service dogs), in an amount not exceeding 1/7 of the minimum monthly wage per year established by law;
k) license fee for the right to trade in wine and vodka products. The fee is paid by legal entities and individuals selling wine and vodka products to the population in the amount of: from legal entities - 50 minimum monthly wages established by law per year, individuals - 25 minimum monthly wages established by law per year. When trading these persons with temporary outlets those serving evenings, balls, festivities and other events - half of the minimum monthly wage established by law for each day of trade;
l) license fee for the right to conduct local auctions and lotteries. The fee is paid by their organizers in an amount not exceeding 10 percent of the value of the goods declared for the auction or the amount for which lottery tickets are issued;
m) the fee for issuing an order for an apartment. The fee is paid by individuals upon obtaining the right to occupy a separate apartment in an amount not exceeding 3/4 of the statutory minimum monthly wage, depending on the total area and quality of housing;
n) fee for parking vehicles. The fee is paid by legal entities and individuals for parking cars in places specially equipped for this purpose in the amount established by the representative authorities - local Councils of People's Deputies; (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)
o) fee for the right to use local symbols. The fee is paid by manufacturers of products that use local symbols (coats of arms; types of cities, localities, historical monuments, etc.), in an amount not exceeding 0.5 percent of the cost of products sold;
p) fee for participation in races at hippodromes. The fee is paid by legal entities and individuals exhibiting their horses for competitions of a commercial nature, in the amount established by local government bodies on whose territory the hippodrome is located;
c) fee for winning on the races. The fee is paid by persons who won the game on the tote at the hippodrome, in an amount not exceeding 5 percent of the winnings;
r) collection from persons participating in the game on the totalizator at the hippodrome. The fee is paid in the form of a percentage surcharge to the fee established for participation in the game, in an amount not exceeding 5 percent of this fee;
s) collection from transactions made on stock exchanges, with the exception of transactions provided for by legislative acts on the taxation of transactions with securities. The fee is paid by the participants in the transaction in an amount not exceeding 0.1 percent of the transaction amount;
t) fee for the right to film and television filming. The fee is paid by commercial film and television organizations that produce filming, requiring local government bodies to carry out organizational measures (allocation of a police squad, cordoning off the filming area, etc.), in amounts established by representative authorities - local Soviets of People's Deputies; (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)
u) collection for cleaning the territories of settlements. The fee is paid by legal entities and individuals (owners of buildings) in the amount established by the representative authorities - local Councils of People's Deputies. (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)
v) fee for opening a gambling business (installation of slot machines and other equipment with clothing or cash prizes, card tables, roulette and other means for playing). Payers of the fee are legal entities and individuals - owners of the said facilities and equipment, regardless of the place of their installation. The rates of the fee and the procedure for its collection are established by the representative bodies of power - the local Soviets of People's Deputies. (clause "c" was introduced by the Law of the Russian Federation of July 16, 1992 No. 3317-1)
w) tax on the maintenance of housing stock and social and cultural facilities in the amount not exceeding 1.5 percent of the volume of sales of products (works, services) produced by legal entities located in the relevant territory.
State debt
Public debt - another important issue of public finance - is the sum of the positive balance of budgets minus all deficits. Distinguish between external and internal public debt. External public debt - debt of the state to foreign states, organizations and individuals. Domestic public debt is the debt of the state to its population. It may take the form of loans received by the government; government loans made through the issuance of securities on behalf of the government; other debt obligations guaranteed by the government - the need to service external debt, which, given its volume, means a significant reduction in consumption opportunities for the population of a given country; - debt leads to the crowding out of private capital, which may limit further economic growth; - increasing taxes to pay the public debt acts as a disincentive economic activity; - the growth of external debt, of course, reduces the international authority of the country; - with the growth of public debt, the uncertainty of the country's population in the future increases. There is a need for debt management.
Eeconomic cycle and crisis
Business cycles - term, denoting regular fluctuations in the level of business activity from economic boom to economic recession. AT cycle There are four clearly distinguishable phases of business activity: peak, recession, bottom (or “lowest point”) and rise. Climb occurs after reaching the lowest point of the cycle (bottom). Characterized by gradual growth employment and production. Many economists believe that low inflation rates are inherent in this stage. There is an introduction of innovations in the economy with short term payback. Demand deferred during the previous recession is realized.
The peak, or top of the business cycle, is the "high point" of an economic expansion. In this phase unemployment usually reaches the lowest level or disappears completely, production capacities operate at maximum or close to it load, that is, almost all material and material resources available in the country are involved in production. labor resources. Usually, though not always, there is an increase during peaks inflation. The gradual saturation of markets increases competition, which reduces the rate of return and increases the average payback period. The need for long-term lending is growing with a gradual decrease in the ability to repay loans.
recession ( depression) is characterized by a reduction in production volumes and a decrease in business and investment activity. Due to the fall conjuncture recession is usually accompanied by rising unemployment and falling capacity utilization. Officially a recessionary phase, or recession, I consider the situation of falling business activity, which continues for more than three months in a row.
bottom ( economic crisis) business cycle is the "trough" of production and employment. It is believed that this phase of the cycle is usually not long. However, history knows exceptions to this rule. The Great Depression The 1930s, despite periodic fluctuations in business activity, lasted almost ten years.
Economic crisis (other Greek Krisis - turning point) - imbalance between demand and offer on the products and services.
Main types - underproduction crisis and overproduction crisis.
The crisis of underproduction, as a rule, is caused by non-economic causes and is associated with a violation of the normal course of (economic) reproduction under the influence of natural Disasters or political actions (various prohibitions, wars etc.)
The crisis of overproduction, also known as the "cyclical" crisis, appears in the market industrial economy, initially in England in the 18th century.
The crisis of overproduction is a phase business cycle. It leads to a recession and the subsequent depressive process in the economic environment.
The result of the economic crisis is a decrease in the real gross national product, mass bankruptcies and unemployment, and a decrease in the living standards of the population.
Atlevel and quality life, income of the population
Standard of living(welfare level) - the level of material well-being, characterized by the volume of real per capita income and corresponding consumption.
Personal income (cash) is used to pay expenses. Income depends on what production factors the person owns. If these are labor resources, then for your work he receives wages, if capital, then for its investment the owner of the capital receives a part of the profit ( dividends, percent), if Natural resources(for example, land), then the income of the owner is rent. Income provides current consumption and is also set aside as savings. At the same time, the analysis of the structure of expenditures serves as a source of extremely important data for assessing the state of affairs in the economy of any country.
"Kamquality of lifemzni"- an indicator of general well-being human, which is broader than purely material security (cf. standard of living).
The quality of life may depend, for example, on the condition health, content problems to be solved, freedom from stress and excessive concern, organization leisure, level education, access to cultural heritage.
Eeconomic growth: essence, types, factors
Economic growth and its problems. Economy types growth. There are two types of economic growth: extensive and intensive. With the extensive type, economic growth is achieved through a quantitative increase in the factors of production while maintaining its former technical basis. With an intensive type of economic growth, an increase in the scale of output is achieved through a qualitative improvement in the factors of production: the use of more progressive means of labor and more economical objects of labor, the improvement of the skills of the workforce, and also by improving the use of the existing production potential. In real life, extensive and intensive factors...........
Absolute Advantage in the production of goods A - the ability of a certain country to produce this product with the least expenditure of resources.
Prepaid expense - the amount of funds issued in advance against future payments.
Authoritarian capitalism - an economic system in which the main resources are privately owned, and the government on a large scale directs and regulates the economic process.
Aggregation - connection of separate units or data into a single indicator.
Letter of credit - an instruction from a bank to one or several banks to make payments to an individual or legal entity on the order or at the expense of the client within the specified amount, on the terms specified in the instruction.
Assets - 1 . Part of the balance sheet (left side), reflecting in monetary terms the composition, placement and use of funds, grouped according to their economic content2 . The totality of property rights owned by an individual or legal entity.
Active operations of banks - operations of banks for the placement of their funds (purchase of securities, issuance of loans).
active balance of payments - the balance of payments, in which the amount of foreign receipts of the country exceeds the amount of its foreign expenses and payments. The value of this excess is called the active balance of payments.
Active trade balance - trade balance, characterized by the excess of exports of goods from the country over imports into it.
excise tax - tax on expenses associated with the acquisition of a particular product or the quantity of goods purchased.
Bearer share - a share, the forms of which do not contain the name of its holder. In the book of registration of shares joint-stock company only total number issued bearer shares.
Shareholder - co-owner joint stock company; the owner of shares that give the right to receive a certain income and to participate in the management of affairs.
Joint-stock company An enterprise whose capital is divided into shares called shares. Members of a joint-stock company (shareholders) are not liable for its obligations and bear the risk of losses associated with activities of society within the value of their shares. Joint-stock companies are open and closed.
Stock - a security that certifies the participation of its owner in the formation of the funds of a joint-stock company and gives the right to receive an appropriate share of its profit - a dividend.
Preferred shares - shares that give their owner the primary right to receive income in the form of a fixed, predetermined percentage. In the event of liquidation of a joint-stock company, the owners of preferred shares shall be returned the funds invested in shares at their nominal price. Preferred shares do not have the right to vote when making management decisions.
Ordinary shares - shares that give their holders the right to participate in the general meeting of shareholders and receive income, the amount of which depends on the actual amount of profit of the joint-stock company.
Opportunity cost - benefits from the possible other use of a limited resource.
Depreciation - 1. Gradual depreciation of fixed assets and the transfer of their value as they wear out to the finished product.2 . Gradual repayment of debt through periodic installments.
Arbitrator, Arbitrator - a mediator in disputes of a non-judicial nature, not interested in the conflict between the parties, elected by mutual agreement of the disputing parties.
Arbitration - permission contentious issues not subject to the jurisdiction of the court, arbitrators, as well as the state body dealing with such permission.
Rent - property lease; an agreement under which the lessor provides the lessee with property for temporary use for a certain (lease) fee.
Range - composition of products by types, types, varieties, sizes, brands.
Association - an association of organizations or persons to achieve an economic or other goal.
Auditor - a person (specialized organization) that checks the financial and economic activities of the enterprise, on the basis of a contract concluded with the management of the audited enterprise. It also performs advisory functions.
Auction - a method of sale at public auction, in which the valuables being sold are purchased by the buyer, “who offered the highest price for them.
Base year- the year used in the construction of the price index as a basis for comparison with prices in other years.
Accounting balance - document accounting, which in generalized monetary terms gives an idea of the state of affairs of firms on a certain date by comparing the funds used in the process of entrepreneurial activity, on the one hand, and their sources, on the other.
balance sheet profit - .
Bank - a financial intermediary whose main functions are accepting deposits and issuing loans.
Issuing bank - a bank that issues banknotes, securities, payment and settlement documents into circulation.
Correspondent banks - banks that, on the basis of a correspondent agreement, carry out instructions to each other for payments and settlements through specially opened accounts.
Banknotes - Bank notes, paper signs of various denominations issued in the country.
Bank account -
Bankruptcy - the insolvency of the debtor - the enterprise, the firm, bank, other organization to pay its debt obligations.
Bank account -
Bankruptcy - the insolvency of a debtor - an enterprise, a bank, another organization - to pay its debt obligations.
barter deal - a barter transaction with the transfer of ownership of goods without payment in cash.
exit barriers - factors that prevent a company from moving production to another industry, for example, the presence of specialized fixed capital.
Unemployment - a socio-economic situation in which part of the active, able-bodied population cannot find work that these people are able to perform. Unemployment conditioned the excess of the number of people who want to find a job over the number of available jobs that correspond to the profile and qualifications of applicants for these places. Unemployed are considered able-bodied citizens looking for work, registered at the labor exchange and having no real opportunity to get a job in accordance with their education, profile, work skills. It is customary to allocate frictional unemployment due to the fact that at any moment in the economy there are people who are in the process of changing jobs; structural unemployment due to structural changes in the economy; cyclical unemployment, the cause of which is the overall reduction in vacancies due to the economic downturn.
Business - economic activity for the purpose of making a profit.
Burma - a state or joint-stock organization that provides premises, certain guarantees, settlement and information services for transactions with securities, goods, receives commissions from transactions for this and imposes certain restrictions on trading. Organizes wholesale, including international, trade in bulk goods with stable and clear quality parameters (commodity exchange), or systematic transactions for the purchase and sale of securities (stock exchange), currency (currency exchange).
Labor exchange - a government agency that acts as an intermediary between employers and employees.
Exchange Bulletin - a periodic body of the exchange, which publishes (as a rule, daily): on stock exchanges - securities rates, on commodity exchanges - prices of goods and information about concluded transactions. It uses a set of special abbreviations.
boons - any means that bring benefits, that is, satisfy any needs. Goods are free and economic.
welfare - a measure, the degree of provision of people with the blessings of life, the means of subsistence. Welfare characterizes the standard of living of people.
Bretton Woods system - the international monetary system created after II world war, in which exchange rates were regulated, the International Monetary Fund helped stabilize foreign exchange rates, and gold and the dollar were used as international foreign exchange reserves.
Broker - an official intermediary in concluding transactions between buyers and sellers of goods, securities, currencies and other valuables on stock and commodity exchanges, currency markets. It has a place on the exchange, concludes transactions on its own behalf on behalf of and at the expense of the client, receiving remuneration (brokerage commission) for its services, the amount of which is regulated by the exchange committee.
Accounting costs -
Accounting - a system for accounting for resources and results of financial and economic activities of enterprises, carried out according to accepted rules using established forms of documents.
Budget - monetary expression of a balanced estimate of income and expenses for a certain period. If the expenditure side exceeds the revenue side, then the budget is reduced to a deficit. The excess of income over expenditure forms a positive balance of the budget.
budget policy - the use of revenues and expenditures of the state budget for the regulatory impact on the economy.
budget period - the period during which the approved budget is valid. Usually it is equal to 12 months and coincides with the calendar year. In cases where the fiscal year does not start on January 1 (and this is not uncommon), then you can use the term " fiscal year". For example: 23. 03. Afghanistan, Iran; 04. UK, Israel, India, Canada, Lebanon. Singapore, South Africa, Japan; 1. 06. Jordan: 1. 0 7. Australia, Egypt, Laos, Pakistan, Saudi Arabia, USA (in most states), Sweden; 8.07. Ethiopia; 16.07. Nepal; 25.09. Sudan; 1. 10. Haiti, USA (federal budget).
Gross profit- the entire amount of the company's profit before deductions and deductions.
Gross domestic product (GDP) - the total market value of final goods and services produced in the territory of the country by its citizens and foreigners for a certain period of time (usually a year).
Gross national product (GNP) - the total market value of final goods and services produced by residents (citizens) of the country in the country itself and outside it during a certain period of time (usually within a year).
Currency - the monetary unit of the country participating in international economic exchange and other international relations, entailing cash settlements. As a currency, a national currency has an international "price" expressed in terms of its exchange rate.
Currency basket - a set of national currencies that is used when quoting a national currency or an international collective currency, which makes it possible to more reasonably take into account the purchasing power of currencies, the impact of general economic conditions of exchange.
Currency dumping - export of goods at below world prices from a country with a depreciated currency to countries with a harder or less depreciated currency.
Currency clearing - mutual offset of counterclaims and obligations arising from the balance sheet of international trade transactions.
