DICTIONARY

ECONOMIC TERMS

Automation of production - the replacement by machines and mechanisms of not only manual physical labor, but also the functions of labor to control machines and mechanisms. The workers carry out only the functions of setting up and adjusting machines, monitoring work.

Joint-stock company - 1) a company that is a legal entity, the capital of which consists of contributions from shareholders-shareholders and founders; 2) the form of organization of production based on raising funds by selling shares. There are closed and open joint stock companies.

Closed joint stock company - a company in which shares are sold only to its employees and cannot be sold to outsiders without the consent of other shareholders.

Open joint stock company - a company in which capital is formed through the open sale of shares.

Share capital - the share capital of a joint-stock company, the size of which is determined by its charter. Formed at the expense of borrowed funds and the issue (issue) of shares.

A share is a security issued by a joint-stock company, which gives the right to its owner, a member of the joint-stock company, to participate in its management and receive dividends from profit.

There are shares: ordinary, preferred, registered, bearer, labor collective, enterprise, etc.

Personalized action - share with an indication of its owner. Distributed as an open subscription. Can be simple and privileged.

Bearer share - a share that does not contain the name of its holder. Can be simple and privileged.

Ordinary share - share with a non-fixed dividend, the amount of which is determined by the general meeting of shareholders after payment of a fixed percentage to holders of preferred shares.

Company shares - shares distributed among other enterprises and organizations, cooperatives, banks, voluntary societies.

Preferred share - a share, the dividend of which is fixed in the form of a fixed interest, paid on a priority basis, regardless of the amount of the company's profit. This share does not give the right to vote, its owner does not participate in the management of the company.

Labor collective action- a share, the holders of which can only be employees of the given team.

Depreciation funds - financial funds allocated for a special purpose for the preservation and renewal of the fixed assets of the enterprise.

Depreciation fund - funds intended for simple and extended reproduction of fixed assets.

Depreciation - 1) the gradual transfer of the value of fixed assets to the product or service produced with their help; 2) targeted accumulation of funds and their subsequent use to reimburse depreciated fixed assets.

Lease is a property lease based on an agreement on the provision of property for temporary use for a specified fee.

Product certification is a complex of organizational, technical and economic measures providing for a systematic objective assessment of technical and economic indicators of product quality.

Balance is a system of indicators that characterize a phenomenon by comparing or contrasting its individual sides. Economic balance sheets are usually compiled in monetary terms.

Balance sheet profit - the total amount of the company's profit for all types of activities, reflected in its balance sheet.

Bankruptcy is a concept that means ruin, the refusal of an enterprise (organization, bank) to pay its debt obligations due to lack of funds. As a rule, it leads to the closure or forced liquidation of the enterprise, the sale of property to pay off all debts.

Unemployment is a socio-economic phenomenon in which part of the able-bodied, willing to work population cannot find work, becoming a reserve army of labor.

Business is an economic activity of an entity in a market economy, aimed at making a profit by creating and selling a certain product or service.

A businessman is a merchant, an entrepreneur engaged in any kind of economic activity that brings profit or other benefits.

Business plan - a program of the company's activities, a plan of specific measures to achieve specific goals of the company's activities, including an assessment of expected costs and income. Developed on the basis of marketing research (see. Marketing).

Gross proceeds - the full amount of cash receipts from the sale of marketable products, works, services and material values.

Gross profit is the part of the company's gross income that remains after the deduction of all mandatory expenses.

Gross income is the end result of an enterprise, which is the difference between gross revenue and all costs of manufacturing and selling products.

A bill of exchange is a type of security, a written promissory note of the established form, endowing its owner (holder of a bill) with the unconditional right to demand from the drawer of the unconditional payment of the specified amount of money by a certain date.

A venture capital firm is a commercial scientific and technical firm engaged in the development and implementation of new technologies and products with an indefinite return (risky capital investment).

An implementation company is an intermediary and consulting self-supporting organization (enterprise) specializing in the dissemination of innovations.

GOST RF - State Standardization System Russian Federation.

Diversification of production - a transition from a one-sided, often based only on the manufacture of one product, production structure to a diversified production with a wide range of products.

Dividend is a part of the profit of a joint-stock company, annually distributed among shareholders after taxes, deductions for expansion of production, replenishment of reserves, payment of interest on bonds and remuneration to directors.

Product life cycle is a period of alternation of five different life phases of a product: development, production, market entry, market saturation and obsolescence.

Costs of production and sales of products - the cost estimate of natural resources, raw materials, materials, fuel, energy, fixed assets, labor resources, as well as other costs of production and sales of products used in the production process.

Depreciation of fixed assets - the gradual loss of fixed assets (buildings, machines and other means of labor) of their useful properties. The physical and obsolescence of fixed assets are distinguished. Physical deterioration - material deterioration of the means of labor as a result of their use and the influence of the forces of nature. Obsolescence means of labor can come to full physical wear and tear due to the fact that there are more productive, accurate and economical machinery and equipment.

Inventions are new and significantly different technical solutions to problems in any area of ​​the economy, social and cultural construction, giving a positive effect.

Investments are long-term investments both within the country and abroad in order to create new and modernize old enterprises, master the latest technologies and equipment, increase production and make a profit.

Investment policy - determining the most priority directions capital investments, on which an increase in the efficiency of the economy depends, ensuring the greatest increase in production and national income for each ruble of costs.

Investor - a private entrepreneur, organization or state that invests in a long-term business or enterprise in order to make a profit.

Engineering - providing on a commercial basis (in the form of a contract) various engineering and consulting services.

Innovation is an innovation, a complex process of creating, distributing and using innovations (a new practical tool) to meet human needs, changing under the influence of the development of society.

Infrastructure is a complex of sectors of the economy serving industrial (or any other) production, as well as the population. Includes transport, communications, trade, logistics, science, education, health care.

Capital intensity is an indicator that characterizes the ratio of fixed capital to the production produced in the corresponding period or part of it - national income, net income, profit.

Capital construction is the process of creating and improving fixed assets through the construction of new ones, reconstruction, expansion, technical re-equipment and modernization of existing ones.

Capital investments - expenditures of material, labor and monetary resources aimed at the restoration and growth of fixed assets.

Product quality is a set of useful consumer properties of a product of labor, which determine its ability to satisfy certain needs of a person and society.

Combination is one of the forms of socialization of production, which consists in the technological combination of interconnected heterogeneous industries in one or different industries within the framework of one enterprise - a combine.

Commercial secret of an enterprise - information that is not state secrets and related to production, technological information, financial management and other activities of the enterprise, the disclosure of which may harm its interests.

Company - an association of entrepreneurs formed on the basis of a share capital and which is a legal entity: a joint stock company, a limited liability company, etc.

Comprehensive mechanization and automation of production - mechanization and automation of not only basic, but also auxiliary production processes.

Conversion is the reorientation of an enterprise towards the production of products of a fundamentally different type.

Competitiveness - the ability of an enterprise to carry out its activities in market conditions and at the same time receive a profit sufficient for scientific and technical improvement of production, incentives for employees and maintenance of products at a high quality level.

Competition is an element of the market mechanism associated with the formation of economic proportions based on the rivalry of enterprises and firms for better and more favorable conditions for capital investment, sale of products and services.

Contract - see Labor contract.

Contract wage system - conclusion employment contract between the employer and the contractor, which stipulates the working conditions, the rights and obligations of the parties, the mode of work and the level of remuneration, the term of the contract.

Controlling block of shares - a share of the total value (number) of shares, which allows their owners to control the activities of the entire joint-stock company. In theory, this share is determined at 51% of the total amount of shares, in practice - much less.

Concentration of production - concentration of production at large enterprises.

The Concern is an unification of independent enterprises of various industries, linked by joint development, through a system of participation, patent and license agreements, financing, and close production cooperation.

Cooperation is the process of establishing direct long-term economic ties for the joint manufacture of the final product.

The utilization rate of materials is an indicator that characterizes the rationality of the consumption of raw materials and materials. It is calculated as the ratio of the amount of materials included in the finished product to the total processed amount.

Shift factor is an indicator of the degree of equipment utilization over time. It is defined as the ratio of machine shifts worked per day to all installed equipment.

Leasing - 1) a method of financing investments based on long-term lease of property while retaining ownership of the lessor; 2) medium and long-term rental of machinery, equipment and vehicles.

Marketing is a complex system for managing the activities of an enterprise for the development, production and sale of products or the provision of services based on market research and active influence on consumer demand.

Material consumption of products - the cost of raw materials, materials and other material resources per unit of manufactured products. Reducing the consumption of materials allows you to get more finished products from the same material resources, reduces its cost and costs for the development of raw materials industries.

Modernization of equipment - making existing changes in the design of existing equipment that increase its technological level and improve technical and economic characteristics.

A monopolist is the only producer of a specific product who charges a monopoly high price for that product, as a result of which consumers and society bear increased costs.

Overhead costs - the cost of economic maintenance of production and enterprise management, which are additional to the main costs and, along with them, are included in production costs.

Scientific and technical potential is a generalized characteristic of the level of development of science, engineering, technology in the country, the possibilities and resources that society has to solve scientific and technical problems.

Scientific and technological progress is a process of continuous development of science, technology, technology, improvement of objects of labor, forms and methods of organizing production and labor.

Scientific and technological preparation of production - a set of regulatory and technological measures regulating the design, technological preparation of production and the system for putting products into production.

Turnover of working capital - the movement of working capital of an enterprise, a sequential transition from one form to another. The faster the circulating assets turn over at the enterprise, the more products it can produce with the same amount of circulating assets. Acceleration of the turnover of working capital is achieved with strict adherence to the norms of production inventories, a reduction in the production cycle, and a faster sale of finished products.

Revolving production assets - objects of labor used in production (raw materials, materials, fuel, packaging, spare parts for repairs, etc.). Fully consumed in each production cycle and purchased from the company's working capital.

Working capital - funds of an enterprise, expressed in monetary form, invested in inventories, work in progress, finished products, costs of mastering new products, costs of future periods.

Additional liability company - a company that is founded by one or more persons. Its participants jointly and severally bear subsidiary liability for the obligations of the company with their property in the same multiple for all to the value of their contributions, determined by the constituent documents.

Limited Liability Company - a company that is founded by one or more persons. Its authorized capital is divided into shares of the sizes determined by the constituent documents. The participants are not liable for the obligations of the company and bear the risk of losses associated with its activities, within the limits of the value of their contributions.

The general cycle of capital construction of an object is the time from the beginning of the design of the object to its commissioning.

Return on capital investments is an indicator of the efficiency of capital investments, defined as the ratio of capital investments to the economic effect obtained from their use in the production process.

The optimal size of the enterprise is the size of the enterprise that ensures the fulfillment of concluded contracts and obligations for the production of products (performance of work) on time with a minimum of reduced costs and the highest possible efficiency.

Fixed non-productive assets are durable goods that serve non-productive consumption in society. These include residential buildings, clinics, clubs, sanatoriums, stadiums, etc., which are on the balance sheet of the enterprise.

Fixed production assets - means of labor (buildings, structures, machinery and equipment, vehicles, etc.), with the help of which products are manufactured. They serve for a long time, retain their natural shape during the production process and transfer their value to the finished product in parts as they wear out. Replenished by capital investments.

The indicator is a generalized quantitative parameter of socio-economic phenomena and processes in unity with their qualitative characteristics.

A general partnership is an association of two or more persons for carrying out entrepreneurial activities for the purpose of making a profit, the members of which participate in the affairs of the partnership personally and bear full financial responsibility not only with the invested capital, but also with all their property.

Marginal labor productivity - an increase in the volume of output caused by the use of an additional unit of labor under fixed other conditions.

An enterprise is an independent economic entity that is a legal entity and created for the production of products, performance of work and provision of services in order to meet social needs and make a profit.