Currency market - system of socio-economic and organizational relations for the sale and purchase of foreign currencies and payment documents in foreign currencies.
bill of exchange - a security, which is a written promissory note of a strictly established form, according to which the drawer must unconditionally pay the designated amount of money to the owner of the bill (note holder) upon maturity.
Complementary Products - , the joint consumption of which is necessary to satisfy one need.
Interchangeable goods - that serve to satisfy a single need.
Contributor – .
The opportunity cost of producing good A is the amount of other goods that must be sacrificed in order to produce an additional unit of good A.
Foreign trade turnover - general indicator of development foreign trade, the total volume of exports and imports.
Guarantee- a person, organization, state that provides certain guarantees and monitors their implementation.
General Agreement on Tariffs and Trade, GATT - concluded in 1947. an agreement between states in which each of them agreed to give others equal and non-discriminatory trade treatment, reduce tariffs on the basis of a multilateral agreement, and eliminate import quotas over time.
Hyperinflation - an increase in the general level of prices, when, in general, prices increase several times over the year.
Hypothesis about rational behavior consumer - the assumption that the consumer seeks to obtain the maximum total utility by consuming a set of goods and services within a limited income.
State and municipal unitary enterprises - enterprises whose property is respectively in the state or municipal property, and belongs to such enterprises on the right of economic management or operational management.
public finance - attraction, management, use of public funds.
The state budget - an estimate of state revenues and expenditures for a certain period, most often for a year, compiled with an indication of the sources of state revenues and directions for spending funds.
State debt - the total debt of the federal government, equal to the sum of past budget deficits (minus budget surpluses).
Government sector - part of the country's economy, fully controlled by the state.
State as an economic entity - a set of bodies and persons who have concentrated economic power in their hands, make economic decisions on a national scale, dispose of state or public property.
Debtor- a debtor, a legal entity or an individual who has a monetary debt to an enterprise, organization, institution.
Devaluation - a decrease in the official gold content of the country's currency or a decrease in its exchange rate against the currencies of other countries, carried out by law.
mottos - means of payment in foreign currency intended for international settlements,
Currency unit - installed in legislative order banknote, one of the elements of the monetary system, which serves to measure and express the prices of all goods.
money supply - the total volume of purchasing and payment means serving the economic turnover and owned by individuals, enterprises and the state.
Monetary instability - a situation where the flow of money in the economy does not correspond to the flow of goods; as a consequence, the purchasing power of money changes.
Money turnover -continuous movement of money in the process of remuneration, sale of goods, payments for services and other payments.
monetary balance - equality of the flow of money to the flow of goods in the economy. This situation is characterized by the stability of prices, interest rates, and the behavior of financial market agents.
Monetary Aggregates - types of money and cash, differing from each other in the degree of liquidity. Indicators of the money supply structure. The composition of monetary aggregates varies by country. The most commonly used aggregates are MO (cash), M1 (MO + checks, demand deposits, M2 (M1 + small term deposits), MZ (M2 + all other types of deposits), (MZ + securities).
Money - funds that can be accepted as payment for any goods and services.
Deposit -cash or securities deposited with financial and credit, customs, judicial or administrative institutions.
Deposit - to deposit, to make a contribution, contribution.
Depression - the state of the economy, when the production of goods exceeded the money supply corresponding to the products produced; the result is a reduction in production.
deficit - insufficiency of funds, resources, goods in relation to the previously planned, planned or required level.
State budget deficit - the excess of state budget expenditures over its revenues.
Deflator - coefficient used to recalculate economic indicators, calculated in monetary terms, to bring them to the price level of the previous period. For example, the GNP deflator.
Deflation - 1. Withdrawal from circulation of surplus paper money and fiat banknotes issued during the period of inflation.2. An increase in the purchasing power of money, expressed in a decrease in the general price level in the economy.
Dividend - part of the profit of a joint-stock company, annually distributed among shareholders in the form of income on shares they own in accordance with the number and type of shares they own.
Dealer - a person (company) carrying out exchange or trade intermediation at its own expense and on its own behalf. It has a place on the stock exchange, quotes any securities. The dealer's income is generated from the difference between the purchase and sale prices of currencies and securities, as well as from changes in their rates.
Discount - 1. Accounting interest in banking practice, charged by the bank when discounting bills.2 . In the practice of currency and commodity markets -
discount from the exchange rate for urgent cash transactions.
Discounting bills, discounting bills - Purchase by the bank of bills of exchange from the holders of the bills before the expiration of their term.
Distributor - a company that sells on the basis of bulk purchases from large industrial firms producing finished products. It's relative large firm, which has its own warehouses and establishes active contractual relations with industrialists.
Household - an economic entity that has consumption as a target, owns different types of resources.
Assumption "ceteris paribus" - the assumption that factors other than those under study are constant.
Income - in the broad sense of the word means any receipt of funds or receipt of material assets with monetary value. See also Enterprise Income.
European Common Market, European Economic Community - an association of European countries, formed in early 1958. with the aim of gradually eliminating customs tariffs and import quotas in trade between its members, establishing common tariffs on imports of goods from third countries, ensuring free movement in the future within the framework of the association of labor and capital, developing other principles of a coordinated economic policy and forming a single economic space.
sole proprietorship - a private company owned and operated by one person.
natural monopoly - an industry in which economies of scale are so great that a product can be produced by one firm at a lower average cost than if several firms were involved in its production.
Natural rate of unemployment is the unemployment rate at full employment.
Product life cycle - the period of time from the concept of a product to its removal from production and sale. In marketing, the following stages of the cycle are considered:
1. origin (development, design, experiments);
2. growth (the appearance of a product on the market, the formation of demand);
3. maturity (batch production, wide sale);
4. market saturation;
5. fading the sale and production of the product.
Loan- an agreement under which one party (the lender) transfers ownership or operational management to the other party (the borrower) money or things defined by common features, and the borrower undertakes to return the received amount of money or things of the same kind and quality.
Oyken's (Oaken's) Law - regularity, derived empirically; says that, as a rule, the excess of unemployment by one percent over its natural level leads to a lag of real GNP from the potential by 2.5 percent.
Law of supply - in any market, at any time, other things being equal, there is a positive relationship between the price of a product and the value of its supply.
Law of demand - in any market, at any time, other things being equal, there is a negative relationship between the price of a product and the quantity demanded for it.
Closed Joint Stock Company - a joint-stock company, whose shares are distributed only among its founders or other predetermined circle of persons. Such a company is not entitled to conduct an open subscription for shares issued by it or otherwise offer them for purchase to an unlimited number of persons.
Pledge - property, documents that are the guarantor of the fulfillment of contractual obligations. If the debtor fails to fulfill the obligation secured by the pledge, the creditor shall have the right to receive satisfaction from the value of the pledged property.
Wage - monetary reward for work; part of the value of the good created by labor, the income from its sale, issued to the employee by the enterprise, institution in which he works, or another employer. The amount of wages is established either in the form of an official salary, or according to the tariff scale (rate), or in accordance with the contract, but cannot be lower than the level of the minimum wage established by law. Upper limit wages in the economy market type usually not limited. The above applies to nominal wages.
Gold content of the currency - the weight content of pure gold, assigned to the national currency. Currently, the gold content is conditional.
Joint Venture Zone - the area (part) of the national-state territory, where joint entrepreneurship is carried out in various forms, in accordance with the adopted legislation. In these JV zones, special preferential regimes are introduced, which create attractive conditions for investing foreign capital.
Free trading zone - an area within which a group of countries maintains free, duty-free trade.
Distribution costs - expenses of producers and consumers associated with the sale and purchase of goods.
Import - purchase and import of foreign goods, technologies and services into the country from abroad for their sale in the domestic market of the importing country.
Imported inflation - inflation caused by the impact external factors- an extraordinary influx of foreign currency into the country and an increase in import prices.
Capital- “everything that can generate income”, or a working source of income invested in a business. Capital is divided into real (capital resources) and financial, on the basic and negotiable.
Capital investments - cm. .
capital intensity - the cost of fixed capital per unit of output. Capital intensity is determined by dividing fixed assets by the volume of products in monetary terms, produced in one year.
Capital resources (real capital) - all means of production created by people, including tools, industrial equipment and infrastructure.
Cartel - a form of monopoly in which its participants, while maintaining industrial and commercial independence, agree among themselves on prices, market division, and the exchange of patents.
Quality goods A product whose purchase volume does not decrease with an increase in the consumer's income.
Quota -1.The tax rate per unit of taxation.2. The share of each of the cartel members in total
production and marketing.
To export-import voting - Establishment of the maximum allowable quantity of goods for import into the country or export from the country.
Clearing - a system of non-cash payments based on the offset of mutual monetary claims. The goal is to ensure the equality of commodity deliveries and payments between the two countries and their annual balance. The balance of the clearing account, revealed as a result of the imbalance of trade, is covered by the debtor country in the manner and within the time limits stipulated by the relevant intergovernmental agreement.
command economy - a type of economic system in which the dominant method of decision-making is centralized management.
Commercial Bank - a bank engaged in lending to industry and trade at the expense of monetary capital attracted in the form of deposits and by issuing its own shares and bonds.
Convertible currency - currency, freely and unlimitedly exchanged for other foreign currencies. Currency conversion can be complete, when the exchange is made for any foreign currency, and private, when the currency of a given country is exchanged only for some currencies and not for all international payment transactions.
Conglomerate - a type of monopoly, which is an association of enterprises belonging to different sectors of the economy and not related to direct economic cooperation. The conglomerate is usually managed through a holding company.
Competitiveness - the ability of products to meet the prevailing requirements of the market in the period under review.
Competition - rivalry between producers (sellers) of goods for markets in order to obtain more high income, and in the general case between any economic entities for the best results.
Consensus - general agreement, characterized by the absence of serious objections on substantive issues from the majority of interested parties. It does not necessarily imply complete unanimity.
Contract - contract, agreement (usually written), defining the mutual rights and obligations of the contracting parties.
Controlling stake - the share of shares concentrated in the hands of one owner and making it possible to exercise actual control over the joint-stock company.
Production concentration - focusing most of the industry output on a few large enterprises industries.
Concern - association of industrial, commercial and other enterprises of various industries, banks, insurance companies and other financial and credit institutions under a single financial control.
Concession - an agreement on the commissioning by the state of private entrepreneurs, foreign firms of industrial enterprises or land plots with the right to extract minerals and build various structures.
conjuncture - a set of features characterizing the current state of the economy in a certain period.
Leasing- long-term lease of equipment, machines, industrial facilities.
Liquidity - 1. The possibility of converting asset items into money to pay liabilities for liabilities.2. Ease of realization, sale, transformation of material assets into cash.
License - 1) granting organizations and individuals the right to use patented inventions, technologies, technical and commercial information;2) permission to carry out various activities within certain limits, issued by government authorities for those species that need to be restricted, or to collect fees for a permit issued.
Export-import licensing - granting the exclusive right to import into the country or export from the country of a certain product.
Personal income - the amount of income actually received by the population in their hands after deducting from the national income the contributions of workers, employees and employers to the social insurance system, the deduction of income taxes and retained earnings, but with the addition of transfer payments, i.e. those payments that are received by the population, but not earned.
Broker- a broker on the stock exchange.
Macroeconomics - a section of economic theory that studies the economy as a whole or its elements combined into large groups.
low value goods - goods, the volume of purchases of which decreases as consumer income increases.
Marketing - system of organization and management of activities firm aimed at maximizing sales of its products, achieving high efficiency of export products, expanding market share.
Price Scale - 1. The amount of gold or silver taken in country for a monetary unit and its multiples. 2. The technical function of money; means expressions of value in monetary units.
Material consumption - indicator of consumption of raw materials and materials to produce a unit of a product. Expressed in natural units, in monetary terms or as a percentage, which make up the cost of materials in the total output products.
International division of labor - specialization of countries on production of certain types of goods, for the manufacture which the country has preferential conditions for compared to other countries.
International Bank for Reconstruction and Development (IBRD) - a bank based - on the membership of states, which provides (and guarantees) loans to developing countries to secure their development [World Bank].
International Monetary Fund (IMF) – international association of states formed after World War II to provide loans in foreign currency to countries with temporary deficit in the balance of payments and to implement measures to maintain exchange rates.
International gold standard - operating in the XIX - early 20th century international monetary system, in accordance with which each country expressed the value of its monetary units in a certain amount of gold, provided the exchange banknotes for gold, maintained a constant ratio between with its gold reserves and the mass of money in circulation and allowed free import and export of gold.
Manager - hired manager - professional knowledge of organization and management production.
Management - a set of principles, methods, means and forms of production management in order to increase production efficiency and increase profits.
Best Enterprise Size - the size of the enterprise, where average long-run costs are at a minimum.
Cash - a form of representation of money, as a rule. AT the form of banknotes. In Russia, banknotes are represented in in the form of banknotes and coins.
Tax - state-imposed mandatory fee, paid by the enterprise, institutions and the population, collected by the state by virtue of its right to a part of the income without response services.
value added tax - tax on the difference between the cost of goods sold by the firm and the cost of goods purchased from other companies.
Tax incentives, tax incentives - partial or full exemption of individuals and legal entities from taxes.
National monetary system - form of organization monetary circulation in the country, which has developed historically and enshrined in law.
national income - newly created (added) value of final goods produced in the economy during a certain period.
Unfinished production - partially finished products, requiring additional processing before its implementation.
Independent Products - goods not detecting relationships of interchangeability and complementarity between yourself.
Intangible (intangible) assets - assets, not having a physical natural firm, but endowed with "intangible value" and, therefore, bringing to the company additional income. This includes: trademarks and marks, trade secrets, publishing rights, patents, good company reputation, etc.
Insolvency - the financial position of the company or state in which they are unable to timely fulfill their financial obligations.
Non-manufacturing sphere - a set of industries and types activities to serve the population and the national economy.
Imperfect Competition - situation in the market product or service when individual sellers and/or buyers their actions can affect the market price good.
forfeit - monetary value determined by agreement or law the amount that the debtor is obliged to pay to the creditor in the event of non-performance or improper performance of obligations.
Implicit costs - the cost of internal resources of the firm, not accounted for in monetary terms.
New international economic order - package proposals put forward by developing countries about fundamental changes in their relationship with the industrial developed countries; these proposals are intended accelerating the economic growth of developing countries and redistribution of world income in their favor.
Denomination Rated price - the value indicated on the securities papers, paper money, banknotes, coins.
Nominal GNP (GDP) - GNP (GDP) expressed in prices current year.
know-how - collection of different knowledge, scientific, technical, financial, production, commercial or otherwise administrative, character, experience, practically applied in the activities of the enterprise or in professional activities, but who have not yet become public domain.
Bond- a security reflecting the relationship of the loan and giving its holder (owner) income in the form of a fixed percent of its face value.
Exchange - an economic transaction for the transfer of goods by one economic entity to another with the receipt of money in return or other goods.
working capital - capital participating and wholly consumed within one production cycle
Total (cumulative) utility - degree of satisfaction from consumption of all goods and services in a given period time.
Overall profitability of production - attitude book profit to average annual cost production fixed assets and normalized working capital funds.