Profit - final financial results activities of the enterprise. It is defined as the difference between revenue and costs.

Privatization is the process of changing ownership relations when a state enterprise is transferred to other forms of ownership, including collective, joint-stock and private.

Forecasting - scientifically based prediction of the probabilistic development of events or phenomena in the future based on statistical, social, economic and other studies.

Labor productivity - the productivity of the production activities of people. It is measured by the amount of products produced by the worker in the field of material production per unit of working time, or the amount of time spent on the production of a unit of output. Social labor productivity is expressed in the value of the national income produced per one employed worker in the branches of material production.

Production capacity - the maximum possible output of products with the most complete and rational use of the main production and revolving funds, and financial resources.

Production structure - a set of connections production units enterprises - workshops, sections, servicing farms and services, directly or indirectly involved in the production process.

Production is the process of creating material goods necessary for the existence and development of society.

Reconstruction is a process of radical restructuring of existing production on the basis of technical and organizational improvement, complex renewal and modernization of fixed assets.

Product profitability is an indicator of production efficiency, defined as the ratio of the total (balance) profit to the average annual cost of fixed assets and normalized working capital.

A free economic zone is a part of the state's territory that has a free regime for investing foreign capital and simplified customs rules.

Piece rate - the amount of wages per unit of production or work.

Certificate - a document certifying the quality of the goods, issued by the competent authorities on the basis of the examination of the goods.

A Certificate of Conformity is a document issued by a third party that proves that a properly identified product, process or service complies with a specific standard or other regulatory document.

Product certification is a procedure for the adoption and implementation of international standards for the assessment and control of product quality. Osu-

It is carried out through the creation of special centers independent of manufacturers, equipped with equipment and instruments to control products for compliance with international standards.

A product quality management system is an organizational structure that clearly assigns responsibilities, procedures, processes and resources required to manage product quality.

Joint entrepreneurship is a form of production activity of enterprises of two or more countries, focused on cooperation in the field of production and circulation.

The specialization of production is the concentration of the production of constructively and technologically homogeneous mass consumption products at large enterprises.

Standard is a regulatory and technical document that establishes norms, rules and requirements for the development, manufacture and operation of products (see. GOST RF).

Standardization is the establishment and application of rules in order to streamline activities in a specific area for the benefit and with the participation of all interested parties. Reflected in regulatory documents, standards, instructions, methods, requirements for product development.

The technical level of a product is a relative characteristic of product quality based on a comparison of the values ​​of indicators that determine the technical perfection of the evaluated product with the values ​​of the corresponding basic indicators.

Technical re-equipment is the process of raising the technical level of individual production areas to the modern level.

The type of organization of production is a complex characteristic of the characteristics of the organization and the technical level of production.

A limited partnership (limited partnership) is an association of two or more persons for the implementation of entrepreneurial activity, in which some participants (general partners) are responsible for partnership affairs both with their contribution and with all their property, while others (limited partners) are responsible only with their contribution. ...

Limited Liability Partnership - an association of citizens and / or legal entities for joint economic activities, the authorized capital of which is formed from the contributions of the founders, who are responsible for the obligations only by their contribution.

Labor contract - an agreement between an entrepreneur and a person applying for work, which specifies his labor functions, place of work, job duties, salary, start time, etc.

Labor intensity of production is a value inversely proportional to the indicator of the productivity of living labor. It is defined as the ratio of the amount of labor expended in the sphere of material production to the volume of products produced.

Unification in the industry - bringing the variety of products to a structurally and technically improved uniformity.

The charter is an official document confirming the legality of the establishment of a company, containing the nature and rules of its activities, the basis of relations between members, etc.

Constituent documents - documents serving as the basis for the establishment of a new created enterprise, company, joint stock company and their registration in the prescribed manner.

A firm is an enterprise or a set of specialized organizations of any form of ownership, which are legal entities and are united under one management (and a common corporate name) for the production and sale of goods.

Capital-to-labor ratio is an indicator of the equipping of fixed assets (the size of fixed assets per employee or worker of the enterprise).

Capital intensity is an indicator inversely proportional to capital productivity. It is calculated as the ratio of the average value of fixed assets to the volume of production.

Return on assets is an indicator characterizing the number of products per 1 ruble. basic production assets. The growth of capital productivity is the most important direction for the better use of fixed assets.

A photograph of a working day is a method of studying working hours by observing and measuring its duration during the whole or part of the working day.

A franchisor is a large enterprise (corporation, firm, etc.) that concludes a franchise agreement with a franchisee.

A franchisee is a small business that enters into deals with a large business franchisor.

Chemicalization of production - a process of widespread use of chemical products and synthetic materials, as well as chemical methods in the manufacture of products.

A holding company is a joint stock company that uses its capital to acquire controlling stakes in other companies for the purpose of managing, managing and receiving dividends.

Economics as a Science

"Economics is the science that studies human behavior in terms of the relationship between goals 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 research, the sections of economic theory can be conventionally 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 examines the aggregate indicators of income, employment, price dynamics, determines the laws of state economic policy.

Economic needs, resources and benefits

In turn, the economic benefit is material and non-material items, or rather the property of these items, capable of satisfying economic needs.

A resource is a means that allows you to obtain the desired result with the help of certain transformations.

Resources are subdivided into: - economic (functioning) - potential (not involved in the economic turnover)

Economic resources include: - natural resources - labor (population of working age) - 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 technical, design, statistical, technological, informational information, as well as other types of intellectual values ​​necessary to create an economic product)

Elasticity of demand

Elasticity of demand allows you to measure the degree of customer reaction to changes in prices, income levels or other factors. Calculated using the coefficient of elasticity.

Distinguish between price elasticity of demand and income elasticity of demand.

Price elasticity of demand shows the percentage change in the value of demand when the price changes by 1%. The following factors influence the price elasticity of demand:

· Availability of competing products or substitute products (the more there are, the greater the opportunity to find a replacement for the more expensive product, i.e. the higher the elasticity);

· Invisible for the buyer change in the price level;

· Conservatism of buyers' tastes;

· The time factor (the more time a consumer has for choosing a product and thinking, the higher the elasticity);

· The share of the product in the consumer's income (the greater the share of the price of the product in the consumer's income, the higher the elasticity).

Depending on these indicators, a distinction is made between:

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.

· The 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 shows the percentage change in the amount of demand when income changes by 1%. It depends on the following factors:

· The importance of the product for the family budget.

· Whether the product is a luxury item or a necessity.

· Conservatism in tastes.

By measuring the income elasticity of demand, you can determine whether a given product is classified as normal or low value. Most of the consumed goods are classified as normal. With the growth of income, we buy more clothes, shoes, high-quality food, durable goods. There are goods for which demand is inversely proportional to consumer income. These include all secondhand products and some types of food (cheap sausage, rotten apples).

Market, market system and their variety

The market is a collection of transactions for the purchase and sale of goods. The market in its development has passed a path that lasts more than 30 thousand years. The very first definition of a market is an area, a public place for the purchase and sale of goods, i.e. goods and services. The market is a system of relations between buyers and sellers, 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 Limitedness of all resources of production - 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. The economic isolation of commodity producers within the framework of ownership - initially communal, and then private. 5. The 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 unites economically separate 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 do it? Who is it for? 4. Pricing function. The market recognizes only publicly necessary costs and, accordingly, public prices, which reflect the needs of the buyer. 5. Stimulating. The benchmark of market prices for the social level of costs, for taking into account the demand of consumers, encourages the product to save its individual costs and present the goods to the market that the buyer needs. Constructively destructive. The market ensures the change in all economic proportions between industries and regions. A vivid and vivid example of this is the restructuring of the economy in Russia. 7. Improving function (cleaning the market from uncompetitive manufacturers) 8. Differentiating. The market enriches some producers and ruins others.

There are 2 kinds of communication between market agents: A market transaction can be viewed from the economic point of view, in the form of an act of commodity-money circulation. The economic interest of the seller is to exchange the goods for the corresponding amount of money, and the buyer is to purchase the useful thing he needs for money. And from the legal point of view, a market transaction means an action of citizens and legal entities that takes the form of a purchase and sale agreement. There are markets: local (market within a 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 the means of production, the market for land, real estate, labor, services, currency, insurance, information.

Money, functions of money

The essence and function of money. In modern economic theory, the following 4 functions of money are distinguished: 1. A medium of circulation 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 medium of circulation, money is absolutely liquid, i.e. quickly realizable in economic life. 2. A measure of value when money is used as a unit or scale for measuring the relative prices of dissimilar goods and services. Money is used as a unit of account for the valuation of goods, services, assets. The value of goods is expressed in prices, and prices are measured in terms of money. 3. A store of value. As the most liquid property, money is a very convenient form of wealth storage; money is withdrawn from circulation and acts as a store of value. At the early stages of the development of a commodity economy, such withdrawal of money from circulation turned it into a treasure, a treasure. 4. Instrument of payment. In this function, money, first of all, serves credit relations and acts as a medium of exchange, as well as a measure of value. Money as a means of payment functions when goods are sold on credit and outside the sphere of commodity circulation.

Entrepreneurship

Entrepreneurship, business- independent, carried out at their own risk activities aimed at systematic receipt profits from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law. The efficiency of entrepreneurial activity can be assessed not only by the size of the 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 of a market economy, permeating all its institutions.

It can be carried out by a legal entity or directly by an individual. In Russia, as in many countries, in order to conduct business, an individual is required to register as individual entrepreneur.

Entrepreneurship can be done in different areas. In addition to general entrepreneurship, social and technological entrepreneurship is distinguished. Sources of start-up capital for starting a business can be: loans (debt financing - in a bank or from friends), gratuitous assistance (grants or subsidies), investments (venture funds or business angels - equity financing). In addition, there are government and public organizations, technology parks and business incubators to help start-up entrepreneurs. However, entrepreneurship is not easy, and most new businesses fail.

An absolute advantage- the ability for a country to produce goods at lower costs (volumes of involved factors of production) in comparison with other countries (trading partners).

Prepaid expense- the amount of money issued against forthcoming payments for material values, work performed and services rendered.

Advice- the official notification of the bank about the execution of the settlement operation, sent by one counterparty to another; is especially widely used by banks in mutual settlements.

Autarky- the policy of voluntary or forced isolation of the country from the world market, economic isolation of the state.

Holdings- 1) assets, property; 2) the client's funds in the bank.

Aggregation- combining individual units or data into a single indicator. For example, all prices for individual goods and services form one general price level, or all units of production are aggregated into a real net national product.

Market aggregation- an action opposite to market segmentation, or a strategy by which the firm views the entire market as a homogeneous area and standardizes marketing activities.

Agio- excess of market rates of banknotes, bills of exchange or securities in comparison with their face value.

Acquisition- acquisition of an enterprise by a shareholder or a group of shareholders by buying up all the shares of this enterprise on the stock exchange.

Letter of credit- order to the bank to pay a certain amount to an individual or legal entity upon fulfillment of the conditions specified in the letter of credit; a monetary, registered document issued by a bank to a person who has deposited a certain amount and wants to receive it in whole or in parts in another city within a certain time.

Assets- 1) property of an individual or legal entity; 2) part of the balance sheet.

Acceptance- agreement to accept the offer of the counterparty to conclude an agreement; consent to payment of the payment request for settlements through the bank.

Excise tax- a type of indirect tax, mainly on consumer goods, as well as on services. Included in the price of goods or service charges.

Joint-stock company- an enterprise created on the basis of a voluntary association by citizens and (or) legal entities of their property by issuing shares. Distinguish open and closed joint stock companies.

Stock- a security that certifies the ownership of a share in the capital of a joint-stock company and gives the right to participate in its profits, and in certain cases (a common share) to participate in the management of an enterprise.

Ordinary share (simple)- a share giving the right to participate in the management of a joint stock company and receive a dividend.