Public and religious organizations (associations) - voluntary associations of citizens united in the manner prescribed by law on the basis of their common interests to satisfy spiritual or other non-material needs. Public and religious organizations are non-profit organizations, that is, they have the right to carry out entrepreneurial activity only to achieve the goals for which they were created, and corresponding to these goals. Participants (members) of public and religious organizations do not retain the rights to the property transferred by them to these organizations, including membership fees. They are not liable for the obligations of these organizations, and the organizations are not liable for the obligations of their members.
public good - a good or service to which the principle of exclusion does not apply and the production of which is provided by the state, provided that they bring significant benefits to society.
Additional Liability Company - a company whose authorized capital is divided into shares of certain founding documents sizes; the participants in such a company bear subsidiary liability for its obligations with their property in the same multiple for all to the value of their contributions.
Limited Liability Company - a company, the authorized capital of which is divided into shares of the sizes determined by the constituent documents; participants in a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the value of their contributions.
The total income of the firm -
Common Market - removal of restrictions on the free movement of goods, capital, labor for a group of countries, for example, the European Community, which includes a number of developed Western European states.
Limited resources - Insufficiency of the resource to satisfy the desire of everyone.
Oligopoly - a type of market of imperfect competition, which is dominated by several large producers (sellers) of the goods, which, by their actions, can influence the market price of the goods.
Oligopsony - a type of market of imperfect competition, which is dominated by a few large buyers of the goods, which, by their actions, can influence the market price of the goods.
Optimal production volume - the value of output at which the total profit reaches its maximum value.
Organization of countries - exporters of oil (OPEC) - an international cartel formed in 1970. by thirteen oil-producing countries in order to control prices and quotas for oil exports by members of the cartel.
Main capital - a set of means of labor functioning in the sphere of production in an unchanged natural form over many production cycles and transferring their value to the newly created product in parts, as they wear out.
Public corporation - a joint-stock company whose members may alienate their shares without the consent of other shareholders. Such a joint-stock company has the right to conduct an open subscription for shares issued by it and their free sale on the terms established by law and other legal acts. An open joint stock company is obliged to annually publish for general information annual report, balance sheet, profit and loss account.
Branch of the economy - a group of enterprises producing identical or similar products.
Negative economies of scale - a situation where the level of average long-term costs increases with the growth of the enterprise.
partnership- a joint venture of several persons (individuals, legal entities), each of which participates in it not only with its own capital, but also with personal labor.
Passive - part of the balance sheet, reflecting the sources of formation of funds of an enterprise or institution and their purpose (own funds, loans from other institutions).
Passive balance of payments - the amount of the excess of payments made by the country abroad over the receipts of funds from abroad into the country.
Patent - 1) a document, a certificate issued to the inventor and certifying his authorship and exclusive right to the invention;
2) a document containing permission to engage in any craft or craft, subject to fixed conditions and making a payment (patent fee).
transitional economy - the state of society between different ways of regulating economic activity.
Floating (free) exchange rate - the price of the currency, which is established as a result of the interaction of supply and demand in free foreign exchange markets.
Solvency - the ability of the state, legal or natural person to timely and fully fulfill its payment obligations arising from trade, credit or other transactions of a monetary nature.
Payment balance - the ratio of payments received by a given country from abroad (the active part of the balance of payments) and payments made by it abroad (the passive part of the balance of payments) during a certain period of time.
Purchasing power of money - the ability of a monetary unit to be exchanged for a certain amount of goods.
Utility - the degree of satisfaction from the consumption of a product or service, distinguish between total (cumulative) and marginal utility.
Creeping inflation - slow, imperceptible increase in prices.
Full employment - 1. The use by the economy of all available resources for the production of goods and services;
2. Such level of employment when there is only frictional and structural unemployment, but there is no cyclical unemployment.
General partnership - a partnership, the participants of which (general partners) form the authorized capital on a shared basis, also manage and distribute profits, bear full property liability for the company's obligations, that is, they are liable for obligations with all their property.
Full production - a situation where the resources needed in production are used in the best possible way for them.
Positive economies of scale - a situation where the level of average long-term costs decreases with the growth of the enterprise.
Constant scale effect - situation. When the level of average long-term costs does not change with the growth of the enterprise.
Consumer goods - goods and services intended for final consumption, for personal, family or household use.
consumer equilibrium - the state in which the structure of expenditures of the consumer's budget provides him with the greatest overall utility from the entire set of consumer goods he acquires.
Price ceiling - legally established maximum price for goods and services.
Consumption - use, use, application of goods in order to satisfy needs. Distinguish between production consumption - spending, the use of resources in the production process, and non-productive, final consumption of goods by people, the population to meet social and personal needs.
Needs - all physical, social and spiritual human feelings of need (lack). Economic theory deals with the needs that drive economic activity, that is, the specific desires that are satisfied with the help of goods or services.
Product - material or non-material result of human labor (subject, scientific discovery).
Products - the entire amount of economic goods produced over a certain period of time (in the world, in the country, in the sector of the economy, at the enterprise, by an individual worker).
Manufacturing - a set of sectors of the national economy and activities that create wealth in the form of products, energy, in the form of moving goods, storing products, sorting, packaging and other functions that are a continuation of production in the sphere of circulation.
Production - the process of creating economic benefits.
Proportional tax - a tax, the average rate of which remains unchanged with an increase or decrease in the income of the taxpayer.
Protectionism - the economic policy of the state, which aims to protect the national economy from foreign competition by imposing high duties on goods imported into the country, restricting or completely prohibiting imports
individual goods.
union - a group of hired personnel united in an organization to protect their interests and improve their position.
Percent - a fee that the borrower must reimburse the lender for the use of a loan, loaned money or material values.
Direct funding - the type of operations in the financial market, when borrowed funds are directly transferred from the lender to the borrower.
Direct taxes - taxes levied on the results of economic activity: directly on the taxpayer's income and property.
Equilibrium (market) price The price of a good at which the quantity demanded for it is equal to the quantity supplied.
Division of labor -breakdown production process for a large number of specialized tasks (operations).
Rentier - a person who lives on interest on a loan of capital or on income from securities.
Small coin -
Distribution - division of the produced economic product, income, profit into separate parts that have a targeted purpose, intended for transfer to separate funds, to individuals.
regressive tax - a tax, the rate of which decreases with an increase in taxable income.
Rent - certain income from capital, property or land that do not require entrepreneurial activity from their recipients.
Real wage - the amount of goods and services that a worker can buy with his money wages; purchasing power of wages.
Real GNP (GDP) - GNP (GDP), expressed in the prices of the year taken as the base.
Regulatory function of prices - the ability of changes in prices to entail changes in the magnitude of demand for products and resources, the volume of their supply and the distribution of economic benefits between market entities.
Most favored nation treatment - an agreement providing for the reduction of import duties on goods of a certain country.
Reserve rate (reserve rate) - the established minimum percentage of deposit liabilities that the bank is obliged to hold in central bank or in your own repository.
self-sufficiency - the principle of functioning of a self-supporting enterprise, in which it reimburses all its expenses from the proceeds from the sale of products.
Self-financed - a management system in which an association or enterprise covers all costs for both simple and extended reproduction from its own sources.
freedom of choice - the use of material resources and money by their owners at their own discretion, the free right of workers to engage in any kind of labor for which they are capable, and the use by consumers of their income for purposes that they consider preferable.
Freedom of enterprise - the use by private firms of economic resources to produce goods of their own choice and sell the goods produced in markets of their own choosing.
Freedom of trade - the absence of artificial (established by the government) barriers to trade between individuals and firms from different countries.
Free economic zone - a free trade zone, in which there are especially favorable economic conditions for foreign and national entrepreneurs.
free goods - means that satisfy any needs and are in relation to these needs in excess. Free goods are not the subject of economic activity.
Production cost - expressed in monetary terms, the current costs of the enterprise for the production and sale of products.
seasonal fluctuations - an increase or decrease within one year in the level of economic activity due to the change of seasons.
Syndicate - a type of monopoly, which is an association of entrepreneurs, which assumes the implementation of all commercial activities while maintaining the industrial and legal independence of its constituent enterprises.
Velocity of money - the number of purchase and sale transactions that the monetary unit in circulation serves during the year.
mixed economy - a type of economic system in which it is impossible to single out the dominant way of making economic decisions.
Own - belonging of material and spiritual values to certain persons, the legal right to such belonging and economic relations between people regarding ownership, division and redistribution of property objects; includes the rights of possession, disposal, use. In property relations, the type of ownership of the means of production is of decisive importance: private or public.
Perfect Competition - a situation on the market of any product or service, when neither seller nor buyer can influence the market price of the good by their actions.
Specialization - concentration of production in relatively narrow areas, individual technological operations or types of products.
Demand The quantity of a good that buyers are willing and able to buy at a given price in a given market at a given point in time.
Comparative advantage in the production of good A the ability of a given country to produce good A with less opportunity cost than another country.
Average cost - cost per unit of output. Average cost is obtained by dividing total costs on the number of products produced. Since total cost is the sum of total fixed and total variable costs, dividing total cost by quantity means that average cost is also the sum of average fixed and average variable costs.
Average income firms - revenue per unit of output.
urgent account - type of bank account, the withdrawal of funds from which can be made after a certain period of time from the moment of its opening.
Loan - transfer of material values or money by one party to the loan agreement to another on the terms of return and, as a rule, with the payment of interest.
Refinancing rate - the percentage at which the Central Bank lends to commercial banks.
Stagnation - stagnation in production, trade and other sectors of the economy.
Stagflation - the state of the country's economy, characterized by stagnation in the development of inflationary trends, i.e. combination of economic crisis with inflation.
Credit cost - the amount that the borrower pays to the lender for the use of the loan. The main components of the loan cost are the interest rate, commissions and fees, insurance premium.
Strategic Commodities - goods (equipment, "know-how" technology), the export of which is prohibited, restricted or controlled in order to prevent damage to the national security of the country - the owner of the goods.
Insurance - creation at the expense of funds of enterprises, organizations, citizens of special insurance funds intended to compensate for damage. Insurance is carried out by state bodies, insurance companies, companies. Insurance is a form of financial intermediation.
Subsidiary Liability - unlimited liability for obligations, divided between the founders of the legal entity in the proportions of their equity participation.
Consumer Sovereignty - the ability of the consumer to influence the producer by buying the product or service that he wants to buy at the price that he agrees to pay.
Customs Union - the common customs territory of two or more countries with a single customs tariff for third countries and the complete abolition of duties in mutual relations.
Customs duties -
Customs - a state institution through which all imported and exported goods are obliged to be imported into the country and exported from the territory of the country for the purpose of their customs, control and collection of established customs duties and fees.
Rate - a system of rates that determines the amount of payment for retail services; wage rate system.
Hard currency - a currency that is stable in relation to its own face value, as well as to the rates of other currencies.
Technology - the amount of knowledge that can be used to produce goods and services from economic resources.
unitary enterprise -a commercial organization that is not endowed with the right of ownership of the property assigned to it by the owner. In the form of unitary enterprises, only state and municipal enterprises. A unitary enterprise is liable for its obligations with all its property and is not liable for the obligations of the owner of the property.
Unemployment rate -the proportion of the labor force that is not employed at any given time.
Standard of living -an indicator characterizing the average quantity and quality of goods and services consumed in the country.
Price level -weighted average of prices paid for finished goods and services produced in the country.
Service -a good that is produced and consumed at the same time. Unlike a good, a service cannot be inherited and cannot be stored.
Charter -a set of rules that defines the organization, the procedure for the activities of any persons or organizations.
Authorized capital -the initial amount of the company's capital, determined by its charter and formed mainly from the proceeds from the sale of shares or by contributing shares by the founders.
Accounting for bills -purchase by a bank or a specialized credit institution of promissory notes before the expiration of their liquidation period. When accounting, the bank pays the holder in advance the amount for which the promissory note was issued, minus interest, the amount of which is determined taking into account the existing interest on loan capital, depending on quality and term of the bill.
Accounting percentage, discount rate -a fee charged by banks for advancing money by purchasing (accounting for) bills of exchange, securities, shares and bonds, and other debt obligations before they fall due.
Factors of production -
Individual -a person as a bearer of civil rights and obligations.
Fixed exchange rate -the price of the currency, which is established by the decision of any state body. At the same time, as a rule, the purchase and sale of currency is limited and is carried out only at this price.
Financial intermediaries - financial institutions involved in the accumulation of funds of individuals and legal entities with their subsequent provision on loans and placement on the securities market.
financial capital -capital in cash.
Finance -a set of economic relations in the process of creating and using centralized and decentralized funds of funds.
Firm -economic, industrial or commercial enterprise enjoying the rights of a legal entity.
Funds (charitable and others) -a non-profit organization without membership, founded by citizens and (or) legal entities on the basis of voluntary property contributions, pursuing social, charitable, cultural, educational or other socially beneficial goals. The property transferred to the foundation by the founders is the property of the foundation. The founders are not liable for the obligations of the foundation, and the foundation is not liable for the obligations of the founders. The Foundation is required to publish annual reports on the use of its property.
Freedchaising -a license issued by firm A to firm B, giving it the right to act on behalf of firm A. At the same time, firm B is obliged to conduct its business only in the form prescribed by firm A, for a certain time and in a certain place. In turn, firm A undertakes to supply firm B with goods, technology, and provide all kinds of assistance in business.
return on assets -an indicator that characterizes the efficiency of using fixed capital for production. It is calculated by dividing the output by the value of the spent fixed assets (fixed capital).
Business partnerships and companies -commercial organizations with an authorized capital divided into shares of the founders.
Allocate:
General partnership
Limited partnership (limited partnership)
Limited Liability Company
Additional Liability Company
Joint-stock companies of closed and open type .
Holding, holding company - company, parent company, business manager or controlling the activities of other enterprises, companies. AT foreign practice the holding company occupies a leading position due to the possession of a block of shares of enterprises and firms controlled by it. At the same time, the holding company itself may not be engaged in its own production activities.
Price -the monetary expression of the value of a commodity, an indicator of its magnitude.
Securities -documents containing property rights, giving the right to receive a certain part of the income. Represented by shares, bonds, bills.
Central bank -main National Bank country, endowed with special functions: the right to issue banknotes and regulate the activities of commercial banks.
Private property -the right of individuals and firms to acquire, own, control, use, sell and bequeath land, capital and other assets.
Check -a monetary document of the established form containing an unconditional order of the drawer of a check to a credit institution to issue the amount specified in it to the holder of the check.
Economy -social economy, which is a unity of production, distribution, exchange and consumption.
Economic integration -association of countries pursuing common economic goals, while maintaining political independence.
There are the following stages of integration:
Free trading zone,
Customs Union,
Common Market,
economic union.
economic freedom -the right of individuals to make economic decisions.
economic system -a set of laws, institutions, types of human activity and values, its defining and motivating factors, which underlie economic decision-making. There are the following types of economic systems: traditional, command, market and mixed economies.
Economic theory -social science that studies the choices people make to use limited resources to meet their needs.
Economic efficiency -an indicator that characterizes the effectiveness of the use of limited resources to meet needs.
economic benefits -goods that are limited in relation to their needs, the production of which is associated with costs, and which therefore have a price in the market. Economic goods are divided into goods and services.
economic costs - “opportunity cost” , the benefits that could be derived from the best alternative use of the resource.
economic costs add up from and implicit costs.
On the basis of dependence on the volume of production costs (total) divided by permanent(does not depend on the amount of output) and variables(Growing with the increase in output).
The economic growth -an increase in the scale of aggregate production and consumption in the country, characterized by such macroeconomic indicators as gross national product, gross domestic product, national income.
The economic growth measured the rate of growth or growth of these indicators for a certain period of time (the ratio of indicators at the end and at the beginning of the period or the ratio of the growth of an indicator to its initial value).
Depending on the sources of economic growth distinguish extensive and intensive the economic growth.
economic union -a stage of economic integration, which implies the removal of restrictions on the free movement of goods, capital, labor between the participating countries, a single currency system, and the harmonization of the economic policies of the participating countries.
Business cycle -recurring ups and downs in the level of economic activity over a number of years.
Export -sale or export of goods, technologies and services abroad for their sale on the foreign market.
Extensive economic growth -increase in total output by attracting additional resources without increasing the efficiency of their use.
Price elasticity of demand -an indicator that characterizes the degree of change in the magnitude of demand when certain change prices.
elastic demand -demand that tends to fluctuate significantly with small fluctuations in prices.
Embargo -the prohibition by the state authorities of the import into or export from the country of currency, gold, goods, securities.
Emission -issuance of banknotes in all forms. The issue of securities can be private (issue of shares and bonds by joint-stock companies) and state (issue of government bonds).
Issuer -issuing institution or enterprise.
Efficiency in production -a situation in which it is impossible to increase the production of one product without decreasing the production of another.Conditions for achieving efficiency in production -full employment of resources and full production.
Efficiency in distribution -a situation in which a change in the distribution of goods cannot increase one person's pleasure from their consumption without decreasing the pleasure of another.
Entity -organization, firm that meets the following criteria established by the legislation of the relevant country:
a) the independence of the existence of a legal entity from its constituent individuals, which may change;
b) the presence of its own separate from its participants;
in) the right to acquire, use and dispose of property;
G) the right on its own behalf to be a plaintiff and a defendant in court and arbitration;
e) independent property liability.
Explicit (accounting) costs -the direct cash costs of the firm's purchase of resources from outside.
ADVANCE - an amount of money issued against future payments for material assets, work performed and services rendered.
EXCISES - indirect taxes included in the price of goods and paid by the buyer.
SHAREHOLDER - a co-owner of an enterprise or organization established in the form of a joint-stock company, owning shares confirming the amount of his contribution to the authorized capital of the joint-stock company and giving the right to receive a dividend.
JOINT STOCK COMPANY - an enterprise or organization whose authorized capital is divided into a certain number of shares distributed among shareholders.
A SHARE is a security that certifies the participation of its owner in the formation of the funds of a joint-stock company and gives the right to receive an appropriate share of its dividend profit. Shares are sold and bought, incl. on the stock exchange.
AUDIT - a control function of the correctness of the preparation of financial documents.
AUCTION - successive sale of real goods based on the competition of buyers.
BANK - according to the legislation of the Russian Federation, a commercial institution, which is a legal entity, which, in accordance with the law and on the basis of a license issued by the Central Bank of the Russian Federation, has the right to raise funds from legal entities and individuals and place them on its own behalf on the terms of repayment, payment and urgency, and carry out other banking operations.
BANKRUPTCY - the ruin of an economic entity, individual or legal entity in the event of its recognition in the manner prescribed by law as an insolvent debtor.
BARTER is a direct moneyless exchange of goods or services.
EXCHANGE - the organizational form of the wholesale, incl. international trade in bulk goods with stable and clear quality parameters (commodity exchange), or systematic transactions for the purchase and sale of securities, gold, currency (stock exchange).
BROKER - an individual or firm engaged in mediation in the conclusion of transactions on the stock, commodity and currency exchanges.
EXCHANGE RATE - the price of the currency of one country, expressed in the currency of another country.
DEVALUATION - the official depreciation of the national currency against foreign currencies.
DUMPING - the sale of goods in the markets of other countries at prices below the level normal for these countries.
MONEY SUPPLY - the total money supply that determines the national economy and is in circulation.
MONEY is a special commodity that plays the role of a universal equivalent in the exchange of goods, a product of spontaneous exchange and a form of value for all other goods.
DEPOSIT - funds or securities deposited with financial and credit, customs, judicial or administrative institutions.
DEFICIENCY COMMODITY - discrepancy between the commodity supply and demand.
DIVERSIFICATION - an increase in the number of industries and the range of goods (services) produced individual enterprises in new areas for them.
DIVIDEND - part of the profit of a joint-stock company, annually distributed among shareholders in accordance with the number (amount) and type of shares they own.
DEALER - a person (or firm) carrying out exchange or trade intermediation at his own expense.
SUPPLY - appropriations from the budget intended to cover planned losses or balance lower budgets.
INFLATION - the overflow of circulation channels with paper money, accompanied by their depreciation and rising prices.
CREDIT - a loan provided in cash or in kind on a repayment basis and, as a rule, with the payment of an interest determined by agreement between the creditor and the debtor for the use of the loan.
LIQUIDITY - the mobility of assets of enterprises, firms, banks, which implies the possibility of uninterrupted payment on time of credit and financial obligations and legitimate monetary claims.
BROKER - an intermediary between the parties when concluding transactions on stock and commodity exchanges.
MARKETING - analysis and forecasting of the market situation in order to guide production and provide better economic conditions for the sale of manufactured products.
MANAGER - manager of a company, bank, financial institution, their structural divisions; a professional in his field, endowed with executive power.
MONOPOLY - the exclusive right of production, trade, etc., owned by one person, a certain group of persons or the state; generally the exclusive right to something.
MONOPSONY - a situation in the market in which one buyer is opposed by a large number of sellers.
STATE TAXES - obligatory payments established and collected by the state from citizens, as well as from legal entities.
PENALTY - the amount that the debtor is obliged to pay to the creditor in case of non-fulfillment or poor-quality fulfillment of the obligation.
VALUE - the officially declared value of a banknote, a security, as a rule, does not correspond to the actual value.
OLIGOPOLY - a market situation in which a small number of fairly large sellers opposes a mass of relatively small buyers, and each seller accounts for a significant part of the total supply on the market.
OLIGOPSONY - a market situation in which a sufficiently limited number of buyers is opposed by a large number of sellers (manufacturers). GROSS PROFIT- the entire amount of profits of enterprises before deductions and deductions.
PROLONGATION - extension of the validity of the document. RENTIER- the owner of capital, living on interest from its provision on a loan or on income from securities.
REVALUATION - an increase in the official exchange rate of the national currency in relation to foreign currencies. REIMPORT- purchase and import from abroad of domestic goods that have not been processed there.
MARKET - a set of socio-economic relations in the field of exchange, through which the implementation is carried out marketable products and the social character of the work contained in it is finally recognized.
RENEWAL - a system of measures to improve the financial situation of enterprises in order to prevent their bankruptcy or to increase competitiveness. STAGFLATION- the state of the economy, when the stagnation or decline in production (stagnation) is combined with increasing unemployment and a continuous rise in prices - inflation. HOLDING- a type of entrepreneurship, the essence of which is the acquisition of controlling stakes in various companies in order to establish control over their activities and receive income in the form of dividends. SECURITIES - documents containing property rights that give the right to receive a certain part of income.
BRIEF GLOSSARY OF ECONOMIC TERMS
Absolute Release working capital - the amount of reduction in the amount of working capital in the reporting period compared with the previous period or plan.
Prepaid expense- the amount of money issued on account of future payments for material assets, work performed and services rendered. In international trade, a buyer's advance as a form of lending to exporters by importers is one of the forms of corporate credit.
Assets:
2) property, goods, securities, funds belonging to the enterprise, organization, including amounts not claimed from other enterprises or other debtors;
3) an integral part of the balance sheet of the enterprise, where the active part shows all its funds, their placement by stages of reproduction, and the passive part reflects the sources of funds grouped by their origin: own funds attracted temporarily into circulation, borrowed, targeted financing, etc. P.
Share capital- the capital of a joint-stock company, formed by combining many individual capitals and attracting cash savings from small investors through the sale of shares and bonds. The share capital formally represents the joint capital, as it is the property of the joint-stock company as a whole, and not of its individual members. In fact, through a controlling stake, they are disposed of by their large holders.
Depreciation- gradual transfer of the value of the consumed means of labor to the produced product, accumulation as the product is sold, sums of money corresponding to the transferred value, and reimbursement of depreciated fixed assets at the expense of these amounts. The economic meaning of depreciation is to compensate production costs associated with the wear and tear of the means of production, by including costs in the cost of production.
Analysis- a system of techniques and methods for studying specific economic phenomena.
Rent- provision of property for temporary use on a contractual basis for a certain fee without changing the ownership right. The following can be leased out: land, buildings, structures, enterprises, means of production, etc. In this case, the lessor (person, enterprise) who leased the property remains the owner. The lessee (a person, a group of persons, a labor collective) acquires the right of the owner for the period and in the manner established by the lease agreement.
Rent:
1) a part of the lessee's income transferred to the lessor as payment for the temporary use of any property. It is set in absolute amount. The size and procedure for making payments are determined by the lease agreement;
2) payment for the use of leased property. The amount of rent, terms and other terms of payment are stipulated by the agreement between the tenant and the landlord. If we are talking about renting an enterprise, then the part of the rent formed from profit does not exceed its expenses, since it is paid within the income tax rate.
Appropriations- the allocation of a certain amount of money by the state or private firms for any expenses.
Product range- list certain types products manufactured and sold at enterprises Catering. There is an assortment of dishes, culinary, confectionery, semi-finished products, purchased goods.
balance sheet profit- the result of the production and economic activities of the enterprise.
Bankrupt- 1) an insolvent debtor; 2) crashed.
Bankruptcy- ruin, refusal of a citizen, enterprise, organization, bank to pay its debt obligations due to lack of funds. Usually leads to the closure or forced liquidation of the enterprise, the sale of property to pay off the claims of creditors (debts).
barter deal- a non-currency, but valued and cost-balanced barter transaction, drawn up by a contract. The valuation of goods is carried out at world or contract prices to ensure the equivalence of the exchange, as well as for accounting in customs statistics, determining the sums insured and the amount of claims for non-fulfillment of the terms of the contract.
Gross income- an indicator that characterizes financial results trading activities and defined as the excess of revenue from the sale of goods and services over the costs of their acquisition for a certain period of time.
Gross income from catering establishments- an indicator that characterizes the financial result of trading activities and is defined as an excess of revenue from sales of products own production, goods and services over the costs of their acquisition for a certain period of time.
Release of working capital- the amount of a possible reduction in the size of the company's working capital when accelerating their turnover.
Debtor- a debtor, a legal entity or an individual who has a monetary debt to an enterprise, organization, institution. The debtor may be a buyer enterprise that has not paid the cost of goods shipped to it; a worker or employee who has received an advance payment for travel or operating expenses.
Accounts receivable- the amount of debts due to the trading enterprise from legal entities or individuals (debtors) as a result of economic relations with them.
Dividend- part of the profit of the joint-stock company, distributed among the shareholders in accordance with their shares. Dividend per share
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Terms on the topic - Economics
Economic
system- the form
organization of economic life
society, differing in: 1) the way
coordination of economic activities
people, firms and the state and 2) by type
ownership of economic resources.
Need
- a specific form of manifestation of human
needs, depending on living conditions, skills,
traditions, culture, level of development
production and other factors.
boons
- everything that is valued by people as a means
satisfaction of their needs.
Factors
production
resources used by people
creation of life's blessings.
Alternative
price –
the best missed result
specific choice of alternative.
Entrepreneurship
- special services rendered to society
kind, consisting in the creation for production
and distribution of vital goods of new
commercial organizations called
firms.
Business
– form of economic activity
involving private initiative
the main purpose of making a profit.
Firm
a commercial organization that buys
factors of production in order to create
and selling goods and receiving on this basis
arrived.
Joint Stock
society (JSC)
– economic organization, co-owners
which can be a large number
owners of funds, each of
which is entitled to a part of it
property and profits, but is responsible for its
liabilities only up to the amount
once spent on the purchase of shares.
Costs
firms –
the total cost of living and embodied
labor to make a product.
Demand
- Willingness to buy something
quantity of a good depending on its
prices.
Law
demand- how
the lower the price, the greater the quantity demanded,
and vice versa, other things being equal.
Sentence
– willingness of manufacturers to offer
to sell certain quantities of the good
depending on its price.
Law
suggestions –
with other constant factors, the value
offers increase as
increase in the price of a product.
Price
- monetary value of goods
or service, an indicator of its magnitude.
equilibrium
price– price for
competitive market in which
goods and services they want to buy
consumers, absolutely consistent
the number of goods and services that
manufacturers are willing to offer.
Price,
where supply and demand are equal.
Price,
where there is no shortage or excess
goods and services.
Real
wage
- salary calculated as an aggregate
goods, consumer goods and services,
which can be purchased for it.
Rated
wage
- salary in monetary terms, which
paid to workers according to
with the quantity and quality of spending
them labor for a certain period of working
time.
Law
Engel- on
As household incomes rise, the share of expenditures
for food is usually reduced, for goods
daily demand is stabilizing,
but on education and medicine, recreation and
entertainment is on the rise.
consumer
basket- kit
goods and services needed for
priority
human needs per year, on average.
accounting
interest rate
- the interest charged by the bank on the amount
bills when buying it by a bank, up to
due date for payment.
Emission
of money- release
by the state into circulation of additional
the number of banknotes.
Inflation
- the process of raising the general price level
in the country, leading to the depreciation of money.
Production
- the transformation of the substance of nature into goods,
needed by people.
Perfect
competition –
type of market where individual buyers
or sellers cannot influence the price,
but form it with their contribution of demand
and suggestions.
monopoly
competition –
type of market, consisting of many small
firms producing differentiated
products, and characterized by free
market entry and market exit.
Monopoly
- a company operating in the absence of
significant competitors (issuing
goods or services that do not know how to
substitutes).
Monopsony
- situation in the market
there is only one buyer of goods
(monopsonist), which, by virtue of its
an exceptional position may
dictate terms to all sellers
purchases of these products before
just their price.
Working
strength– general
the number of citizens of the country in the able-bodied
age who have a job, and citizens,
who are unable to find work.
Unemployment
the presence in the country of people who
able and willing to work for hire,
but can't find a job
specialty or employment
generally.
cyclic -
caused by recurring recessions
production in a country or region.
Represents the difference between
current unemployment rate
economic cycle and natural
unemployment rate.
Structural-
due to changes in the structure
demand for labor when
structural mismatch between
the qualifications of the unemployed and the requirement
free jobs.
Friction -
time of voluntary search by an employee
a new job that suits
more of it than before
workplace.
State
budget–
income and expense document
a particular state, usually
in a year.
Balance
budget
- the difference between income and expenses
state budget.
Protectionism
– state economic
policy, the essence of which is the protection
domestic producers of goods
from competition from other firms
countries through the establishment of various
kind of import restrictions.
GDP
— market
the cost of all
final goods and services produced
per year in all sectors of the economy
territory of the state for consumption,
export and accumulation, regardless
from nationality
used factors
production.
Nominal
– expressed in current prices of the given year
Real
- expressed
at the prices of the previous or any other
base year.
GNP
- an indicator that reflects the total
the cost of final goods and services,
created not only within the country, but
and beyond.
Investments
– long-term capital investments with
the purpose of making a profit.
Clean
export
- the difference between exports and imports
exported goods.
Economic
growth
- Steady increase from year to year
production capacity of the country.