Preferred share- a share that does not give the right to vote at a meeting of shareholders, but gives the right to a fixed dividend paid as a priority.

Alpari- correspondence of the exchange rate of securities or the market rate of currencies to their par.

Alternative cost- the cost of producing a good or service, measured in terms of the lost opportunity to engage in the best available alternative activity requiring the same time or the same resources.

Depreciation deductions- deductions of part of the cost of fixed assets to compensate for their depreciation (for full restoration).

Annuities- the type of long-term government loan, according to which the lender annually receives a certain income (rent), set with the expectation of permanent repayment of the capital amount of the debt, together with interest on it.

Antitrust Policy- state regulation aimed at demonopolizing the economy and preventing the emergence of monopolies.

Rentals- transfer by the owner of his property in advance certain time for the use of another person who, in exchange, undertakes to regularly pay the owner certain amounts of money, called rent or annuity.

Range- a set of goods, products or services, specified by varieties, brands, sizes.

Auditors- organizations (officials) checking the state of the financial and economic activities of enterprises and associations.

Auction- open auction, in which the ownership of the property being sold is transferred to the buyer who offered the maximum amount during the auction.

"By-back"- a long-term commodity exchange operation, in which the supply of machinery and equipment is carried out on credit with subsequent payment for the products produced with their help.

Balance- a system of indicators that characterize the state of the means of production at a certain date in monetary terms, both in terms of composition (asset) and their sources, intended purpose and terms of return (liability). They are subdivided into a system of consolidated (payment, trade, settlement, etc.) and accounting balances.

Bank- a financial institution that attracts funds from legal entities and individuals and places them on its own behalf on terms of repayment, urgency and payment.

Commercial bank- a private enterprise providing credit and cash services to businesses and individuals.

Bank Central- a state bank that manages the entire monetary system of the country, which has a monopoly right to issue money; keeps temporarily free funds and required reserves of commercial banks.

Bank reserves- funds of commercial banks held in a special account with the Central Bank, plus bank cash.

Bank interest- "price" of money, payment for the use of money taken on credit.

Banknotes- 1) bank notes, a bill for a banker; 2) paper money issued by the Central Bank.

Bankrupt- an enterprise that is unable to pay off its obligations with creditors; declared insolvent and closed.

Barter- a balanced and valued exchange of goods, carried out without attracting money.

"Escape from money"- the desire of people and firms to avoid the accumulation and storage of unstable currency, depreciating money through their quickest transformation into material values, i.e. through the purchase of movable and immovable property.

Poverty- the standard of living of the family, at which its income does not allow to cover the costs of meeting even the most basic material needs, i.e. turn out to be below the subsistence level.

Non-cash funds- a form of making monetary payments and settlements, in which the physical transfer of banknotes does not occur, but simply records are made in special books for accounting for monetary transactions.

Unemployment- a socio-economic phenomenon when a part of the economically active population cannot find work.

Business- economic activity aimed at making a profit.

Business plan- substantiation of the goals of the new case and determination of ways to achieve them. Used as the main document to justify investments.

Stock exchange- the form of the market (institution) in which securities are traded (stock Exchange), goods (commodity exchange), foreign currency (currency exchange).

Exchange quotation- prices of commodities of exchange trade or prices of securities registered and published by the quotation commission of the exchange.

Bonitet- solvency, the ability of the borrower to repay the loan.

Bonification- 1) a markup to the price of goods, the quality of which is higher than that stipulated by the standard; 2) a government subsidy that allows you to reduce the amount of interest on a loan provided to certain categories of borrowers.

Booms- promissory notes issued by the state treasury, individual institutions and enterprises.

Bonus- remuneration for the rendered commission services. The amount of the bonus is determined as a percentage of the value of the sold (exchanged or purchased) goods.

Broker- an exchange intermediary who buys goods on behalf of the client and for his money.

"Bull"- a speculator who buys or keeps previously purchased goods or securities in anticipation of price increases.

Family budget- the structure of all family income and expenses for a certain period of time (month or year).

Budget deficit- the amount of excess of government spending over government revenues.

All in- the risk associated with the possibility of either losing everything or gaining a lot.

Gross national product- a macroeconomic indicator characterizing the volume of national production. Defined as the sum of market prices, all end products produced in the national economy for the year.

Valorization- an increase in the price of goods, the rate of securities as a result of measures taken by the government.

Currency- 1) the monetary unit of the country; 2) banknotes of foreign countries and credit means of circulation and payment, expressed in foreign currency units (bills of exchange, checks, etc.) and used in international settlements.

Exchange rate- the price of the monetary unit of one country, expressed in the monetary unit of another country.

Foreign exchange intervention- operations of the Central Bank for the purchase and sale of the currency of their country in order to influence the exchange rate.

Warrant- an additional facility issued together with a security and entitling to additional benefits (for example, the right to purchase a certain number of ordinary shares of the same issuer after purchasing its bonds).

Voucher- 1) a privatization check issued in the course of privatization for the purchase of shares in privatized enterprises; 2) written evidence, order, guarantee or recommendation.

Veblen effect- a phenomenon described by the American economist T. Veblen in his book The Leisure Class Theory (1899), which occurs when, as a result of a fall in the price of a product, some consumers decide that this was due to a deterioration in its quality and reduce the consumption of this product.

Promissory note- a security (promissory note, mortgage) containing an unconditional monetary obligation to pay a certain person or bearer of a bill of exchange of a certain amount at a certain time.

Venture companies- high-tech research and development organizations, with the help of which risky projects are implemented (in order to maximize the resulting profit).

Complementary products- goods for which there is an inverse relationship between the price of one good and the demand for another, namely: a decrease (increase) in the price of one good leads to an increase (decrease) in demand for another good.

Interchangeable goods- goods that can satisfy the same need; at the same time, a decrease (increase) in the price of one product leads to a decrease (increase) in demand for another of the interchangeable goods.

External effects- the effects of production or consumption of a good, the impact of which on third parties, who are neither buyers nor sellers, is not reflected in any way in the price of this good.

External public debt- the state's debt on outstanding foreign loans and unpaid interest on them.

Reproduction- continuous resumption of production activities at the same or expanded scale.

Secondary market (securities)- a market on which securities are resold after their initial sale, distribution, placement by issuers. Secondary market agents are usually banks and firms that specialize in the sale of securities.

Revenue- funds received (received) by an enterprise, firm, entrepreneur from the sale of goods and the provision of services.

Guarantee- guarantee; ensuring the fulfillment of obligations. For example, a buyer presents a bank guarantee if the seller doubts his solvency.

Hyperinflation- the accelerating growth of inflation, in which the value of money falls so quickly that it cannot fulfill its main economic functions - a means of payment and especially a means of preserving value (wealth). The formal criterion of hyperinflation was introduced by the American economist F. Kegan, who proposed to consider the beginning of hyperinflation the month in which the rise in prices for the first time exceeded 50%, and the end - the month preceding the one in which the rise in prices falls below this critical level and does not reach it again at least least throughout the year.

Horizontal merge- merging into one firm or taking under a single control of two or more enterprises that carry out the same stages of production or produce the same product.

"Hot money"- money capital, spontaneously moving from one country to another in order to preserve value or extract speculative excess profits.

State regulation of the market- state intervention in the functioning of market mechanisms, impact on the economy through administrative (legislative acts and the actions of executive authorities based on them) and economic (monetary and financial, monetary, fiscal) methods and levers.

Government loans- the main form of public credit, which is a credit relationship in which the state acts mainly as a debtor (in this case, the debt is included in the amount of public debt).

Finished products- products of the main or auxiliary workshops intended for outsourcing.

Gradualism- an economic policy aimed at a slow decline in inflation over a long period of time by managing aggregate demand and without prejudice to employment.

Production possibilities frontier- an indicator of the maximum possible volume of output of a certain good or type of service that can be produced in the economy under the conditions of the existing level of use of available resources and knowledge, as well as for given volumes of production of other goods and services.

Grant- 1) deed of gift, a document on the transfer of rights; 2) subsidy, subsidy, scholarship.

G doubled - the notional value of business ties, the price of accumulated tangible assets, the monetary value of intangible capital (prestige, brand name, experience of business ties, stable clientele). For example, the Coca-Cola trademark is valued at $ 3 billion, Camel at $ 2.5 billion, and Stolichnaya vodka at $ 100 million.

Real estate - 1) property values ​​that are not directly associated with land and are not attached to it (as opposed to real estate); 2) movable things, money, securities.

Debit - 1) the amount due to be paid or received as a result of economic relations with a legal or natural person; 2) an account of receipts and debts to a given institution, organization.

Debtor - an individual or legal entity that has a debt to a certain enterprise, organization, institution, citizen.

Devaluation - official depreciation of the national currency against foreign currencies.

Mottos - means of payment in foreign currency intended for international settlements.

Declaration of income- a corresponding statement on the amount and sources of income, filled in by individuals and legal entities.

Decor- a discount from the price of the goods provided by the seller to the buyer in case of early payment or due to the fact that the quality of the goods is lower than that provided for in the contract.

Demonopolization- elimination of the state or other monopoly dictating its terms to the market.

Dumping- junk export - sale of goods at prices below costs (prime cost); carried out, as a rule, on the external market.

Money supply- a set of generally accepted means of payment in the economy.

Money mechanism- the way in which changes in the money supply affect the economy.

Money market- a market for short-term lending and borrowing transactions, bringing together commercial banks, companies and the government.

Denomination- enlargement of the national monetary unit by exchanging old banknotes for new ones according to the established ratio in order to streamline monetary circulation, facilitate accounting and settlements in the country.

Money- any generally accepted means of payment that can be exchanged for goods and services and used to pay debts.

Deposit- all types of funds (money, securities, etc.) transferred by their owners for temporary storage to the bank with the granting of the right to use this money for lending. Deposits vary poste restante and urgent.

Depression- a very severe recession lasting more than a year. It is characterized by a stagnant state of the economy, low prices, weak demand for goods, mass unemployment, etc.

Gross domestic product deflator- price index for all produced goods and services used to obtain real gross domestic product. The importance of information and real GDP is due to the fact that it reflects the physical output of goods and services, and not their monetary value.

Deflation- the process of lowering the general level of prices in the country.

"Cheap money"- cheaper credit as a result of the expansionary credit policy carried out by the Central Bank in order to expand lending to the economy.

Decile factor- an indicator of uneven distribution of income between different groups of the population of the country; calculated as the ratio of the income of the richest 10% to the income of the poorest 10%.

Jobbers- dealers of the London Stock Exchange who carry out transactions for the purchase and sale of securities in their own name and at their own expense.

Diversification- the simultaneous development of many directly unrelated industries; risk mitigation strategy by distributing investments among several risky assets.

Dividend- income (profit) received by the owner of shares based on the results of the activities of the joint-stock company.

Disagio- deviation of the exchange (market) rate of securities or banknotes downward compared to their nominal value; usually expressed as a percentage of par. The deviation of the rate from the nominal in the direction of increase is called screw up.

Dealing- a complex of trade, intermediary and business services.

"Dynamite"- a trader who sells unreliable goods or securities.

Discount - 1) the difference between the price at the moment and the price at the time of redemption or the price of the par value of the security; 2) the difference between prices for the same product with different delivery times.

Discounting- the method of determining the current equivalent of the value of money that will be received or spent in the future. If the discount rate is 10%, and the amount that will be received in a year is $ 110, then the current value of this amount will be $ 100. Discounting is the opposite of calculating compound interest. The discounting method is widely used to evaluate investment projects when costs and revenues are spread over time.

Distributor- a company that sells on the basis of wholesale purchases from large manufacturing firms.

Product differentiation- the process that takes place when a product sold on the market is not standardized.

Added value- the sum of the firm's sales minus the cost of materials and other intermediate goods used in the production of the goods sold. The value added does not include depreciation charges.

The household- the most important subject of economic relations; economic unit that produces and consumes goods and services.

"Expensive money"- 1) increase in the cost of loans as a result of the measures taken by the Central Bank to curb economic growth and regulate inflation; 2) money, the purchasing power of which is increasing.

Subsidies- gratuitous financial assistance to compensate for any costs.

Income- the flow of cash and other receipts per unit of time. There are four main forms of income: rent, wages, interest and profit.

Subsidiary- a branch of the parent company controlled by the parent company. Control is ensured through the purchase of shares in the subsidiary.

Natural monopoly- an industry in which the production of goods or services rendered are concentrated in one firm for objective (natural or technical) reasons, and this is beneficial to society.

Natural unemployment rate- the rate of unemployment corresponding to the objectively attainable level of full employment in the economy (frictional and structural unemployment).

Market volume- the aggregate effective demand of buyers.

Mortgage- a document on the pledge by the debtor of real estate (land, buildings), which gives the creditor the right to sell the pledged at auction if he fails to pay the debt on time.

The law of diminishing marginal productivity- argues that with a larger amount of variable production resource used (assuming that other resources and technologies are unchanged), the marginal product of this resource is likely to decrease.

Wage- the price of equilibrium in the labor market; income in cash or in kind received by an employee.

Overstock- excess of goods on the market; excess of supply over demand.

Land rent- 1) part of the surplus product created by agricultural workers, appropriated by land owners; 2) the main part of the rent paid to the owners of the land by its tenants.

Earth- a factor of production that is not reproduced, but is naturally available, but in a limited amount.

gold standard- a mechanism for the exchange of national currencies, based on the establishment of a fixed weight of gold (gold backing), to which a paper currency of a certain denomination was equated, and currency exchange based on the ratio of the size of such gold backing.

Economic free zone- a special economic zone (free trade zone), limiting the part of the national-state territory on which special preferential economic conditions for foreign and national entrepreneurs operate (privileges of customs, rental, currency, visa regime, etc.), which creates conditions for industrial development and investment of foreign capital.

Costs- the costs of the firm for the production of goods or services sold during a certain period of time; are equal to the sum of fixed and variable costs. As a rule, the amount of costs in terms of accounting differs from the level of economic costs.

Alternative costs- the alternative cost of any resource selected for the production of a good, equal to its cost under the best possible use case.

Accounting costs- the actual consumption of factors of production for the manufacture of a certain amount of products at their purchase prices.

Gross costs- the sum of fixed and variable costs.

Implicit costs- the cost of non-salable resources used in production.

Cost variables- costs, the total value of which for a given period directly depends on the volume of production and sales.

Fixed costs- costs, the amount of which in a given period does not directly depend on the size and structure of production and sales.

Production costs- cash costs of the enterprise for the means of production consumed in production and payment of wages.

Average costs- total costs per unit of output.

Clear costs- opportunity costs, which take the form of explicit monetary payments to suppliers of factors of production and intermediate goods.

Consumer surplus- the difference between the maximum amount that consumers are willing to pay for a certain amount of the product they need, and the amount that they actually pay. It is measured as the area between the demand curve and the horizontal line at the market price level.

Producer surplus- the total effect of the excess of prices over the value of production costs. It is measured as the area between the supply curve and the horizontal line at the market price level.

Moral wear- partial loss of the value of elements fixed capital due to the production of more productive or cheaper analogs.

Physical wear- gradual decrease in the efficiency (value) of elements fixed capital due to their constant use.

Import- the purchase of goods from a foreign counterparty and their import into the country.

Investment- the process of investing public or private capital in various sectors of the national economy.

Index- a relative indicator characterizing the ratio of socio-economic processes in time or space: prices of individual goods, volumes of various products, cost, etc.

Herfindahl index- an indicator of market concentration, calculated as the sum of squares of market shares (in percent) of all market entities in its total volume.

Dow Jones is a popular industrial stock market index used on the New York Stock Exchange. It is calculated in dollars and consists of four indicators: the average share price of 30 industrial corporations, 20 transport companies, 15 utilities companies, and a composite rate for all 65 corporations combined.

Price index- an indicator expressing the ratio of prices for goods and services for two different periods of time.

Indexing- automatic adjustment of the size of payments taking into account the inflation rate, calculated on the basis of the price index.

Indicative planning - non-directive, recommendatory, orienting planning at the state level.

Endorsement- giro - a transfer inscription on the reverse side of a security, bill of exchange, check, certifying the transfer of rights under this document to another person. The person making the endorsement is called endorser(otherwise - girant).

Engineering- provision of engineering and construction and design services.

Collector- an employee who delivers money from the company's cash desk to a banking institution.

Collection- a banking operation, through which the bank, on behalf of its client, receives, on the basis of settlement documents, the funds due to the enterprise and credits them to its account with the bank.

Innovation- the process of investing in the economy, ensuring scientific and technological progress.

Integration- the economic process of interaction of national economies of two or more states on the basis of cooperation and the international division of labor.

Intense economic growth- economic growth, in which the volume of production increases through more efficient use of existing factors of production through the use of modern technologies, labor organization, etc.

Inflation- the imbalance of supply and demand, manifested in the rise in prices; growth of the general level of prices in the economy and overflow of money circulation channels.

Cost inflation- an increase in the general price level as a result of a decrease in the aggregate supply due to an increase in wages and prices for raw materials. It is accompanied by a reduction in the real volume of production and employment.

Demand inflation- an increase in the general level of prices caused by the fact that the level of aggregate demand exceeds the level of aggregate supply in the economy of a given country. According to the monetarist point of view, excess demand arises from an increase in money offers.

Infrastructure- a complex of production and non-production sectors that serve production and provide conditions for the life of society (roads, communications, transport, education, health care).

Mortgage- pledging land or other real estate in order to obtain a loan, called mortgage loan.

Costing- calculating the cost of a unit of production or work performed.

Cadastre- a register containing a list of information about objects of taxation that are subject to direct real taxes. Such objects include land, houses, crafts.

Capital- one of the factors of production; all means of production and resources used to produce goods and services.

Fictitious capital- capital (stocks, bonds, mortgage sheets, etc.), which, unlike real (in the form of money and equipment), is not a value, but only the right to receive income.

Capital investments- a set of expenditures of material, labor and monetary resources aimed at the expanded reproduction of fixed assets in all sectors of the national economy.

Cartel- one of the forms of monopoly, which is an agreement between enterprises on the price, volume of production and the division of the market for the sale of goods.

The quality of life- a generalizing indicator of the comfort of life of people, taking into account the level of material well-being, the amount of free time for personal needs, the degree of security of citizens, the economic situation in the country and many other factors.

Product quality- a set of technical, economic and aesthetic properties of products that determine its ability to meet certain needs in accordance with the purpose.

Quasi-money- cash in non-cash form, which are on time and savings deposits in commercial banks.

Quota- the share in the production or marketing of products established by law or agreements.

Keynesian model- an economic model (named after the English economist John Maynard Keynes), where prices and wages are fixed in the short term. The aggregate supply curve is represented by a horizontal line, as a result of which the real gross national product is completely determined by the level of aggregate demand.

Classic model- a labor market and aggregate supply model in which absolute flexibility in wages and prices results in a permanent situation of full employment. In this case, the aggregate supply curve is a vertical straight line.

Quantitative theory of money- a theory asserting that changes in the price level are based mainly on the dynamics of the nominal money supply.

Clearing- a system of non-cash payments by offsetting mutual claims and obligations.

Command economy- an economy in which all resources are allocated by central government bodies.

Commission- 1) an agreement under which one party (commission agent) undertakes, on behalf of the other party (principal), to conclude a transaction for a fee on its own behalf, but in the interests and at the expense of the principal; also the fee for making such a transaction; 2) in banking practice - a payment to a commercial bank for carrying out operations carried out on behalf of and at the expense of customers.

Limited partnership, limited partnership - a company in which, along with general partners, there are one or several contributors (limited partners) who bear the risk of loss only within the amount of their contributions and do not participate in the entrepreneurial activities of the partnership. Limited partners receive a portion of the partnership's profits due to their share in the contributed capital.

Commandite- a member of a limited partnership (limited partnership) who bears limited liability for the obligations of the partnership within the limits of his contribution (as opposed to a complementor - a personally responsible partner who is responsible for the obligations of the firm with all of his property).

Commerce- trade and trade and intermediary activities, participation in the sale or promotion of the sale of goods and services; in a broader sense - entrepreneurial activity.

Traveling salesman- a traveling agent of a trading company, offering customers goods according to available samples, catalogs, etc.

Conversion - 1) the transfer of military enterprises to the production of civilian products or vice versa; 2) a change in the initial conditions of government loans, expressed in the repayment of interest, deferred payments, a change in the method of repayment of the loan, etc. (loan conversion); 3) exchange of one currency for another at the current exchange rate (currency conversion).

Currency convertibility- the ability to freely exchange national currency for foreign at the current rate, as well as pay for foreign goods and services with national currency (both domestically and abroad).

Final product- a part of the total social product minus intra-industrial consumption.

Competitiveness- the ability of a product or its manufacturers to win the competition in the market with products manufactured by other firms, due to a more complete compliance with the requirements or monetary opportunities of buyers.

Competition- rivalry between commodity producers for the best, more economically profitable conditions for the production and sale of goods, for obtaining the highest profit.

Unfair competition- an economic competition in which non-market forms of competition are used: unfair advertising, dissemination of false information about competitors, illegal use trademark, etc.

Competition imperfect- an economic competition in which two or more sellers, having some (limited) control over the price, compete with each other for sales.

Competition is non-price- an economic competition in which competing firms use methods other than changing the sales prices for their products.

The competition is perfect net - an economic competition in the marketplace where many firms sell standard goods and none of them has sufficient share to control the market and prices.

Consulting- activities of special companies to advise manufacturers and consumers in the field of technological and economic activities.

Consignee- the owner of the goods sold abroad through the intermediary of a commission agent (consignee).

Consortium- a temporary voluntary agreement between several banks, firms, companies in order to coordinate actions for servicing a single capital-intensive project.

Smuggling- illegal movement of goods and other valuables across the state border.

Counterparty- each of the parties in the contract in relation to each other, taking on certain obligations.

the contract- a legally binding agreement, an agreement between two or more participants with mutual obligations for the supply and purchase of goods, the performance of certain work.

Controlling- accounting and control at the enterprise.

Controlling stake- share of shares, giving the right to manage the joint-stock company.

Concern- diversified joint stock company; a form of association of many enterprises of different industries, trade, transport, services and financial institutions.

Concession- 1) an agreement or agreement for the commissioning by the state into operation of domestic or foreign firms industrial enterprises or plots of land with the right to extract minerals, build structures, etc .; 2) the enterprise itself, organized on the basis of such an agreement.

Conjuncture- the temporarily prevailing economic situation in the market, characterized by the appropriate ratio between supply and demand, the level of prices, stocks, order portfolio in the industry, etc.

Cooperative- an enterprise (firm) created on the basis of a voluntary association by citizens of their property. A member of the cooperative takes personal labor participation in its activities.

Corruption- merging of state structures with the underworld, corruption and bribery of political and public figures, as well as government officials.

Indirect taxes- taxes on goods and services, set in the form of a premium to the price and paid by producers. The final payer is the consumer who purchases goods at higher prices, including indirect tax.

Quoted- 1) have circulation on the exchange; 2) have a certain price (about currency, securities, goods).

Credit- a loan in cash or commodity form on terms of repayment and usually with the payment of interest.

Laffer curve- a curve showing the relationship between tax rates and the volume of tax revenues to the state budget. Allows you to identify the tax rate (from 0 to 100%) at which tax revenue reaches its maximum. Named for the American economist.