Extensive
growth- increase
by expanding the use
resources.
Intensive
growth- increase
country's productive capacity
due to more rational use
the same as before, the amount of resources.
Economic
cycle- period
the time during which the economy
countries go through two main phases:
rise and fall.
World
economy -
is the totality of national economies,
interconnected by the system of international
division of labor and
international economic relations.
Balance
trade balance
is the difference between the value of imports and
export of goods.
Export
– sale of goods to residents of other countries,
produced by domestic industries
economy.
Import
- purchase of goods by residents of one country,
manufactured in other states.
Embargo
- arrest, prohibition.
Imported
quota— non-tariff
quantitative (value or
natural) import restrictions
certain goods to the country.
Tax
- a certain amount of money
must be paid to the state.
Direct
taxes –
taxes levied directly on
any income or property
the established size.
Indirect
taxes– taxes
for the sale of goods and services in the form
additions to their price.
Federal
taxes –
taxes remitted to the federal
budget (established by the Criminal Code of the Russian Federation), and
obligatory for payment throughout the territory
RF. (income tax, customs duty
…)
Regional
taxes –
taxes transferred to the budget of the subjects
Russian Federation (TC RF), and are obligatory for payment on
territories acc. subjects of the Russian Federation. (forest
tax, water charge, …)
Local
taxes –
go to the local budget (TC RF), and
obligatory to pay in the territory
respective municipalities
(land tax, advertising tax, …)
excises
- tax levied on the buyer when
purchase of certain types of goods and
usually set as a percentage
the price of this product.
Taxation
- a mechanism for withdrawing part of the income of citizens
and firms in favor of the state to solve
nationwide tasks.
regressive
taxation -
reduction in the tax rate on
as income increases,
as opposed to progressive and proportional.
progressive
taxation -
a system in which tax
rates go up
as the income of the taxpayer increases,
as opposed to regressive
where rates go down.
proportional
taxation -
taxation system,
which tax
rates
established
in a single percentage
taxpayer's income, regardless
on the amount of income (as opposed to
progressive
taxation).
Economic
culture
in
broad sense of the word
-
this is
set of socially created
material and spiritual resources
production activity. (cars,
buildings, cities)
in
narrow sense of the word
-
this is a typical way of economic
thinking and activity of a people, a group,
individuals.
economic
property content
- relations
between people about belonging,
division and redistribution of property.
Economy
economy
particular country, including certain
industries and types of production.
Rules
housekeeping
The science
about the laws of economic development and methods
its rational management
studfiles.net
Glossary of terms on the global economy
Autarky- a closed national economy that does not have an exit abroad.
Holdings- any kind of money and cash, securities, cash Russian bank in foreign currency, which are on its accounts in foreign banks, performing financial transactions on behalf of this bank.
Acceptance- the obligation of the payer, the bank to pay the requested, claimed amount of money within the prescribed period.
Alliance- association of states or companies to achieve common goals or protect common interests.
Balance of interests- a quantitative or qualitative expression of the relationship between the parties in any activity.
Barter— direct exchange of goods or services on a non-cash basis.
Capital flight- spontaneous outflow of funds (currency) of individuals and legal entities abroad, not regulated by the state.
Flight of money— the desire of individuals and legal entities to avoid accumulation and storage of unstable currency.
currency exchange- one of the forms of the modern market that trades in currency.
Bulletin of foreign exchange rates (in the Russian Federation)— a document issued by the Central Bank containing information on the exchange rate of foreign currencies against the ruble.
Gross domestic product (GDP)- the monetary value of all goods and services produced in the economy for a certain period.
Gross national product (GNP) calculated to determine the total volume of goods and services produced on the basis of the nationality of producers; differs from GDP in the balance of foreign economic transactions.
Currency- the monetary unit of the country, the official state national monetary unit used in the given country.
Currency (from the English word "value" (price))- the monetary unit of the state, circulating in the domestic market and abroad.
Currency intervention- a significant one-time purposeful impact of the Central Bank of the country on the domestic foreign exchange market and the exchange rate through the sale or purchase of large lots of foreign currency.
currency system- a set of currencies, rules and norms for their use and mutual exchange, use as means of payment, as well as monetary relations associated with the use of currency.
Currency regulation- the activities of national and international bodies to manage the circulation of currency, control over foreign exchange transactions, influence the exchange rate, limit the use of foreign currency.
Currency operations- financial transactions related to the purchase and sale of foreign currency.
foreign exchange reserves— the country's stocks of foreign currency.
Currency markets- markets in which the sale and purchase, exchange of foreign currencies and operations with other means of payment denominated in foreign currencies are carried out.
Exchange rate- the price of the monetary unit of one country, expressed in monetary units of another country.
Currency parity- a firm, officially established ratio, according to which one currency is exchanged for another.
Interdependencestates- a characteristic of the modern world system or the world community, expressing the internal interconnection of the world economy.
Foreign trade quota is the ratio of a country's exports and imports to its GDP.
Foreign trade balance is the difference between a country's total exports and imports.
Export of capital- export of capital to other countries by the state, legal entities and individuals.
Globalization- the process of transforming the world economy into a single market for goods, services, labor and capital.
Globalization of world economic relations is a spatial characteristic of the internationalization of economic life at the present stage, when it has acquired a worldwide (global) scope.
Head company- a company that controls the activities of both national and foreign firms that are part of TNCs, by owning shares in their capital.
Population explosion- Rapid population growth.
Demographic crisis- a sharp deterioration in the reproduction of the population.
Default- non-fulfillment of obligations to return borrowed funds.
Diversification- expansion of objects of activity, the range of production, sources of supply of some products to achieve economic and political goals.
foreign trade agreement- the main commercial document that defines the relationship between participants in a foreign trade transaction.
EuropeanUnion (EU)- the integration grouping of the world, is an economic, political and monetary union of European member states.
Common Economic Space- the territory of several states that carry out a single economic policy and form an economic union.
Free trading zone- a form of international economic integration, in accordance with which trade restrictions between member countries are abolished.
Import- the import of capital or capital from abroad.
foreign capital- investments of other countries in the economy of this country.
Economic integration- the process of rapprochement and mutual adaptation of economic national systems on the basis of the international division of labor.
Internationalization of economic life— the process of growing interaction between individual countries from the first manifestations of the international division of labor to the modern complex multi-level system of international relations and interdependencies on a variety of spatial scales - from bilateral to regional and global levels.
Internationalization of the economy- the process of strengthening interdependence and participation of the country in world economic relations.
Currency clearing- the procedure for conducting international settlements between countries, based on the mutual offset of payments for goods and services.
Currency fluctuations- Changes in exchange prices for currencies.
Competition— rivalry between business entities for market share.
Country Competitiveness- the ability of national producers to outstrip the rival in conquering and strengthening their positions in foreign markets.
Foreign trade contract- an official commercial document, which is a contract for the supply of goods or services, including the rights and obligations of the parties, the terms of delivery and payment, agreed upon by the importer and exporter.
Market conditions- the current market situation in terms of prices for specific products, as well as supply and demand.
International cooperation- a form of labor organization in which a significant number of employees of enterprises from different countries jointly participate in the manufacture of individual parts of a single product.
Currency basket- a method of measuring the weighted average exchange rate of one currency in relation to a certain set of other currencies.
exchange rate profit- income received on the difference in the rates of sale of the purchase of currency, securities.
Economic liberalization- reduction of state regulation of economic activity of the country.
Leasing- long-term lease of means of production, providing for the possibility of their subsequent redemption by the tenant.
License- a formal document for the use of some product, technology or the right to carry out certain operations.
International integration- the highest stage of internationalization of economic life, when the growing economic interdependence of several countries turns into the merging of national markets for goods, services, capital, labor and the formation of an integral interstate socio-economic organism with the desire for a single monetary and financial and legal system, to a common foreign and domestic economic policy of the member countries.
International work migration - territorial movements of the economically active population across state borders in order to enter into labor relations with an employer in another country.
International economic integration- the process of interpenetration and a kind of fusion of national economies into a single economic complex.
international association is designed to coordinate the economic activities of its members in any area of the economy.
International division of labor (MRI)- specialization of individual countries in the production of certain types of goods and services that these countries exchange with each other.
International commodity agreements— international treaties between states on the regulation of world markets for certain raw materials.
International currency relations- an integral part of international economic relations, representing monetary and settlement and credit relations between countries.
International Monetary Fund (IMF) is a specialized monetary and financial organization of the United Nations.
International strategic alliance- reaching an agreement between TNCs on combining scientific potential, production and financial resources, on sharing risks in order to implement projects for the redistribution of markets for products and consolidate the sphere of influence.
Interstate regulation- a system of measures used by states in international economic relations to achieve mutually acceptable goals.
World economy(world economy)- at the present stage, this is a set of national economies interacting in various forms of market activity at the macro- and micro-levels on the basis of agreed rules and standards of competition, with due provision for national interests and priorities.
At the same time, under macro level understood as the interaction of nation states and economies as a single entity - the world economy.
Under micro level refers to the interaction of individual business units - firms, enterprises of the public and private sectors of transnational corporations.
World economy- a set of interacting among themselves all national economies of the world economy.
world economy- interconnected and interacting economies of different countries, united in a single world system.
World market- the sphere of stable commodity-money relations in the general complex of the world economy, based on the development and deepening of the international division of labor and the movement of factors of production between countries.
world money means of payment called for and used in international settlements.
New industrialcountries- dynamically developing groups of countries in Southeast Asia and Latin America.
Common Market- a form of international economic integration, in which an agreement has been reached between the participating countries on the free movement of goods, services, capital and labor resources across national borders.
Offshore centers- territories where there are tax, currency and other benefits for non-residents who base their accounts and firms in these centers to carry out business transactions with other countries.
Ownershipfor minerals- the right to own any minerals in the bowels of a particular site.
Preference- Benefits, perks.
Protectionism— state protection policy domestic market and national producers from foreign exchange competition.
Recipient- a country hosting a foreign economically active population.
Repatriation- homecoming.
Foreign trade deal- an action aimed at establishing, changing, terminating legal relations in foreign economic activity.
Systemnational accounts (SNA)- an internationally accepted system of interrelated indicators of economic development at the macro level, such as gross domestic product (GDP), gross national product (GNP), national income (NI) and some others.
Specializationinternational- a form of international division of labor, the concentration of activities of individual countries on the production of certain types of goods and services.
Customs Union- a form of international economic integration, when the participating countries establish a single customs tariff and a single foreign trade policy in relation to third countries.
Rate- a system of rates at which fees are charged for services.
Human Resources- part of the country's population with the necessary physical development, mental abilities and knowledge for work.
Labor emigration- the flow of migrants leaving the country in order to change the conditions of employment.
"Brain drain"— emigration of highly qualified specialists for permanent or temporary residence.
Factoring- a kind of trade and commission operation, combined with lending to the client's working capital.
Financial resources of the world- the totality of financial resources of all countries of the world, international organizations and international financial centers of the world.
Economically active population- the population participating in social production or wishing to participate in it.
Export- export of goods, services and capital abroad.
Export quota- the ratio of exports of goods and services to the country's GDP or GNP.
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Glossary of terms in social science (block economics)
Agrarian price parity is the ratio between the value of agricultural and industrial products, at which the exchange between the city and the countryside is mutually beneficial.
An administrative monopoly is a monopoly that arises in a command economy due to the concentration, at the direction of the planning bodies of the state, of the production of certain products at one or a small number of enterprises.
Assets are everything of value that a person, company or government owns.
Excise - a tax levied on the buyer when purchasing certain types of goods and is usually set as a percentage of the price of this product.
A joint-stock company (JSC) is an economic organization, the co-owners of which can be a large number of owners of funds, each of which receives the right to part of its property and profits, while at the same time answering for its obligations only within the amounts once spent on the purchase of shares.
A share is a security sold to an investor in exchange for funds received from him for the development of the company and confirming his rights as a co-owner of the company's property and its future income.
Barter is the direct exchange of one good or service for another without the use of money.
Poverty is the standard of living of a family at which its incomes allow it to acquire only a small part of the set of goods and services standard for a given country, which forms the basis for determining the cost of living in a given country.
Non-cash funds - amounts kept on the accounts of citizens, firms and organizations in banks and used for settlements by changing information in documents confirming to whom what amount of such funds belongs.
Unemployment is the presence in the country of people who are able and willing to work for hire, but cannot find a job in their specialty or find a job at all.
Goods are everything that is valued by people as a means of satisfying their needs.
The wealth of the family is the property of the family, free from debt.
Accounting profit is the difference between the sales revenue and the company's accounting costs.
Accounting costs are the costs associated with the use of resources for the needs of the company, acquired by it from other companies or citizens.
The budget is a consolidated plan for collecting revenues and using the funds received to cover the costs of federal or local government bodies.
Gross national product is the total market value of all final goods and services produced in a country in a year.
Currency (exchange) rate - the price of one national monetary unit, expressed in monetary units of other countries.
The supply value is the volume of goods of a certain type (in natural terms), which sellers are ready (want and able) to put on the market within a certain period of time at a certain level of the market price for this product.
External (side) effects - damage (or benefit) from the production of any good that people or firms that are not directly involved in the sale of this good have to bear (or can receive).
External public debt - the debt of public authorities to governments, international banks and financial organizations that have provided money on a loan on the basis of government agreements.
Domestic public debt - the debt of government authorities to citizens, banks and firms of their country, as well as to foreigners who have bought securities of internal loans.
Sales revenue is the amount of money received from the sale and is equal to the product of the number of goods sold and the price at which they were bought.
Hyperinflation is a situation in the economy when the increase in the general price level in the country during the month exceeds 50% and this continues for more than three months in a row.
Government securities are government obligations to return the amount owed plus interest on the use of this money.
Public debt - the amount of loans taken by government agencies and not yet returned to creditors.
The production possibilities frontier is the amount of production that can be achieved by a country with the fullest use of its available production resources.
Free goods - goods, the available volume of which is greater than the needs of people, and their consumption by some people does not lead to a shortage of these goods for others.
Money capital is part of the savings of families, which is transferred on a paid basis to firms for the purchase of production capital by them.
Money is a special commodity that: 1) is accepted by everyone in exchange for any other goods and services, 2) allows you to uniformly measure all goods for the needs of exchange and accounting, and 3) makes it possible to save and accumulate part of current income in the form of savings.
Deposits - all types of funds transferred by their owners for temporary storage to the bank with the right to use this money for lending.
Defects (weaknesses) of the market
A shortage is a situation in the market when buyers at the current price level are ready to buy a larger volume of goods than sellers are willing to offer for sale at that price.
The state budget deficit is a financial situation that occurs when the state plans to spend more than it can actually receive income from all types of taxes and payments.
Dividends - part of the net profit of a joint-stock company, which is paid to its shareholders in proportion to the value of their shares.
A directive national economic plan is a way of distributing limited resources on the basis of government assignments that are mandatory for all enterprises in the country to fulfill.
The natural rate of unemployment is when only frictional and structural unemployment exists in a country.
Natural monopolies are firms that control the entire market for a particular product or service by virtue of having a unique
A will is a legally executed gift of wealth that comes into force after the death of its owner.
Borrowed funds (credit) - funds that are provided to the company for use for a strictly fixed time and for a fee established in the loan agreement.