Lorentz curve- a curve illustrating the distribution of income in the economy. The total percentage of families (income recipients) is measured along the abscissa, and the total percentage of income is measured along the ordinate. Named for the American economist.

Production Capability Curve- a curve showing the maximum amount of any commodity that can be arbitrary in a certain economic system for a given output of all other goods, limited resources and a given technology.

Cross course- the ratio between two currencies, which is determined on the basis of the rate of these currencies in relation to any third currency.

Promotion rate- the selling price of a share, determined by the ratio of supply and demand and depending on the amount of dividends, as well as on the stability of the position and commercial prospects of the joint-stock company.

Courtship- remuneration to a broker for mediating an exchange transaction.

Lag- a gap in time between two phenomena or processes that are in a causal relationship.

Phillips curve- a curve describing the relationship between the unemployment rate (on the abscissa) and the annual growth rate of the price level (on the ordinate). Named for the English economist.

Label- any product label indicating the country where the product is made, the manufacturer, its trademark or brand name, etc.

Liberalization(economy, prices) - expanding the freedom of economic actions of economic entities, lifting restrictions on economic activity, liberating entrepreneurship. Liberalization of prices - the transition from state-set prices (state pricing) to a system of free market prices (market pricing).

Leasing- lease of fixed assets for a long time. Leasing companies buy equipment in order to rent it out. This is a relatively new way of financing investments, based on the preservation of the landlord's ownership.

Liquidity- the ability of material assets and other resources to quickly turn into money; the ability of an enterprise to pay its liabilities on time, to turn assets of the balance sheet into money to pay liabilities on liabilities.

Listing- a list of securities admitted to trading on the stock exchange.

License- a permit issued by state or local authorities to conduct certain economic activities.

Lloyd- British insurance company, one of the largest monopolies in Great Britain.

Lobby, lobbyism- private or public organizations influencing in the interests of certain groups of the population on decision-making by the legislative or executive branch.

Logo- specially designed original typeface of full or abbreviated company name.

Pawnshop- a credit organization that accepts valuable things (movable property) from citizens as a pledge and gives them loans for a period and in an amount that is only a part of the value of the pledged thing.

Lot- the term of the auction trade, meaning a unit or lot of goods put up for sale.

Lumpen- a person deprived of any (even movable) property.

Broker- an individual or legal entity acting as an intermediary in the sale and purchase of goods and securities. The broker can carry out transactions both at his own expense and at the expense of the client.

Macroeconomics- a section of economic theory that studies the economy as a whole.

Margin- bank profit, defined as the difference between the amount of interest charged and paid by the bank; a term also used in stock exchange and trading practice to denote the difference between prices and rates at the conclusion of transactions.

Marketing- the general name of a group of methods that make it possible to more accurately determine the real demands of consumers for certain goods, as well as influence the size of demand for these goods.

"Bear"- a speculator who believes that prices will soon go down, and sells contracts (plays on a decline).

Management- the system of organization and management of the enterprise; a section of economic science that studies the theory and practice of organizing and managing production and sales of products.

Mercantilists- scientists-economists, whose scientific school was formed in the 15th century. and reigned for almost two centuries. Mercantilists considered wealth only that which could be converted into money. They believed that the main sphere where wealth is born is the sphere of circulation and, in particular, trade. In their opinion, the state should strive to ensure that as much gold and silver as possible settled in the country: in this they saw the main source of the nation's power.

Microeconomics- a section of economic theory that studies economic processes at the level of an individual enterprise.

Minimal salary- the statutory minimum wage at enterprises of any form of ownership.

Economic and mathematical model- an equation or system of equations that reflects the basic properties of real objects, processes, systems. With its help, a researcher can carry out computational experiments on complex economic systems over which a direct natural experiment is impossible (or undesirable).

Monetarism- an economic theory based on the decisive role of the money supply in circulation in the implementation of the policy of stabilizing the economy, its functioning and development.

Monetary rule, monetary rule - a rule formulated by supporters of monetarism, according to which the amount of money in circulation should increase annually at a rate equal to the potential growth rate of real GDP.

Monitoring- a system of measures that allow you to continuously monitor the state of a particular object, system.

Monopoly- an enterprise with a dominant position in the market, which allows it to determine prices.

Monopsony- the type of market structure in which there is a monopoly of a single buyer of a specific type of product.

Moratorium- deferral of payments on debt obligations for a certain period or until the fulfillment of the corresponding condition.

Cash- funds used in cash circulation. In a modern economy, their volume is equal to the sum of coins and banknotes in the hands of the population and non-banking institutions.

Tax- a mandatory payment, a fee levied by the state or local authority from citizens (individuals) or enterprises (legal entities) on the basis of special legislation.

Inflation tax- a tax implicitly paid by consumers in an economic situation when the government is pursuing policies that cause inflation. Such a tax is preferable to the government as it is less visible than direct increases in tax rates.

Value Added Tax (VAT)- tax, which is the withdrawal to the budget of a part of the increase in value created in the process of production of works. The taxable value is established as the difference between the goods sold and purchased by the enterprise.

C.O.D- method of payment for the cargo (or postal item), in which the sender instructs the transport organization (or post office) to issue the cargo (postal item) to the addressee only on condition that the declared value of the cargo is paid.

Natural economy- a type of economy in which products are produced only for their own consumption, and not for sale or exchange.

Nationalization- transfer of property from private ownership to state ownership.

National income - a macroeconomic indicator that characterizes the amount of income of all owners of factors of production. It is determined by subtracting the amount of indirect business taxes from the net national product.

Inferior commodity- a product, the demand for which falls with the growth of consumer income.

Denomination - 1) face value indicated on securities, paper banknotes and coins; 2) the price of the goods indicated in the price list or on the goods itself.

Rate of return- the balance sheet profit of the company divided by the amount of equity, expressed as a percentage.

Normal profit- the concept used to designate the opportunity costs of the owner of capital; when calculating economic profit, it is included in costs.

Normative economics- that part of economics that deals with judgments about whether certain economic conditions and policies are good or bad.

Know-how- a set of technical, technological, commercial and other knowledge.

Bond- a kind of securities issued by the state and joint-stock companies as a debt obligation with a domestic loan. Grants the right to its owner to pay a nominal amount at a specified time and a specified annual interest.

General equilibrium- a stable state of a competitive economy, in which consumers maximize the value of the utility function, and competing producers maximize their profit at prices that ensure equality of supply and demand.

Public good- a good that, after being consumed by one person, is still available for consumption by other people (for example, national defense).

Joint-stock company- an enterprise, the authorized capital of which is divided into a certain number of shares. Shareholders bear the risk of loss only up to the value of their shares.

Closed Joint Stock Company- a joint stock company, the shares of which are distributed only among its founders.

Open Joint Stock Company- a joint stock company, which has the right to conduct an open subscription and sale of the shares issued by it.

Additional liability company- a society whose members are liable in the same multiple for all to the value of their contributions.

Limited liability company- a company that has a statutory fund, divided into shares, the size of which is determined by the constituent documents, and is liable for obligations only within the value of its property. All property of the company belongs to its members, and it itself is in many respects similar to a joint-stock company.

Overbot- a jump in prices for a certain product due to large volumes of its purchases.

Oversold- a sharp drop in the price of goods due to large volumes of their entry into the market.

Oligarchy- the political and economic dominance of a small group, as well as the group itself. The financial oligarchy is a group of the largest owners of industrial and banking monopolies, which actually dominate the economic and political life of the country.

Oligopoly- the type of market structure of the industry in developed countries, in which most of the sales are carried out by several firms, each of which is large enough to influence the level of market prices by their actions.

Open market operations- the instrument of monetary policy of the Central Bank, with the help of which the purchase or sale of state treasury bills and bonds is carried out to manage the money supply in the country.

Wholesale- transactions for the sale of goods in large quantities, when the buyer is the owner of a wholesale trading company, who supplies stores or manufacturing firms with goods.

Option- a conditional transaction - a contract under which one of the parties acquires the right (but not the obligation) to buy something in the future at a price determined on the day the contract is signed.

Offer- a formal offer to a certain person to conclude a deal, indicating all the conditions necessary for its conclusion. The person making the offer is called the provider.

Offshore centers- states that provide benefits in the field of financial and credit transactions in order to attract foreign capital.

Public Relations- varied activities to form a favorable public opinion about a company, product, service, etc.

Publicity- 1) fame, popularity, advertising; 2) the dissemination of information about the company and its products in order to stimulate demand.

Share- a contribution paid by organizations or individuals upon joining a partnership, cooperative or other share enterprise.

Parity(currencies) - the ratio of the purchasing power of various national monetary units, calculated on the basis of comparing the amounts of money required to purchase the same set of goods in each country.

Passive- a set of debts and obligations of the enterprise.

Patent - 1) certificate certifying authorship and exclusive right to an invention; 2) a document granting any right or privilege (for example, the right to engage in trade).

Pauperism- poverty (mass) of the working masses, lack of the necessary means of subsistence; is a consequence of increasing exploitation of workers and unemployment.

Lump-sum- taken in bulk; general, without differentiation of constituent elements (tax, duty, payment, etc.).

Penalty- type of forfeit, sanction for non-fulfillment of monetary contractual obligations, which is charged for each day of delay as a percentage of the amount payable.

Variable costs- costs depending on the amount of products produced (costs of raw materials, materials, wages, etc.).

"Pyramid"- the method of profit used by financial companies. The funds received by the company from the sale of securities are partially paid in the form of dividends to those who have purchased the securities earlier, and are also directed to large-scale advertising and to the income of the financial company.

Floating exchange rates - a regime of freely fluctuating exchange rates based on the use of a market mechanism for foreign exchange regulation; one of the structural principles of the modern world monetary system.

Positive economics is the part of economics that studies facts and the relationships between them.

Positioning is the development of a marketing and advertising complex that ensures the offered product is clearly distinguished from other products and a competitive position in the market, as well as in the minds of target consumers.

Purchasing power is the ability of a currency to be exchanged for a certain amount of goods.

Expensive money policy - the monetary policy of the Central Bank, during which it sets high interest rates and sells government bonds on the open market to reduce the supply of money. Held in an inflationary environment.

Full employment - the level of employment of labor resources, characterized by a lack of cyclical unemployment. It is achieved if only frictional and structural forms of unemployment take place in the economy.

Fixed costs are part of gross costs that do not depend on production volumes.

Potential national income is the amount of real national income that could be produced if all factors of production were fully employed.

Consumer basket - a set of food and non-food products, housing and communal services, cultural and educational, health-improving and other paid services necessary to meet the physiological needs of a person. The consumer basket is estimated at the current prices for goods and tariffs for services. The size of the minimum consumer basket is determined by the set of goods and services necessary for the reproduction of the labor force of an unskilled worker and his dependents.

Needs are those goods and services that people would like to have if they did not have to pay for them or to buy which there would be enough money.

A duty is a type of consumption tax levied on those individuals or legal entities that enter into economic relations with the state or among themselves.

The limiting value is an increment (increase) in the value of an economic indicator, due to an increase by one unit of the factor on which this indicator depends.

Marginal cost is the cost associated with producing an additional unit of output.

Marginal income is the additional income received by the firm when the volume of sales of products per unit increases.

Marginal product - an additional product or output created by an additional unit of a factor of production, provided that other factors of production remain constant.

Entrepreneurial activity is an independent initiative activity of citizens aimed at making a profit through the effective use of production factors.

Enterprise - an independent production and economic unit created for the purpose of making a profit; in market conditions, the company is called by the firm.

Price-list- a reference book of prices for products, goods or services.

Press release- information about the product, company or reseller, disseminated for possible publication in the press.

Surplus value- part of the value of goods produced in enterprises, which is created by unpaid labor of hired workers.

Profit- economic value, defined as the difference between total revenue and total costs; excess of income over expenses.