The law of exchange is the relationship between the average amount of money that a country needs to ensure normal monetary circulation, and: 1) the average prices of goods and services; 2) the quantity of these goods and services; 3) the speed of circulation of money.
The law of supply - an increase in prices usually leads to an increase in the quantity supplied, and a decrease in prices - to its decrease.
The law of demand - an increase in prices usually leads to a decrease in the quantity demanded, and a decrease in prices - to its increase (ceteris paribus).
Engel's law - as household incomes rise, the share of spending on food usually decreases, on everyday goods it stabilizes, and on education, medicine, recreation and entertainment - increases.
Land - all types of natural resources available on the planet and suitable for use in the production of economic goods.
Excess (overstocking) - a situation that occurs in the market when, at the existing price level, sellers offer for sale a larger volume of goods than buyers are willing to buy at that price.
Import is the purchase by residents of one country of goods manufactured in other countries.
Investing is the transfer by owners of savings of their funds for use by commercial firms or the state in order to generate income.
An individual offer is an offer with which an individual seller enters the market.
Individual demand is the volume of purchases that an individual buyer is willing to make in the market at a given price level.
Inflation is the process of raising the general level of prices in a country, leading to the depreciation of money.
Information is all the information that people need for conscious activity in the world of the economy.
Capital is all that production and technical apparatus that people have created from the substance of nature to increase their strength and expand the possibilities of producing the goods they need.
A cartel is a method of monopolizing the market, which consists in concluding an agreement between manufacturers of a homogeneous product on the division of the market between them and coordinating the sales volumes and prices of each of the cartel members.
The command system (socialism) is a way of organizing economic life in which capital and land are actually owned by the state, which also distributes all the limited resources.
A commercial bank is a financial intermediary engaged in: 1) accepting deposits; 2) granting loans; 3) organization of settlements; 4) purchase and sale of securities.
Competition is economic rivalry for the right to obtain a larger share of a certain type of limited resource.
An indirect tax is a collection in favor of the state, which is taken from citizens or economic organizations only when they carry out certain actions.
Credit issue - an increase by a bank of the country's money supply by creating new deposits for those customers who received loans from it.
A loan agreement is an agreement between a bank and the one who borrows money from it (borrower) that defines the obligations and rights of each of the parties, and above all: the term for granting a loan, a fee for using it and a guarantee of a refund to the bank.
Creditworthiness is the readiness and ability of the borrower to fulfill their obligations under the loan agreement on time, that is, to return the borrowed amount and pay interest for its use.
Liquidity is the degree of ease with which any asset can be turned into money by the owner.
Lobby - a form of legal defense of the interests of a certain group of firms or citizens of the country through the formation of factions of deputies in the legislature.
A manager is a hired manager of a firm, accountable to its owner.
The price mechanism is the formation and change of market prices under the influence of a clash of interests between buyers and sellers who make their decisions without outside coercion.
Market monopolization is a situation when one of the sellers or buyers accounts for such a large share of the total volume of sales or purchases in a particular commodity market that it can influence the formation of prices and terms of transactions to a greater extent than other participants in this market.
A monopolist is a firm that is the only seller in the market and therefore its individual demand curve coincides with the market one.
"Price scissors" - the degree of violation of price parity, that is, the difference in the growth rates of prices for agricultural products and industrial products for the countryside.
Cash - paper money and loose change.
Taxation is a mechanism for withdrawing part of the income of citizens and firms in favor of the state to solve national problems.
Wealth inequality - differences in the amount of regularly received nominal income (per family member) and the market value of property owned by families.
Nominal income - the amount of money received by a citizen or family as a whole for a certain period of time.
Normal profit is the income that could actually be received by the owner of capital when investing funds not in their own business, but in other commercial and financial projects with the same level of risk.
Normal goods are goods for which the quantity demanded increases with an increase in the income of buyers.
Loan security (collateral) is the property of the borrower, which can be seized from him by the bank and sold to cover those debts of the borrower that he himself cannot cope with.
The total utility of a good is the total benefit (benefit) received by a person, firm or country from the use of the entire volume of goods of a certain type.
Public goods are goods or services that people share and that cannot be the exclusive property of anyone.
Total costs - the cost of acquiring the entire volume of resources that the company has already used to organize the production of a certain volume of products.
The volume of need is the amount of goods of a certain type that a person would like to receive to satisfy his needs, if these goods were available free of charge and without restrictions.
Limited (economic) goods are means of satisfying human needs that can only be created by spending factors of production and, as a rule, obtained only on the basis of exchange.
Oligopoly is a market in which competition occurs only between a small number of firms that have forced out other rivals.
An industry is a group of firms producing similar or identical products.
Variable costs are those costs that increase (decrease) with any increase (decrease) in production volumes.
Absorption - a method of monopolizing the market, which consists in buying up competing firms and including them in the firm striving to become a monopolist.
The purchasing power of money is the amount of goods and services that can be purchased with a certain amount of money at a given time.
Fixed costs are those costs that remain the same with small changes in the volume of production of goods or services.
Needs - a specific form of manifestation of human needs, depending on living conditions, skills, traditions, culture, level of development of production and other factors.
Duty - a fee levied by the state from citizens and economic organizations for providing them with a certain type of service or issuing a permit to carry out certain activities.
The right of private property is the recognized and legally protected right of an individual to own, use and dispose of a certain type and amount of limited resources (for example, a plot of land, a coal deposit or a factory).
The marginal (marginal) utility of a good is the benefit (benefit) received from an additionally used unit of a good.
Marginal (marginal) costs - the real amount of costs, which costs the production of each additional unit of output.
Supply - the dependence of the quantities supplied on the market for a certain product during a certain period of time (month, year) on the price levels at which this product can be sold, which has developed in a certain period of time.
An entrepreneur is a person who, at his own peril and risk, and to a large extent at his own expense, creates a company.
Entrepreneurship is a special kind of service rendered to society, consisting in the creation of new commercial organizations called firms for the production and distribution of vital goods.
Profit - the difference between the proceeds from the sale of goods or services and the costs necessary for the production and organization of the sale of these goods and services.
A preferred share is a security whose owner has the right to a fixed dividend regardless of how much net profit the company actually received, but does not have the right to participate in its management.
The principle of absolute advantage - countries benefit from trading with each other if each of them specializes in the production of goods that it can produce with absolutely less of its resources than its trading partners.
The principle of relative advantage - it is more profitable for each country to export those goods for which its selection prices are relatively lower than in other countries.
Progressive income taxation is a financial mechanism used to solve two problems: to raise funds for the needs of the country and to smooth out differences in the levels of wealth of families.
The living wage is the amount of money needed to purchase a person the amount of food that allows him to survive, as well as meet the minimum
Productivity is the amount of benefits that can be obtained from the use of a unit of a certain type of resource for a fixed period of time.
Derived demand - the demand for factors of production, predetermined by the demand for goods and services for the creation of which these resources are used.
Production is the process of using labor and material resources to create goods or services.
Protectionism is a state economic policy, the essence of which is the protection of domestic producers of goods from competition from firms in other countries by establishing various kinds of restrictions on imports.
A trade union (trade union) is an organization that represents the common interests of employees of certain professions or a certain industry in negotiations with entrepreneurs.
Direct tax - a fee in favor of the state, levied on each citizen or business organization.
The labor force is the total number of citizens of a country of working age who have a job, and citizens who cannot find work for themselves.
The equilibrium price is the price at which the volume of goods that manufacturers (sellers) agree to offer for sale at this price and the volume of goods that buyers agree to buy at this price coincide.
Distribution - the provision of resources between firms, and produced goods - between people in accordance with some criteria by which these people are entitled to receive such benefits.
Real income - the amount of goods and services that a citizen or family can purchase in a certain period of time with their nominal income.
Reserve requirements - the mandatory proportion of fractional reserves established by the central bank of the country.
Rent is a common name for the income of land owners and owners of other factors of production, the supply of which is rigidly fixed.
Market - all activities associated with the sale and purchase of goods of a certain type in a certain region or different regions, where goods can be delivered in the usual way.
A market of monopolistic competition is a situation characterized by the fact that, in order to satisfy the same need, sellers begin to offer buyers many varieties of substitute goods with significant differences, but each variety is offered to the market by only one seller.
The labor market is a set of economic and legal procedures that allow people to exchange their labor services for wages and other benefits that firms are willing to provide in exchange for labor services.
The market of pure (perfect) competition is a situation characterized by a collision in the competition for the money of buyers of many manufacturers of the same type of goods, none of which has control over such a market share in order to be able to influence sales volumes and market price in their own interests.
A pure monopoly market is a situation where there is only one seller in the market.
Market supply is the total supply of goods on the market by all sellers.
Market demand is the total volume of purchases that all buyers are willing to make in the market at a given price level.
Savings - the balance of income after paying all expenses associated with current consumption.
Velocity of money is the number of times that each monetary unit participated during the year in securing any transactions.
Weaknesses (imperfections) of the market - the inability of market mechanisms to solve some economic problems in general or in the best way.
A mixed economic system is a way of organizing economic life in which land and capital are predominantly privately owned, and the distribution of limited resources is carried out both by markets and with significant state participation.
Equity is money that is provided to the company in exchange for the right to co-ownership of its property and income, and therefore, as a rule, is non-refundable and generates income that depends on the results of the company's work.
Aggregate supply - the total amount of final goods and services that the firms of the country can and are ready to offer to the market for a certain period of time at: 1) the prevailing price level in the country; 2) existing technology; and 3) available resources of all kinds.
Aggregate demand is the total quantity of final goods and services of all kinds that all buyers of a country are willing to purchase over a given period of time at the prevailing price level.
Specialization is the concentration of a certain type of activity in the hands of a certain person or economic organization.
Demand - the dependence of the quantities of demand in a given commodity market on the prices at which goods can be offered for sale that has developed over a certain period of time.
Wage rate - the amount of money paid to an employee for labor services provided to them during a certain period of time (hour, shift or month) or necessary to perform a certain amount of work (for example, the manufacture of one part).
The cost of living is the amount of money that it costs to acquire, over a certain period of time (usually a month), a set of goods and services that is standard for most families in a given country.
"Shadow economy" - economic activity carried out in such a way as not to pay taxes to the state.
Customs duty - a tax levied in favor of the state treasury from the owner of a foreign-made product when this product is imported into the country for sale.
Current (perpetual) deposits are funds transferred by their owners for temporary storage to a bank with the right to use this money for lending and the owner of the funds retaining the right to withdraw this money from the bank at any time without prior notice.
A commodity is a material object useful to people and therefore valued by them as a blessing.
A trade margin is a markup set by a trade organization on the price at which a product is sold by the manufacturer.
Trade is a voluntary and mutually beneficial exchange of the results of the specialized production of goods.
A traditional economic system is a way of organizing economic life in which the land is held in common by the tribe, and limited resources are distributed in accordance with long-standing traditions.
Transactional (organizational-contractual) costs are the time, effort and money spent on finding a supplier of resources or services, concluding an agreement with him on prices and other terms of the transaction and monitoring that it is completed.
A transfer is an amount of money transferred by the state to the poorest citizens to improve their standard of living and is formed from funds seized with the help of taxes from wealthier citizens.
Labor is the use of the mental and physical abilities of people to carry out work related to the production of economic goods.
The burden of labor is a measure of the physical and nervous complexity and tediousness of performing professional duties.
A service is an intangible good that has the form of an activity that is useful to people.
Factors of production are resources used by people to create the goods of life.
Physical capital - buildings, structures, machines, ameliorative systems used to transform the substance of nature into benefits useful to people with the help of technology.
A financial intermediary is an organization that provides services to citizens and firms, helping the former to place their savings with the greatest benefit, and the latter to receive additional funds with minimal effort.
The financial market is the market in which the money needed to acquire the physical capital of firms is bought and sold.
A firm's finances are the ratio between the firm's cash outflows and cash inflows.
A firm is an economic organization created specifically to produce goods and sell them on the market for profit to its owners.
The price of choice (opportunity costs) is the value of the most preferred of the benefits, the receipt of which becomes impossible with the chosen method of using limited resources.
The price of money capital is the amount of income (percentage) that the firm must provide to the owners of savings so that they agree to provide it with these savings for the implementation of commercial projects.
A security is a document that can be bought or sold in connection with the fact that it certifies the rights of its owner to a part of the property and income of the organization that issued this security.
Fractional reserve - the proportion of deposits made to the bank, which he must and can constantly have at his disposal in order to be able to fulfill his obligations to depositors in normal conditions of activity.
Human needs - the range and amount of goods that people would like to receive to satisfy their needs, if these goods were available free of charge and without restrictions.
Human capital is the knowledge and skills accumulated by a person as a result of training and previous work activity and affecting the possibility of his employment and the level of salary received.
Net profit is the part of the profit that remains at the disposal of a business organization after paying taxes and other obligatory payments.
Economy - 1) the activities of people aimed at creating the benefits they need; 2) a science that studies the behavior of people in the process of creating, exchanging and consuming the goods they need.
Economic profit is the difference between sales revenue and economic costs.
Economic efficiency is a method of organizing production in which the cost of producing a certain amount of products is minimal.
Economic systems are forms of organizing the economic life of society, differing in: 1) the way of coordinating the economic activities of people, firms and the state, and 2) the type of ownership of economic resources.
Economic growth is a steady increase in a country's productive capacity.
The economic cycle is a period of time during which the country's economy goes through two main phases: boom and bust.
Export - sale to residents of other countries of goods produced by sectors of the domestic economy.
Price elasticity of supply is the scale of change in the quantity supplied (in%) when the price changes by one percent.
Price elasticity of demand is the scale of change in the quantity demanded (in%) when the price changes by one percent.
An issuing bank is a bank that has the right to issue (issue) national monetary units and regulate the money circulation in the country.
The issue of money is the release by the state into circulation of an additional amount of banknotes.
Income effect - with a decrease in price (or an increase in income), the product becomes cheaper in relation to the total income of a person, and therefore the buyer is able to purchase this product in larger quantities without abandoning his other usual purchases. And vice versa.
An economy of scale is a situation where a firm is able to increase its output to a greater extent than the volume of all resources used by it increases.
multiurok.ru
Collection of terms in social science. Block-module "Economics".
Terms in social science.
Block-module "Economics".
Economy - a science that studies how people in conditions of limited resources satisfy their needs.
Production - the process of creating economic goods and services that act as the starting point of economic activity.
Distribution - the division of the produced product, income between those participating in its production.
Exchange - a process in which people receive money or another product in exchange for the product produced.
Consumption - the final stage of production, during which the manufactured product is used or destroyed.
The main problem of the economy - Satisfying the unlimited needs of people at the expense of limited resources.
economic benefits - means necessary to meet the needs of people and available to society in a limited amount.
Economic resources - the potential opportunities that society has at the moment of its development, i.e. all types of sources, means of ensuring production, which are used in the process of creating new material goods and services.
Natural resources - the earth and its subsoil.
Material resources - means of production.
Human Resources - the entire working-age population.
Financial resources - Funds of funds serving the production.
Informational resources – data necessary for production management.
Product is a product of labor produced for sale in the market.
Service - the result of the useful activity of enterprises and individuals aimed at meeting certain needs of the population and society.
Money - a special commodity that performs the role of a universal equivalent in the exchange of goods.
Economics - a collection of specific economic disciplines, such as fictional economics, agricultural economics, labor economics, finance and credit, economic statistics and mathematics.