Profit is normal- remuneration to the entrepreneur, sufficient to support activities in the chosen direction.

Economic profit- the difference between gross income (gross revenue) and economic costs release of a given volume of products.

Privatization- the process of transferring state and municipal property to private ownership for a fee or free of charge.

Living wage- the level of income required for a person to purchase an amount of food not lower than physiological standards, as well as to satisfy, at least at the lowest level, his needs for clothing, footwear, payment for housing, transport services, sanitation and hygiene items. It is calculated based on the consumer basket for various groups of the population.

Labor productivity- an indicator of productivity, labor efficiency; characterizes the amount of products produced per unit of time, or the time spent on the production of a unit of product.

Prolongation- extension of the term of the contract, agreement, loans, etc.

Proportional tax- a tax, the average rate of which remains unchanged with an increase or decrease in the taxpayer's income.

Protectionism- foreign trade policy of the government aimed at increasing barriers to trade with other countries. The instruments of protectionism are tariffs and quotas, which are introduced to protect domestic producers from foreign competition.

Percent(loan) - payment for a loan; the price for the use of borrowed funds.

Direct taxes- taxes levied directly on the income or property of the taxpayer.

A pool is a temporary business combination.

Paragraph- unit of measurement when comparing relative values, expressed as a percentage. For example, in the base year the national income growth rate was 2.5%, and in the reporting year it decreased to 1.4%, i.e. by 1.1 points.

Splitting a pile- specialization, differentiation of labor activity, leading to the emergence and existence of its various types.

Ramburs- 1) payment of debt through a third party; 2) in international trade - payment for the purchased goods through the bank.

Rentier- a person living on rent - on interest from a capital loan or on income from securities.

Future expenses- costs incurred by enterprises in the reporting period, but to be included in the cost of production in subsequent periods.

Real income- the number of goods and services that can be purchased with their nominal income.

Revaluation- the increase in the exchange rate of the monetary unit in relation to the currencies of other countries, carried out by the state in an official manner.

Regressive taxation- a taxation system in which the average tax rate decreases (increases) as the taxpayer's income increases (decreases).

Reinvestment- repeated, additional investments of funds received in the form of income from investment operations.

Renovation- the process of renewal of morally and physically worn out fixed assets.

Rent- income received from land, capital, property and does not require entrepreneurial activity from its recipients. The most common rent is land.

Profitability- one of the main indicators of the efficiency of the enterprise. It is calculated as the ratio of profit to the cost of production.

Report- exchange futures transaction for the sale of securities (or currency) to a bank with the obligation of subsequent redemption after a certain period of time at a new, higher rate; the difference between the sale and purchase price is also called a report.

Restriction- 1) restriction of production, sale and export in order to inflate the prices of goods and obtain high profits; 2) restriction of loans from the Central Bank to the country's commercial banks.

Government debt refinancing- payment by the government to holders of maturing government securities of money received from the sale of new securities, or exchange of redeemed securities for new ones.

Recession- a decline in production or a slowdown in the rate of its growth for two or more quarters in a row.

Recipient- an individual, legal entity or state receiving any payment. The term is used, as a rule, in relation to countries that are objects of foreign investment (host countries).

Realtor- real estate agent.

Royalty- the form of the license fee, carried out as periodic percentage deductions, most often from the value of the products manufactured under the license.

Market- the sphere of exchange of goods and services between sellers and buyers.

Buyer's market- a market situation, characterized by the fact that the supply (of producers and sellers) of the goods exceeds the demand for it at current prices.

Seller market- a market situation, characterized by the fact that the demand for a product exceeds its supply.

Market economy- the way people cooperate with each other in the economic sphere, based on the commodity economy and assuming for everyone the freedom to choose a partner in the transaction and the freedom to set prices for their goods.

Racket- extortion of state or personal property, money through threats, blackmail and violence.

Balance- the difference between cash receipts and expenses for a certain period of time.

Swap- operation to exchange national currency for foreign with the obligation to reverse exchange after a certain period.

Cost price- the amount of costs (in monetary terms) for the production and sale of a unit of production or the entire volume of its output, for the performance of work and the provision of services.

Market segment- a set of consumers who react in the same way to the same product (service).

Seleng- one of the types of leasing. In this case, money is leased out without changing ownership. Only the profit earned from the transaction is taxed, not the entire amount (as opposed to a loan).

Certificate- 1) a document certifying this or that fact; 2) bonds of special government loans, as well as bearer securities issued by the bank.

Syndicate- one of the forms of monopoly - an association of similar enterprises, created for the purpose of marketing products through a common sales office, organized in the form of a special trade partnership, with which each of the syndicate participants concludes an agreement with the same terms for the sale of their products.

System of national accounts- a complex of interconnected balance tables designed to calculate the volumes of consumption income, accumulation and capital expenditures.

Own- the publicly recognized and legally protected right of a citizen, company or state to own, use and dispose of any property or economic resource.

Aggregate supply- the sum of individual offers of many goods and services in the economy, measured by the volume of the national product.

Aggregate demand- the sum of individual surveys of all consumers in the economy for the entire volume of national production, characterizes the total costs in the economy.

Aggregate demand for money- the total amount of cash held by economic entities to complete transactions and to preserve wealth (savings). Depends on the level of national income and interest rates.

Social market economy- a social structure in which the state actively supports the development of free competition, helps to weaken conflicts between employees and employers, and also implements extensive programs to support socially unprotected groups of citizens.

Specialization- concentration of production in the hands of the most efficient employee (firm).

Spot- type of transaction for cash goods or currency, involving immediate payment and delivery.

Demand- the solvent need for the amount of goods that people want and can buy at a given price.

Demand for money for transactions, transactional demand is the amount of cash that households and firms want to have for use as a medium of exchange and which is determined by the level of nominal GDP.

Demand for Precautionary Money- the amount of money that people keep in cash for incidental expenses. Depends on the level of income.

Demand for money from assets, speculative demand is the amount of money that people want to keep as savings in order to benefit from transactions in financial and real assets. Depends on the level of the interest rate.

Average propensity to consume is the share of disposable income that households spend on consumption.

Average propensity to save- the share of disposable income that households save.

Elastic demand- demand, in which an increase in the price of a product leads to such a drop in the volume of demand that the total costs of buyers for this product decrease.

Demand is inelastic- demand, in which an increase in the price of a product leads to such a drop in the volume of demand that the total costs of buyers for this product increase.

Comparative advantages- the advantages of the country in the production of goods, due to lower opportunity costs in comparison with other countries.

Tax rate- the amount of tax per unit of taxation.

Interest rate- the amount of payment for the loaned money and material, paid by the borrower to the lender.

Stagnation- stagnation in all economic activity (in production, trade, etc.).

Stagflation- the state of the country's economy, characterized by stagnation with the simultaneous development of inflationary trends.

Insurance- a form of accumulation of funds and a reduction in the risk of expenses in the event of events undesirable for a person or a company, based on the assumption of the risk from economic transactions by the insurance company.

String- a set of lots at the auction, formed by goods of similar quality and having a common representative sample.

Structural crisis- disproportions covering two or more sectors of the economy and leading to structural unemployment.

Subvention- the type of cash benefits from the state to local authorities; unlike a subsidy, it is provided to finance a specific event and is subject to return in case of violation of its intended use.

Subsidy- Irrevocable state monetary assistance to producers of goods, designed to stabilize the prices of their goods or to help avoid ruin and continue their activities.

Consumer sovereignty- the right of owners of any types of resources (land, real estate, labor, money) to independently make decisions related to the disposal of these resources and their use.

Manufacturer's sovereignty- the right of a citizen or a company to independently determine what and in what quantity they will produce from the available at resources, as well as to whom and at what prices the manufactured goods will be sold.

Customs- a government agency that controls the import and export of all goods passing through the border of the country, including luggage, mail and all goods, including transit.

Customs duty- tax on goods passing through the border. Distinguish imported and export customs duties.

customs tariff- a list of customs duties systematized by groups of goods.

Bonus- remuneration paid as a percentage of profits to directors and senior officials of joint-stock companies, banks, insurance companies.

Targeting- setting targets for regulating the growth of the money supply in circulation.

Rate- a system of rates that determines the amount of payment for production and non-production services.

Thesaurus- accumulation (folding) of paper money by the population. Tezavratsiya gold in the broadest sense means the creation of gold reserves of countries by central banks.

Rate of increase- the ratio of the increase in the value of the economic indicator to its initial level.

Growth rate- the ratio of the value of an economic indicator at a given time to its initial value, taken as a reference base.

Trend (trend)- stable properties inherent in the country's economy, enterprises. Based on the identified development trends, it is possible to draw conclusions about the course of economic processes in the future, that is, to carry out forecasting.

Tender- proposal for bidding, for the supply of goods, construction of facilities, performance of other works. Firms that receive a tender form fill it out, indicating their prices and other conditions. As a result of comparing the received documents, the organizers of the auction choose the best option and conclude an appropriate contract with the applicant for the performance of work.

Shadow economy- a conventional name for economic processes not controlled by the state. The shadow economy includes: a) criminal, illegal activities, b) activities hidden from the tax system of the state, c) activities that are not subject to accounting due to its personal or family nature or lack of meters.

Product- everything that can satisfy the need and is offered to the market for the purpose of commodity exchange.

Full partnership- a commercial organization whose members (general partners) are engaged in entrepreneurial activities and are responsible for their property.

Commodity economy- a way of organizing the economic life of a society in which people specialize in certain types of activity in order to produce goods or services for exchange with each other and receive benefits from this.

Bargaining- an adversarial form of purchase (execution of a transaction), in which the buyer announces a competition for sellers.

Transaction costs- economic costs due to the process of concluding transactions, contracts. These include, for example, the cost of collecting information on prices, consumer preferences and competitors' intentions, etc.

Transfer- payments (expenses) of the state that do not lead to an increase in the national product and are carried out in the form of social security payments.

Trust- trust management.

Draft- bill of exchange - a written order of the lender (drawer) to the borrower (drawer) to pay a certain amount of money to a third party - the holder of the bill (remitter).

Trust- one of the forms of monopoly, an amalgamation of enterprises, firms, in which the enterprises included in it lose their independence and are subject to a single management.

Lesion- caused by various reasons for the loss of material and financial resources, loss or damage to property.

Accelerated depreciation- the procedure under which the government allows depreciation to be written off on a scale that significantly exceeds the actual depreciation of fixed capital; essentially means a business tax subsidy.

Service is an intangible good with value; is of a commercial nature, produced by doctors, lawyers, banks, financial companies, etc.

Authorized capital (fund) - funds that are transferred by the founders to the ownership of the organization created by them, which allows it to start its activities.

Accounting for bills - a banking operation consisting in the purchase by a bank (as well as other credit institutions or a broker specializing in this kind of operations) bills of exchange before the expiration of their payment.

Discount rate of interest - the rate of interest at which the central bank provides resources to commercial banks.

Factoring is one of the types of trade and commission operations when a bank or a company buys from its client the right to receive money from his debtor.

Physiocrats - French economists of the 18th century. (Francois Quesnay and others), who believed that the only source of wealth is nature. Unlike the mercantilists, they transferred the subject of economic science research from the sphere of circulation to the sphere of production, thereby laying the foundation for the scientific analysis of the reproduction of the social product under capitalism.

Phillips curve - the relationship between unemployment and inflation, which consists in the fact that inflation can be high only when the unemployment rate is low, and an increase in unemployment leads to a slowdown in inflation.

Finance - the system of education, distribution and use of funds of funds (financial resources), as well as the totality of funds at the disposal of the enterprise.

A firm is the main economic agent of a market economy, an enterprise (organization) engaged in entrepreneurial activity; production association of homogeneous or related enterprises.