Macroeconomics is the science of the economy as a whole, of the economic health of the country and the world.
Microeconomics is the science of consumers, firms, and individual industries.
Factors of production - part of the economic resources that actually participate in the process of production of goods and services.
Firm - a commercial organization that acquires factors of production in order to create and sell goods and receive profit on this basis.
The household – Individuals and their families who carry out household operations, i.e. predominantly consumption.
Work - the mental and physical abilities of people, their skills and experience, which are used in the form of services necessary for the production of economic benefits.
Labor intensity
Labor productivity - the intensity of labor, which is determined by the degree of expenditure of labor per unit of time.
Labor productivity - productivity of labor, which is measured by the number of products produced per unit of time.
Wage - material remuneration for work.
Earth all types of natural resources.
Rent - a certain amount paid for the use of land.
Capital - Man-made means of production.
Percent - return on capital.
Entrepreneurial ability - services that can be provided to society by people endowed with the following abilities: the ability to correctly combine the factors of production - labor, land, capital and organize production; the ability to make decisions and take responsibility; the ability to take risks; ability to embrace innovation.
Profit - the difference between the proceeds from the sale of goods or services and the costs necessary for the production and organization of sales of these goods and services.
economic system - an established and operating set of principles, rules, laws that determine the form and content of the main economic relations that arise in the process of production, distribution, exchange and consumption of an economic product.
Natural economy - an economy in which either produce products only to satisfy their own needs, without resorting to exchange, to the market.
commodity economy - an economy in which products are produced for sale, and the connection between producers and consumers is carried out through the market.
- a way of organizing economic life, in which land and capital are privately owned, and the distribution of limited resources is carried out both by markets and with significant state participation.
Own - belonging of things, material and spiritual values to certain persons, the legal right to such belonging and economic relations between people regarding ownership, division, redistribution of property objects.
Ownership - the actual possession of this property, fixed legally.
Right of Use - the process of extracting useful properties from this property and / or obtaining fruits and income.
Right of disposal - the ability to change the state, purpose, ownership of property.
Rent - the right to use property without having the right to dispose of it.
Trust - the right of the owner to transfer the right to manage his property to another person, without the right to interfere in his actions.
Nationalization of property transfer of property from private hands to state hands.
Privatization of property - transfer of state property to individual citizens or legal entities created by them.
Common property - a form of ownership characterized by the joint appropriation of means and results of production.
Private property - a form of ownership in which the right to own, use and dispose of a separate individual.
mixed ownership - a form of ownership that combines the features of common and private property.
Market - the totality of all relations, as well as forms and organizations of cooperation between people with each other, related to the sale and purchase of goods and services.
Competition - rivalry between participants in the market economy for the best conditions for the production and sale of goods.
Infrastructure - a set of market institutions serving the market economy.
Exchange - organized, regularly functioning wholesale market homogeneous goods, on which the sale and purchase of large consignments of goods are concluded.
Demand - the desire of the consumer to buy a specific product or service at a specific price for a certain period of time, supported by the willingness to pay for the purchase.
Sentence - the desire of the manufacturer to produce and offer for sale on the market their goods at specific prices from a range of possible prices within a certain period of time.
Demand quantity is the volume of a particular type of good that buyers are willing to purchase over a given period at a given price level for that good.
Offer amount - is the volume of goods of a certain type, which producers are willing to offer during a certain period at a certain level of price for this product.
Ask price The maximum price at which consumers are willing to buy a certain quantity of a good in a given period of time.
Offer price - the minimum price at which sellers are willing to sell a certain amount of a given product for a certain period of time.
Law of demand : an increase in prices usually leads to a decrease in the quantity demanded, and a decrease in prices - to its increase.
Law of supply An increase in prices usually leads to an increase in the quantity supplied, and a decrease in prices leads to a decrease in it.
Price - the amount of money that the buyer is willing to pay, and the seller is willing to receive for a particular product.
Grant - payment from the state budget to cover certain types of costs of enterprises and firms.
infourok.ru
Definitions in economics.
Lecture Search
1. Economics is the science of choosing rational combinations of limited resources to meet unlimited human needs.
2. Microeconomics - studies individual participants in the economy (consumers, firms, individual markets)
3. Macroeconomics - study of the country as a whole (crisis, GDP, unemployment, inflation)
4. Positive E - answers the question as it really is.
5. Normative E - answers the question of how it should be.
6. Need is a need for something.
7. Material welfare - having a physiological form.
8. Non-material benefit - having a physiological form.
9. Economic benefit - a limited benefit created by man, which has its own price.
10. Non-economic benefit - unlimited benefits that a person gets free of charge.
11. Resources - everything from which you can do good.
12. Factors of production:
Labor market.
The market for means of production.
Market of natural resources.
Land market
Technology market
13. An economic system is an ordered system of communication between a producer and a consumer.
14. Spontaneous order - based on price signals, when price changes affect the entire economic system.
15. Hierarchy is the transfer of information through power levels from top to bottom.
16. Property is a relationship arising between people about all types of property.
17.Private property - the subject is legal or natural persons.
18. State property - the subject is the state power.
19. Right of ownership - the powers of the subject in relation to the object.
20. Transaction costs-costs associated not with the main production, but with related activities.
21. Externalities - external effects of economic activity, when people not associated with it bear additional costs or receive benefits.
22. Coase's theorem - if the property rights of all parties are carefully defined, people agree to abide by them, transaction costs are 0, then the final production efficiency is maximum, externalities do not arise.
23. A market is a system of economic relations that arises between a seller and a buyer in the process of production, distribution and exchange of goods.
24. Demand is the simultaneous desire, ability and willingness of the consumer to purchase goods at a certain price at a certain time.
25. The law of demand - with an increase in price and other constant factors, the volume of demand decreases.
26. Offer - the desire and productive ability of the seller to provide goods to the market at a certain price at a certain time
27. The law of supply - with an increase in price and other constant factors, the volume of supply increases.
28. Market equilibrium is an economic situation in which neither the seller nor the buyers have incentives to change the volume of sales and purchases, that is, demand is equal to supply.
29. Competition - rivalry between entrepreneurs for the best conditions for the sale of products and the buyer for the best conditions for the purchase of products.
30. Law of competition – there is an invisible force in the market forcing entrepreneurs to improve product quality, implement progress, and reduce costs.
31. Monopoly - a situation in the market (one seller) when one person or enterprise is granted exclusive rights to perform any activity (sale of products, resources used, access to territory).
32. Perfect competition:
Unlimited number of sellers buyers.
Small firms unable to influence each other
Unlimited number of sales acts
All sellers have the same product
Everyone has the same profit
33. Monopolistic competition:
A large number of sellers buyers
Each seller has a unique product
Free access to the market with a unique idea
Non-price competition
Approximately the same profit
34. Oligopoly
A small number of sellers
The product can be standardized and differentiated
There is access to the market, but it is difficult.
Sellers collude and the market behaves like a monopoly
35. Monopsony - The only buyer in the market dictates low prices to sellers
36. Oligoposony - a small number of buyers dictates a low price to sellers.
37.Standardized product-
38. Differentiated product-
39. Cartel - association of enterprises on the basis of secret or explicit collusion (on prices, technology exchange, setting quotas for the production or sale of products, division of the sales market).
40. A syndicate is an association of enterprises that sell products through a single trading office.
41. Trust - association of enterprises through full control over the production and sale of products.
42. A holding company is a holding company that combines firms by buying up controlling stakes in their shares.
43. Natural monopoly (state) - occurs in cases where production in the monopoly market is more profitable for the state than in the competitive one.
44. The usefulness of a good is the ability of a good to satisfy a human need.
45. The marginal utility of a good is the utility of each additional unit. good.
46. Law of diminishing utility - in one continuous act of utility consumption, each subsequent unit. good, steadily declining.
47. Functional demand is the demand due to the consumer properties of the good.
48. Social demand is associated with the characteristics of human behavior in society.
49. Crowd effect - buy what is in demand among the majority.
50. Snob effect - buy something that is not popular with the majority.
51. The Veblen effect is conspicuous consumption of expensive goods.
52. The effect of new luxury is bought not for the purpose of use, but for the purpose of admiring.
53. Speculative demand-demand in anticipation of a sharp increase in prices.
54. Irrational demand-demand under the influence of strong desire, whim.
55. Indifference curve - shows combinations of goods that have the same utility for the consumer.
56. Budget constraints - shows the available combination of benefits with a limited budget.
58. Gifin's goods are low-quality goods that occupy a significant place in the budget of a low-income consumer that do not obey the laws of demand (potatoes).
59. The law of diminishing productivity - with an increase in the use of one factor and the invariance of the others, its return decreases.
60. Isoquant - a combination of factors of production that ensure the release of products.
61.Isocosta-shows the actual availability of the number of factors of production.
62. Production possibility curve - shows alternative combinations of production of two goods with full use of resources.
63. Reinforcement is the monetary expression of equipment wear.
64.Effect of scale is the economies of scale of production.
65. Combination is a combination of several firms in one. (Vertical - a different stage of progress, horizontal - the same, conglomerate - not connected with each other.)
66. Diversification is the penetration of the company's capital into related industries.
67. Franchising is the use of a well-known brand in the market
68. Fixed costs — Does not depend on production volumes.
69. Variable costs — Directly dependent on the volume of production.
70. Average costs- These are the costs per unit of production.
71. Marginal cost is the cost of producing additional units. products
72. Implicit economic costs - Alternative options for generating income from which the entrepreneur has refused in favor of current activities.
Explicit economic costs are the costs of the enterprise reflected in the documents of the accountant.
73. Revenue- This is the total income from the sale of products or the provision of services.
74. Pain is the difference between revenue and costs
75. Economic benefit - accounting benefit - implicit costs
76. Accounting profit - This is revenue minus explicit costs.
77. The System of National Accounts is a set of balance sheet economic tables reflecting the result of the economic activities of the state during the year.
78.GDP—(gross domestic product) is the market value of all final products produced domestically in a year.
79.GNP-(gross national product) is the market value of all final products produced by national enterprises during the year.
80.ND - (national income) is the income of all suppliers of factors of production
81.NB-(national wealth) is the final result of the country's development throughout its history.
82. Real GDP is GDP at base year prices
83. Nominal GDP is GDP calculated at current prices.
84. The GDP deflator is a measure of the change in the general price level for a wide range of goods and services.
85. Economic cycle - The period of time from the beginning of one crisis to the beginning of another.
86. Phases of the economic cycle:
- If the cycle is 3-4 years, then it is called the Kitchin cycle
- 10 years old, Zhuglyara
- 15-20 years old, blacksmith.
- 40-60 years old, Kondratiev cycles.
- 300-400 years old, Forester.
- 1000-1500 years, Toflera.
87. Economic crisis - overaccumulation of capital in several forms at the same time.
88. Intensive development- hard way, development due to qualitative factors (technology, fertilizers, qualification of workers, automation).
89. Extensive development - due to quantitative factors (land area, number of workers, number of machines).
90. Inflation is the process of depreciation of money, manifested in a clear or hidden increase in prices.
91. Demand inflation - demand significantly exceeds supply, people are willing to pay more for a shortage of goods.
92. Supply inflation is caused by an increase in production costs.
93. Unemployment is an economic situation in which part of the working-age population cannot find work.
94. Structural unemployment - caused by a mismatch between the structure of supply and demand for labor, by profile, qualification, gender, age, geographical location.
95. Frictional - voluntary short-term unemployment that occurs when moving to a new job.
96. Natural - the sum of structural and frictional.
97. Okun's coefficient - shows the sensitivity of GDP to changes in unemployment.
98. Phillips Curve - shows the relationship between inflation and unemployment over a period of up to 3 years.
99. Poverty is an economic situation in which part of the population does not have the minimum means of subsistence (by the standards of a given society).
100. Lorenz curve - shows the ratio of the actual distribution of income in society under a situation of absolute equality.
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Glossary of terms in economic theory
Dictionary
economic concepts
economic profit— the difference between sales revenue and economic costs.
Economic efficiency- a method of organizing production, in which the cost of producing a certain amount of products is minimal.
Economic systems- forms of organization of the economic life of society, differing in: 1) the method of coordinating the economic activities of people, firms and the state, and 2) the type of ownership of economic resources.
The economic growth— a steady increase in the country's productive capacity.
Business cycle- a period of time during which the country's economy goes through two main phases: boom and bust.
Export- sale to residents of other countries of goods produced by sectors of the domestic economy.
Price elasticity of supply- the scale of change in the supply value (in%) when the price changes by one percent.
Price elasticity of demand- the scale of change in the quantity demanded (in%) when the price changes by one percent.
Issuing bank- a bank that has the right to issue (issue) national monetary units and regulate monetary circulation in the country.
Issue of money- issue by the state into circulation of an additional number of banknotes.
income effect- with a decrease in price (or an increase in income), the product becomes cheaper in relation to the total income of a person, and therefore the buyer is able to purchase this product in larger quantities without abandoning his other usual purchases. And vice versa.
scale effect- a situation where the firm has the ability to increase the volume of its output to a greater extent than the volume of all the resources it uses increases.
Firm- An economic organization created specifically to produce goods and sell them on the market for profit to their owners.
Choice price (opportunity cost)- the value of the most preferred of the benefits, the receipt of which becomes impossible with the chosen method of using limited resources.
The price of money capital- the amount of income (percentage) that the company must provide to the owners of the savings, so that they agree to provide it with these savings for the implementation of commercial projects.
security paper- a document that can be bought or sold due to the fact that it certifies the rights of its owner to a part of the property and income of the organization that issued this security.
partial reserve- the proportion of deposits made to the bank, which it must and can constantly have at its disposal in order to be able to fulfill its obligations to depositors in normal business conditions.
human needs- the range and volume of goods that people would like to receive to meet their needs, if these goods were available free of charge and without restrictions.
Human capital- knowledge and skills accumulated by a person as a result of training and previous work activity and affecting the possibility of his employment and the level of salary received.
Net profit- part of the profit remaining at the disposal of the economic organization after paying taxes and other obligatory payments.
Economy- 1) the activities of people aimed at creating the benefits they need; 2) a science that studies the behavior of people in the process of creating, exchanging and consuming the goods they need.
"Price Scissors"- the degree of violation of price parity, that is, the difference in the growth rates of prices for agricultural products and industrial products for the countryside.
« Shadow economy"- economic activity carried out in such a way as not to pay taxes to the state.
Agricultural price parity- the ratio between the value of agricultural and industrial products, in which the exchange between the city and the countryside is mutually beneficial.
Administrative monopoly- a monopoly that arises in a command economy due to the concentration, at the direction of the planning bodies of the state, of the production of certain products at one or a small number of enterprises.
Assets- everything of value that belongs to a person, company or state on the basis of property rights.
excise tax- a tax levied on the buyer when purchasing certain types of goods and usually set as a percentage of the price of this product.
Joint Stock Company (JSC)- an economic organization, the co-owners of which can be a large number of owners of funds, each of which receives the right to a part of its property and profits, while at the same time answering for its obligations only within the limits of the amounts once spent on the purchase of a share.
Stock- a security sold to an investor in exchange for funds received from him for the development of the company and confirming his rights as a co-owner of the company's property and its future income.
Barter- direct exchange of one goods or services for others without the use of money.
Poverty- the standard of living of the family, at which its income allows it to acquire only a small part of the standard for
of a given country a set of goods and services that form the basis for determining the cost of living in a given country.