Fiscal Policy - Aggregate financial arrangements state to regulate government expenditures and revenues, one of the most important levers of state regulation of the economy.

Forward (urgent) transaction - a transaction with the delivery of an object of purchase and sale to the buyer after a certain period, i.e. in future. On a commodity exchange, a forward transaction, in contrast to a futures transaction, presupposes the existence of actually sold (bought) goods.

Force majeure - the occurrence of extraordinary and inevitable circumstances that cannot be foreseen and which release from property liability for failure to comply with the terms of the contract (earthquakes, floods, war, etc.).

Freight - 1) payment to the owner of vehicles for the carriage of goods by sea or air or passengers; 2) the cargo transported on a chartered ship, as well as such transportation itself.

Frictional unemployment - unemployment associated with unemployment of an employee during the transition from one job to another.

Free trading is a policy of liberalizing foreign trade in order to create the most favorable conditions for it.

Franchising (franchising) is a contract between a company and a dealer (organization or person engaged in marketing), which determines the exclusive right of the latter to operate in a certain territory for a specified time and in a prescribed form.

Futures - an agreement for the delivery and payment of goods by a certain date at a price agreed upon at the time of the transaction, and not at the time of execution of the agreement.

Highring- medium-term lease of machinery and equipment without transfer of ownership of the goods to the lessee.

Hedging- operations of insurance of foreign exchange risk in the event of unfavorable changes in prices for transactions involving the delivery of goods in the future. Hedging is performed by counter-buying (selling) futures contracts.

holding- a company whose assets include controlling stakes in other enterprises (the latter become subsidiaries in relation to the holding company).

Price- the amount of money paid per unit of goods; unit value expressed in money.

Securities- documents certifying the ownership of their owner to any property or money. Securities include: shares, bonds; checks, bills, certificates, etc.

Price discrimination- the practice of setting different prices for different units of the same product, not justified by any differences in costs.

Price elasticity- a concept that characterizes the intensity of the response of demand and supply to price changes.

Price Leadership- a situation where the increase or decrease in prices by the dominant firm in the oligopoly, called the price leader, is supported by all or most of the firms in the market.

Pricing- the process of setting prices for the company's products.

central bank- the main bank of the country, the main function of which is to control the money supply in the country's economy.

Economic cycle- recurring in the economy of any country recessions and rises in the development of production and the level of business activity.

Cyclical unemployment- unemployment caused by the economic downturn.

Charter- an agreement between the ship owner and the charterer for the lease of the entire vessel or part of it for a specified voyage or period.

Receipt- a monetary document confirming a written order of the drawer to another person (check holder) at the expense of money previously transferred by the drawer to the payer.

Net national product (NPP)- an indicator calculated as the difference between the gross national product and depreciation charges.

Net profit- part of the profit remaining at the disposal of a commercial firm after taxes and other mandatory payments.

Net export- the difference between export and import.

Fink- a person who refuses to participate in a strike or is hired by a firm when its employees are on strike.

Econometrics (econometrics)- one of the directions of economic and mathematical methods of analysis. Econometrics combines in one study theoretical, economic, mathematical and statistical approaches to the object and brings the results of the analysis to obtain specific numerical results.

Economy - 1) all kinds of human activities that allow them to provide themselves with material living conditions; 2) the science of the effective use of limited economic benefits (resources) in order to maximize the satisfaction of people's needs.

Economic policy- measures taken by the state in managing the economy to achieve certain economic and social goals.

Economic profit- the amount of money that remains at the disposal of the firm after the repayment of its external obligations and deduction by the entrepreneur (owner) at his disposal of normal profit.

Economic system- a set of organizational mechanisms through which limited resources are allocated in order to meet the needs of people.

Economic mechanisms- ways and forms of combining the efforts of people in solving the problems of ensuring the growth of their well-being.

The economic growth- change in the results of the functioning of the economy over time. Distinguish between extensive and intensive economic growth.

Economic commodity- a benefit, the possible scale of use of which is limited due to the insufficient quantity of this product to meet the needs of all comers and the receipt of which requires certain efforts on the part of people.

Export - 1) sale to other countries of goods produced by branches of the domestic economy; 2) the total quantity or value of the exported goods.

Extensive economic growth- economic growth, in which an increase in the volume of production of material goods and services is achieved through the use of more factors of production (an alternative to intensive growth through the effective use of existing factors of production).

Elasticity- the intensity of the response of demand or supply to price changes.

Embargo- a complete prohibition of trade relations with any state or the prohibition of the import (export) of certain goods to a specific country.

Emission- issue of money or securities into circulation; carried out by the state or under its control.

Issuer- the institution or enterprise that produces the issue.

Income effect- the share of the change in the value of the presented demand for a cheaper product, caused by a corresponding increase in real income.

Placement effect- that part of the increase in the value of demand for a cheaper product, which was formed due to the replacement (replacement) of other goods with less expensive goods, which have now become relatively more expensive.

Economies of scale- an economic phenomenon, consisting in the fact that with an increase in the scale of production in one firm, the costs for each unit of goods decrease.

Efficiency- the relationship between the results and the costs incurred to achieve these results.

Entity- an organization, firm, corporation that meets certain criteria established by the legislation of the respective country.

Explicit costs- cash payments of enterprises, firms to suppliers of factors of production, production resources, subject to direct cash payment.

"Pit"- a section of the premises of the exchange, the floor level of which is lower than in the entire trading floor. "Pit" is a place where members of the exchange are allowed to conclude exchange transactions; this place is also called the stock exchange ring, ring, floor.

Fair- regularly, periodically organized market, which operates in a certain place, at a fixed time, as well as a seasonal sale of one or more types of goods.

NSeconomics as a science

"Economics is the science that studies human behavior in terms of the relationship between goals 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 research, the sections of economic theory can be conventionally 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 examines the aggregate indicators of income, employment, price dynamics, determines the laws of state economic policy.

NSeconomicallywhat needs, resources and benefits

In turn, the economic benefit is material and non-material items, or rather the property of these items, capable of satisfying economic needs.

Resource- means that allow, with the help of certain transformations, to obtain the desired result.

Resources are subdivided into: - economic (functioning) - potential (not involved in the economic turnover)

Economic resources include: - natural resources - labor (population of working age) - 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 technical, design, statistical, technological, informational information, as well as other types of intellectual values ​​necessary to create an economic product)

NSelasticity of demand

Elasticity of demand allows you to measure the degree of reaction buyer to change prices, income level or other factors. Calculated through coefficient of elasticity.

Distinguish elasticity demand price and income elasticity of demand.

Price elasticity of demand shows the percentage change in the value of demand when the price changes by 1%. The following factors influence the price elasticity of demand:

· Availability of competing products or substitute products (the more there are, the greater the opportunity to find a replacement for the more expensive product, i.e. the higher the elasticity);

· Invisible for the buyer change in the price level;

· Conservatism of buyers' tastes;

· The time factor (the more time a consumer has for choosing a product and thinking, the higher the elasticity);

· The share of the product in the consumer's income (the greater the share of the price of the product in the consumer's income, the higher the elasticity).

Depending on these indicators, a distinction is made between:

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.

· The 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.

The income elasticity of demand shows the percentage change in the amount of demand when income changes by 1%. It depends on the following factors:

· The importance of the product for the family budget.

· Whether the product is a luxury item or a necessity.

· Conservatism in tastes.

By measuring the income elasticity of demand, you can determine whether a given product is classified as normal or low value. Most of the consumed goods are classified as normal. With the growth of income, we buy more clothes, shoes, high-quality food, durable goods. There are goods for which demand is inversely proportional to consumer income. These include all secondhand products and some types of food (cheap sausage, rotten apples).

Rmarket, system market and their variety

The market is a collection of transactions for the purchase and sale of goods. The market in its development has passed a path that lasts more than 30 thousand years. The very first definition of a market is an area, a public place for the purchase and sale of goods, i.e. goods and services. The market is a system of relations between buyers and sellers, 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 Limitedness of all resources of production - 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. The economic isolation of commodity producers within the framework of ownership - initially communal, and then private. 5. The 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 unites economically separate 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 do it? Who is it for? 4. Pricing function. The market recognizes only socially necessary costs and, accordingly, social prices, which reflect the needs of the buyer. Stimulating. The benchmark of market prices for the social level of costs, for taking into account the demand of consumers, encourages the product manufacturer to save its individual costs and present the goods to the market that the buyer needs. Constructively destructive. The market ensures the change in all economic proportions between industries and regions. A vivid and vivid example of this is the restructuring of the economy in Russia. 7. Improving function (cleaning the market from uncompetitive manufacturers) 8. Differentiating. The market enriches some producers and ruins others.

There are 2 kinds of communication between market agents: A market transaction can be viewed from the economic point of view, in the form of an act of commodity-money circulation. The economic interest of the seller is to exchange the goods for the corresponding amount of money, and the buyer is to purchase the useful thing he needs for money. And from the legal point of view, a market transaction means an action of citizens and legal entities that takes the form of a purchase and sale agreement. There are markets: local (market within a 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 the means of production, the market for land, real estate, labor, services, currency, insurance, information.

Dmoney, functions of money

The essence and function of money. In modern economic theory, the following 4 functions of money are distinguished: 1. A medium of circulation 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 medium of circulation, money is absolutely liquid, i.e. quickly realizable in economic life. 2. A measure of value when money is used as a unit or scale for measuring the relative prices of dissimilar goods and services. Money is used as a unit of account for the valuation of goods, services, assets. The value of goods is expressed in prices, and prices are measured in terms of money. 3. A store of value. As the most liquid property, money is a very convenient form of wealth storage; money is withdrawn from circulation and acts as a store of value. At the early stages of the development of a commodity economy, such withdrawal of money from circulation turned it into a treasure, a treasure. 4. Instrument of payment. In this function, money, first of all, serves credit relations and acts as a medium of exchange, as well as a measure of value. Money as a means of payment functions when goods are sold on credit and outside the sphere of commodity circulation.

NSentrepreneurship

Entrepreneurship, business- independent, carried out at its own risk, activities aimed at systematic obtaining arrived from use property, sales goods, execution works or rendering services persons registered in this capacity in the established by law okay. The efficiency of entrepreneurial activity can be assessed not only by the size of the 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 that permeates all its institutions.

Can be carried out legal entity or directly natural person... In Russia, as in many countries, in order to conduct business, 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 - from a bank or from 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, technoparks and business incubators. However, entrepreneurship is not easy, and most new businesses fail.

General and limited partnership

Among the types of business partnerships, a general partnership and a limited partnership are distinguished. Under full partnership means a commercial organization created as a result of combining persons and their property on the basis of an agreement concluded between them on joint entrepreneurial activity, the participants of which are responsible for its obligations with all their property. Fellowship on Faith- is a commercial organization created as a result of combining persons and their property on the basis of an agreement on joint entrepreneurial activity, in which some participants (general partners) are responsible for its obligations with their property, while others (investors) are not responsible 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 the consolidation of property by several persons who are not responsible for the obligations of this organization and have shares in its authorized capital.

Additional liability company(ODO), which has the same characteristics as LLC, with some exceptions. ALC participants are liable for the obligations of the company, but not with all of their property, but only with some of it, while in the same multiple for all to the amount of the contribution. For example, the charter says that the ALC participants are responsible in double the amount. This means that if a participant made a contribution of 100 thousand rubles, then if the property of the ALC is not enough for settlements with creditors, he bears a maximum responsibility 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 - Open Joint Stock Company(JSC) and closed joint stock company(COMPANY).

Public corporation

JSC is characterized by the fact that:

· Its members can alienate their shares without the consent of other shareholders, that is, this society is open to any participant in civil turnover. Any participant in the civil turnover can purchase shares of JSC, there are no restrictions here. At the same time, any shareholder at any time can sell his shares to any subject of civil law;

· OJSC can make an open subscription to 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 shareholders of JSC is not limited.