Non-cash funds- the amounts kept on the accounts of citizens, firms and organizations in banks and used for settlements by changing the information in documents confirming to whom what amount of such funds belongs.
Unemployment- the presence in the country of people who are able and willing to work for hire, but cannot find a job in their specialty or find a job at all.
boons- everything that is valued by people as a means of satisfying their needs.
family wealth- the property of the family, free from debts.
Accounting profit- the difference between the sales revenue and the company's accounting costs.
Accounting costs- the costs associated with the use for the needs of the firm of resources acquired by it from other firms or citizens.
Budget- a consolidated plan for collecting revenues and using the funds received to cover the costs of federal or local government bodies.
Gross national product- the total market value of all final goods and services produced in the country during the year.
Currency (exchange) rate- the price of one national monetary unit, expressed in monetary units of other countries.
Offer amount i - the volume of goods of a certain type (in natural terms), which sellers are ready (want and able) to put on the market for a certain period of time at a certain level of the market price for this product.
Demand quantity- the volume of goods of a certain type (in physical terms), which buyers are ready (want and
Traditional economic system- a way of organizing economic life in which the land is in the common possession of the tribe, and limited resources are distributed in accordance with long-standing traditions.
Transactional (organizational-contractual) costs- the expenditure of time, effort and money to find a supplier of resources or services, agree with him on prices and other terms of the transaction and ensure that it is carried out.
Transfer- the amount of money transferred by the state to the poorest citizens to improve their standard of living and formed at the expense of funds seized with the help of taxes from wealthier citizens.
Work- the use of the mental and physical abilities of people to carry out work related to the production of economic goods.
The burden of labor- a measure of the physical and nervous complexity and fatigue of performing professional duties.
Service- an intangible good that has the form of an activity useful to people.
Factors of production- resources used by people to create life's goods.
physical capital- buildings, structures, machines, ameliorative systems used to transform natural substances into benefits useful to people with the help of technology.
financial intermediary- an organization that provides services to citizens and firms, helping the first place their savings with the greatest benefit, and the second - to receive additional funds with minimal effort.
Financial market A market where the money needed to acquire the physical capital of firms is bought and sold.
Firm Finance- the ratio between cash costs and cash receipts of the company.
Specialization- the concentration of a certain type of activity in the hands of a certain person or economic organization.
Demand- the dependence that has developed in a certain period of time of the magnitude of demand in a given commodity market on the prices at which goods can be offered for sale.
Wage rate- a sum of money paid to an employee for labor services rendered by him during a certain period of time (an hour, a shift or a month) or necessary to perform a certain amount of work (for example, the manufacture of one part).
the cost of living- the amount of money that it costs to acquire a set of goods and services that is standard for most families in a given country over a certain period of time (usually a month).
customs duty- a tax levied in favor of the state treasury from the owner of a foreign-made product when this product is imported into the country for sale.
Current (termless) deposits- funds transferred by their owners for temporary storage to the bank with the right to use this money for lending and the owner of the funds retaining the right to withdraw this money from the bank at any time without prior notice.
Product- a material object useful to people and therefore valued by them as a blessing.
Trade margin- the markup set by the trade organization to the price at which the goods are sold by the manufacturer.
Trade- voluntary and mutually beneficial exchange of the results of specialized production of goods.
can) purchase over a certain period of time (month, year) at a certain level of the price of this product.
External (side) effects- damage (or benefit) from the production of any good that has to be borne (or can be received) by people or firms that are not directly involved in the sale and purchase of this good.
External public debt- the debt of state authorities to governments, international banks and financial organizations that provided money on a loan on the basis of government agreements.
Domestic public debt- the debt of state authorities to citizens, banks and firms of their country, as well as to foreigners who have bought securities of domestic loans.
Sales revenue- the amount of money received during the sale and equal to the product of the number of goods sold and the price at which they were bought.
Hyperinflation- the situation in the economy, when the growth of the general price level in the country during the month exceeds 50% and this continues for more than three months in a row.
Government securities- the obligation of the state to return the borrowed amount plus interest for the use of this money.
State debt- the amount of loans taken by government agencies and not yet returned to creditors.
production possibilities frontier- the volume of production that can be achieved by the country with the fullest use of its available production resources.
Gift Goods- goods, the available volume of which is greater than the needs of people, and their consumption by some people does not lead to a shortage of these goods for others.
money capital- part of the savings of families, which is transferred on a paid basis to firms for the purchase of production capital by them.
Money- a special product that: 1) is accepted by everyone in exchange for any other goods and services, 2) allows you to uniformly measure all goods for the needs of exchange and accounting, and 3) makes it possible to save and accumulate part of current income in the form of savings.
Deposits- all types of funds transferred by their owners for temporary storage to the bank with the right to use this money for lending.
Defects (weaknesses) of the market- the inability of market mechanisms to solve some economic problems in general or in the best way.
deficit- a situation in the market when buyers at the current price level are ready to buy a larger volume of goods than sellers at this price are willing to offer for sale.
State budget deficit- a financial situation that arises when the state plans to spend more than it can actually receive income from all types of taxes and payments.
Dividends- part of the net profit of a joint-stock company, which is paid to its shareholders in proportion to the value of their shares.
Directive national economic plan- a method of distributing limited resources on the basis of government assignments that are mandatory for all enterprises in the country.
Natural rate of unemployment- a situation where only frictional and structural unemployment exists in the country.
Natural monopolies- firms that control the entire market for certain goods or services by virtue of possessing a unique
economic decisions, and all limited resources (factors of production and goods) are distributed through markets.
market supply- the total supply of goods on the market by all sellers.
Market demand- the total volume of purchases that all buyers are ready to make in the market at a given price level.
Saving- the balance of income after payment of all expenses associated with current consumption.
Velocity of money- the number of times that each monetary unit participated during the year in securing any transactions.
Weaknesses (imperfections) of the market- the inability of market mechanisms to solve some economic problems in general or in the best way.
Mixed economic system- a way of organizing economic life, in which land and capital are predominantly privately owned, and the distribution of limited resources is carried out both by markets and with significant state participation.
Equity- funds that are provided to the company in exchange for the right to co-ownership of its property and income, and therefore, as a rule, are non-refundable and generate income that depends on the results of the company's work.
Aggregate supply- the total amount of final goods and services that the country's firms can and are ready to offer to the market over a certain period of time at: 1) the price level prevailing in the country; 2) existing technology; and 3) available resources of all kinds.
Aggregate demand- the total amount of final goods and services of all kinds that all buyers of the country are willing to purchase during a certain period of time at the prevailing price level.
Real income- the amount of goods and services that a citizen or family can purchase in a certain period of time with their nominal income.
Reserve requirements- the mandatory proportion of the formation of fractional reserves established by the central bank of the country.
Rent- the general name of the income of land owners and owners of other factors of production, the supply of which is rigidly fixed.
Market- all activities related to the sale and purchase of goods of a certain type in a certain region or different regions where goods can be delivered in the usual way.
Monopolistic competition market- a situation characterized by the fact that, in order to satisfy the same need, sellers begin to offer buyers many varieties of substitute goods with significant differences, but each variety is offered to the market by only one seller.
Labor market- a set of economic and legal procedures that allow people to exchange their labor services for wages and other benefits that firms agree to provide them in exchange for labor services.
The market of pure (perfect) competition- a situation characterized by a clash in the competition for the money of buyers of many manufacturers of the same type of goods, none of which has control over such a market share as to be able to influence sales volumes and market price in their own interests.
Pure monopoly market- a situation where there is only one seller in the market.
Market system (capitalism)- a way of organizing economic life, in which capital and land are owned by individuals who accept all
source of natural resources, or because it is simply inefficient to increase the number of competing firms in that market.
Will- a legally formalized gift of wealth, which takes effect after the death of its owner.
Borrowed funds (loan)- funds that are provided to the company for use for a strictly fixed time and under the fee established in the loan agreement.
Law of Exchange- the relationship between the average amount of money that a country needs to ensure normal monetary circulation, and: 1) the average prices of goods and services; 2) the quantity of these goods and services; 3) the speed of circulation of money.
Law of supply An increase in prices usually leads to an increase in the quantity supplied, and a decrease in prices - to its decrease.
Law of demand A price increase usually leads to a decrease in the quantity demanded, and a price decrease to its increase (ceteris paribus).
Engel's law- as household incomes rise, the share of spending on food usually decreases, on consumer goods it stabilizes, and on education, medicine, recreation and entertainment - increases.
Earth- all types of natural resources available on the planet and suitable for use in the production of economic goods.
Surplus (overstocking)- a situation that occurs in the market when, at the current price level, sellers offer for sale a greater volume of goods than buyers are willing to buy at that price.
Import- the purchase by residents of one country of goods manufactured in other states.
Investment- the transfer by the owners of savings of their funds for use by commercial firms or the state in order to generate income.
Individual offer- an offer with which an individual seller enters the market.
individual demand- the volume of purchases that an individual buyer is ready to make in the market at a given price level.
Inflation- the process of raising the general level of prices in the country, leading to the depreciation of money.
Information- all the information that people need for conscious activity in the world of the economy.
Capital- all that production and technical apparatus that people created from the substance of nature to increase their strength and expand the possibilities of manufacturing the goods they need.
Cartel- a method of market monopolization, consisting in the conclusion of an agreement between manufacturers of a homogeneous product on the division of the market between them and the coordination of sales volumes and prices of each of the cartel members.
Command system (socialism)- a way of organizing economic life, in which capital and land are actually owned by the state, which also distributes all limited resources.
Commercial Bank— a financial intermediary engaged in: 1) accepting deposits; 2) granting loans; 3) organization of settlements; 4) purchase and sale of securities.
Competition- economic competition for the right to obtain a larger share of a certain type of limited resources.
indirect tax- collection in favor of the state, which is taken from citizens or economic organizations only when they carry out certain actions.
Credit issue- an increase by the bank of the country's money supply by creating new deposits for those customers who received loans from it.
necessary level of his other basic necessities of life.
Performance- the amount of benefits that can be obtained from the use of a unit of a certain type of resource for a fixed period of time.
Derived demand- the demand for factors of production, predetermined by the demand for goods and services for the creation of which these resources are used.
Production- the process of using labor and material resources to create goods or services.
Protectionism- state economic policy, the essence of which is the protection of domestic producers of goods from competition from firms in other countries by establishing various kinds of restrictions on imports.
Trade union (trade union)- an organization that represents the common interests of employees of certain professions or a certain industry in negotiations with entrepreneurs.
direct tax- a fee in favor of the state, levied on each citizen or economic organization.
Work force- the total number of citizens of the country of working age who have a job, and citizens who cannot find work for themselves.
Equilibrium price- the price at which the volume of goods that manufacturers (sellers) agree to offer for sale at such a price and the volume of goods that buyers agree to buy at such a price coincide.
Distribution- the provision of resources between firms, and produced goods - between people in accordance with some criteria by which these people are entitled to receive such benefits.
Sentence- the dependence that has developed in a certain period of time on the supply of a certain product on the market for a certain period of time (month, year) on the price levels at which this product can be sold.
Entrepreneur is a person who, at his own peril and risk, and to a large extent at his own expense, creates a company.
Entrepreneurship- services rendered to society of a special kind, consisting in the creation of new commercial organizations called firms for the production and distribution of vital goods.
Profit- the difference between the proceeds from the sale of goods or services and the costs necessary for the production and organization of the sale of these goods and services.
preferred share- a security, the owner of which has the right to dividends of a fixed amount, regardless of how much net profit the company actually received, but does not have the right to participate in its management.
The principle of absolute advantage- countries benefit from trade with each other if each of them specializes in the production of goods that it can produce with absolutely less of its resources than its trading partners.
The principle of relative advantage It is more profitable for each country to export those goods for which its selection prices are relatively lower than in other countries.
Progressive Income Taxation- a financial mechanism used to solve two problems: to raise funds for the needs of the country and smooth out differences in the levels of well-being of families.
Living wage- the amount of money necessary for a person to purchase the amount of food that allows him to survive, as well as to satisfy him at the minimum
Loan agreement- an agreement between the bank and the one who borrows money from him (borrower) defining the obligations and rights of each of the parties, and above all: the term for granting a loan, a fee for using it and guarantees for a refund to the bank.
Creditworthiness- the borrower's readiness and ability to fulfill its obligations under the loan agreement on time, that is, to return the borrowed amount and pay interest for its use.
Liquidity- the degree of ease with which any assets can be turned into money by the owner.
Lobby- a form of legal defense of the interests of a certain group of firms or citizens of the country by forming factions of deputies in the legislative authorities.
Manager- hired manager of the company, accountable to its owner.
Price Mechanism- the formation and change of market prices under the influence of the clash of interests of buyers and sellers who make their decisions without outside coercion.
Market monopolization- a situation where one of the sellers or buyers accounts for such a large share of the total volume of sales or purchases in a particular commodity market that it can influence the formation of prices and terms of transactions to a greater extent than other participants in this market.
Monopolist- a firm that is the only seller in the market and therefore its individual demand curve coincides with the market.
Cash- paper money and tokens.
Taxation- a mechanism for the withdrawal of part of the income of citizens and firms in favor of the state to solve national problems.
wealth inequality- differences in the amounts of regularly received nominal income (per member
families) and the market value of family-owned property.
Nominal income- the amount of money received by a citizen or family as a whole for a certain period of time.
Normal profit- income that could actually be received by the owner of capital when investing funds not in their own business, but in other commercial and financial projects with the same level of risk.
normal goods Goods for which the quantity demanded increases with an increase in the income of buyers.
Loan security (collateral)- the property of the borrower, which can be seized from him by the bank and sold to cover those debts of the borrower that he himself cannot cope with.
The overall utility of the good- the total benefit (benefit) received by a person, firm or country from the use of the entire volume of goods of a certain type.
public goods- goods or services that people share and which cannot be the exclusive property of anyone.
General costs- the cost of acquiring the entire volume of resources that the company has already used to organize the production of a certain volume of products.
Demand quantity- the amount of goods of a certain type that a person would like to receive to satisfy his needs, if these goods were available free of charge and without restrictions.
Limited (economic) goods- means of satisfying human needs, which can be created only by investing factors of production and obtained, as a rule, only on the basis of exchange.
Oligopoly- a market in which competition occurs only between a small number of firms that have forced out other rivals.
Industry A group of firms producing similar or identical products.
variable costs- these are the costs that grow (decrease) with any increase (decrease) in production volumes.
Absorption- a method of monopolizing the market, which consists in buying up competing firms and including them in the firm striving to become a monopolist.
Purchasing power of money- the amount of goods and services that can be purchased with a certain amount of money at a given time.
fixed costs- these are those costs that remain the same with small changes in the volume of production of goods or services.
Needs- a specific form of manifestation of human needs, depending on living conditions, skills, traditions, culture, level of development of production and other factors.
Duty- a fee charged by the state from citizens and economic organizations for providing them with a certain type of service or issuing a permit to carry out certain activities.
Right of private property- the recognized and legally protected right of an individual to own, use and dispose of a certain type and amount of limited resources (for example, a piece of land, a coal deposit or a factory).
Marginal (marginal) utility of a good- the benefit (benefit) received from an additionally used unit of the good.
Marginal (marginal) costs is the actual cost of producing each additional unit of output.
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