Closed joint stock company

ZAO is characterized by:

· The transfer of shares to the shareholders of the CJSC is limited by the preemptive right of 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 shares to a third party;

· Shares in 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, intellect, motives of other people's behavior.

Management- it is not so much the ability to analytically solve the assigned tasks, but the ability to work with people, to get the maximum result from them

Management- it is the effective and efficient 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 needs and demands through exchange" (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 consumers by creating confidence in the buyer that it represents the highest value for the company ", as well as" an orderly and purposeful process of understanding consumer problems and regulating market activities "(Philip Kotler) .

· "Marketing is the implementation of business processes in the direction of the flow of goods and services from the manufacturer to the consumer." ( American Marketing Association(AMA))

· "Marketing - system planning, pricing, promoting and disseminating ideas, goods and services to meet the needs, requirements and desires of individuals and organizations; advertising is just one of factors process marketing. "

WITHownership

Relationships regarding 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 highlight: 1) legal (legal) property relations; 2) economic property relations. Legal property relations characterize the attitude of subjects - citizens and the state to the objects of ownership (property). The legal powers of the owner are defined as the right to own (actually possess), use (extract useful properties for oneself) and dispose of property at their own discretion, i.e. determine its legal fate, for example, sell, exchange, donate, inherit, pledge, rent, etc. Types of legal property relations depend on who is the subject of ownership: a) subjects of ownership - citizens. Among citizens, as subjects of property, the predominant are property relations, which are regulated 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 governed 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 relationship between the participants in production regarding the use of its factors. The nature of the economic relations of property is determined by the direction of the use of income from property. If production is carried out in the interests of private individuals, then with regard to the production of goods, the form of economic relations of private property is formed and private appropriation is presented. If production is carried out in the interests of the group, then we are talking about the economic relations of group (collective) appropriation. If production functions in the interests of society, then economic relations of public ownership and social appropriation are represented. In turn, the economic relations of collective property in relation to private property appear as a form of public property, and in relation to public appropriation - as private. Economic property relations occupy the main place in the entire system of production relations, thereby determining their nature, essential content. Legal property relations and economic property relations are closely related, the former coexist in laws and other regulations, the latter are formed between the participants in production. At the same time, legal and economic property relations also have an independent movement, therefore, it is unacceptable to directly deduce the former from the latter.

Ftype of property

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, collective property of the 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 finance capital as a new entity. These forms of capitalist property are characterized by the division of capital into real (money, means of production, finished goods) and fictitious (securities - stocks, bonds). The individual capitalist is directly the private owner of only fictitious capital, while 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 increased especially. In the developed capitalist countries, an ever-increasing part of money and productive capital is concentrated in the ownership of the state.

Ras state control, 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 in conditions of denationalization and feasible with the expansion of the share of private property. For this purpose, a part of state enterprises was 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. At the first stage, voucher privatization took place. From July 1, 1994 - the second stage of privatization, during this stage the property of state and municipal enterprises was sold for money. The purchase and sale procedure includes three types of privatization: commercial competition, non-commercial competition and auction. Privatization, as previously assumed, did not lead to a turning point in the course of production processes. When considering property relations, it is necessary to highlight: 1) legal (legal) property relations; 2) economic property relations. Legal property relations characterize the attitude of subjects - citizens and the state to the objects of ownership (property). Economic property relations characterize the relationship 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 subdivided 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 presents finance capital as a new entity. These forms of capitalist property are characterized by the division of capital into real (money, means of production, finished goods) and fictitious (securities - stocks, bonds). The individual capitalist is directly the private owner of only fictitious capital, while 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 replaced by group and state property. The economic importance of state property has increased especially. In the developed capitalist countries, an ever-increasing part of money and productive capital is concentrated in the ownership of the state.

ANDproduction delays and profits. Zlaw of diminishing returns

Production costs are understood as the cost of manufacturing products. From the standpoint of society, the costs of producing goods are equal to the total cost of labor (living and materialized, necessary and surplus). From the standpoint of the enterprise, due to its economic isolation, only its own expenses are included in the costs. Moreover, these costs are divided into external and internal. External (explicit) costs are direct cash payments to resource providers. Explicit costs include workers 'and managers' salaries, payments to merchants, banks, transportation fees, and more. Internal (implicit) costs (implicit): costs of own and independently used resource, opportunity costs 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, the owner's own labor, and etc.)

Profit- excess in monetary terms income from the sale of goods and services over costs for the production and marketing of these goods and services.

The law of diminishing returns is that in a short period, when the value of production capacity is fixed, the marginal productivity of the variable factor will decrease, starting from a certain level of costs of this variable factor.

16.Market economy in perfect conditions and not perfect competition

Imperfect competition (Monopolistic competition). A widespread market structure is monopolistic competition (MC), which combines the features of competition and monopoly. MK is a structure with small 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 are free to enter and leave the industry; the monopoly competitor has some price control; there is significant non-price competition in the industry. A small negative slope of the demand curve in an MC environment means that the firm will produce fewer products than in perfect competition.

Perfect, free or clean competition - economic model, idealized state market when individual buyers and sellers cannot influence the price, but form it by their contribution demand and suggestions.

Signs of perfect competition:

An infinite number of equal sellers and buyers

Uniformity and divisibility of the 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)

Monopoly, oligopoly

Monopomlia(from Greek ???? (mono)- one and????? (poleo)- sell) - a company (the situation on the market in which such a company 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, extremely high cost or the exclusivity of the material and technical base). More often than not, natural monopolies are firms that manage labor-intensive infrastructures that are economically or technically impossible to re-create by other firms (eg water supply systems, electricity supply systems, railways).

· Conglomerate (Concern) (v legal practice- a group of persons) - several heterogeneous, but financially mutually integrated entities (for example, in Russia, JSC " Gazmetal").

Oligopoly-market structure in which several 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 characteristics of reproduction in the agrarian sector of the economy in the entire system of the agro-industrial complex (AIC) in a market economy. 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.

The agro-industrial complex includes 4 areas:

Branches of the industry producing means of production for cx and other industries included in the complex

Cx production (livestock and crop production

· The industry has carried out the processing of storage and transportation of products from raw materials to bring them to their consumption.

Industrial and social infrastructure

Finance and financial system of the state

Finamns(from lat. financia- cash, income) is a system of economic relations for the formation and use of 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 set of various spheres (links) of financial relations, each of which is characterized by peculiarities 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, extra-budgetary funds, state credit, territorial budgets, finances of state enterprises, financial reserves); - finances of enterprises, institutions and organizations consist of the finances of enterprises operating on a commercial basis, finances of institutions and organizations engaged in non-commercial activities, finances of public associations; - insurance finance includes funds for social, personal and property insurance; - finance lending covers the banking and parabanking systems. The financial system finds its expression in financial policy, and the latter is implemented through financial mechanism... Financial mechanism - a system of action of financial methods and levers in the organization, planning and stimulation of the use of financial resources.

The state budget

The state budget- these are monetary relations arising 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.

V budget system Russian Federation includes budgets of the following levels:

· Federal budget

Budgets of the constituent entities of the Russian Federation (regional budgets)

Municipal budgets (local budgets)

Budgets of state extra-budgetary funds

Vnon-budgetary funds

Statemnatural extrabudgetarymtny fund- a fund of funds formed outside federal budget and budgets subjects of the Russian Federation and intended for the implementation of the constitutional rights of citizens to pensions, social insurance, social security in the event of unemployment, health care and medical care. The expenses and incomes of the state off-budget fund are formed in the manner prescribed by The 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 Compulsory Health Insurance Fund.

Ffunctions of the principle of the tax system

Taxes are mandatory fees and payments levied by the state from individuals and legal entities to budgets of the corresponding level or to extra-budgetary funds at a rate established by law. Functions of the tax system.

* fixed - associated with the domination of the revenue side of the budget. In countries with traditional market economies, 90% of state budget revenues are generated by taxes, payments and customs duties.

* regulatory - contributes to the redistribution of income through deferentiation 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 domestic producers from foreign trade expansion of foreign firms.

Principles of the tax system

* the obligation to pay taxes by all subjects of the market economy, receiving income or profit

* flexibility of the tax system.

* progressive nature of taxation.

Ffederal taxes

Federal taxes and fees- compulsory and non-repayable contributions, which are fully or partially credited to the federal budget or federal extra-budgetary funds and are sources of income for the federal budget (extra-budgetary fund). In accordance with the Tax Code of the Russian Federation to F.N. and c. include: VAT; excise taxes on certain types of goods (services) and certain types of mineral raw materials; profit (income) tax of organizations; capital gains tax; personal income tax; unified social tax (contribution); National tax; customs duties 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 wildlife and aquatic biological resources; forest tax; water tax; environmental tax and federal license fees. F.N. 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 amending the Tax Code of the Russian Federation. F.N. and c. 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- compulsory and gratuitous contributions to the budget of the respective constituent entities of the Russian Federation, established by the laws of the constituent entities of the Russian Federation in accordance with the Tax Code of the Russian Federation and obligatory for payment on the territory of the respective constituent entities of the Russian Federation. To R.N. and c. include: tax on property of enterprises; property tax; road tax; transport tax; sales tax; gambling business tax; regional license fees. NS. and c. are credited to the corresponding 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) tax on property of individuals. The amount of tax payments is credited to the local budget at the location (registration) of the taxable object;

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 activity. 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;

f) fee for the right to trade. The collection is established by district, city (without district division), district (in the city), settlement, rural representative authorities - local Soviets of People's Deputies. The fee is paid by purchasing a one-time coupon or temporary patent and is fully credited to the relevant budget; (as amended by the Law of the Russian Federation of July 16, 1992 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 the Law of the Russian Federation of December 22, 1992 No. 4178-1) h) advertising tax. The tax is paid by legal entities and individuals advertising 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 the specified goods at a rate not exceeding 10 percent of the transaction amount;

j) collection from dog owners. The levy is paid by individuals who have dogs in cities (except for service dogs), in an amount not exceeding 1/7 of the statutory minimum monthly wage per year;

k) license fee for the right to trade in wine and vodka products. The tax 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 per year established by law, individuals - 25 minimum monthly wages per year established by law. When these persons are trafficked from temporary outlets serving evenings, balls, festivities and other events - half of the statutory minimum monthly wage 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 have been issued;

m) fee for issuing a warrant for an apartment. The fee is paid by individuals upon obtaining the right to move in 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;

o) fee for parking vehicles. The levy is paid by legal entities and individuals for parking cars in places specially equipped for these purposes in the amount established by the representative authorities - local Soviets of People's Deputies; (as amended by the Law of the Russian Federation of July 16, 1992 No. 3317-1)

o) fee for the right to use local symbols. The fee is paid by manufacturers of products on which local symbols are used (coats of arms; types of cities, localities, historical monuments, etc.), in an amount not exceeding 0.5 percent of the value of the products sold;

p) fee for participation in races on hippodromes. The fee is paid by legal entities and individuals who exhibit their horses in competitions of a commercial nature, in the amount established by the local government authorities on the territory of which the hippodrome is located;

c) Fee for winning races. The fee is paid by the persons who won the game on the sweepstakes at the hippodrome, in an amount not exceeding 5 percent of the winnings;

r) collection from persons participating in the betting game 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) levy on 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 producing filming requiring local authorities state administration for the implementation of organizational measures (the allocation of a police squad, cordoning off the shooting area, etc.), in the amount established by the representative authorities - local Soviets of People's Deputies; (as amended by the Law of the Russian Federation of July 16, 1992 No. 3317-1)

x) fee for cleaning the territories of settlements. The levy 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 of July 16, 1992 No. 3317-1)

v) fee for opening a gambling business (installation of slot machines and other equipment with a clothing or cash prize, card tables, roulette and other means for playing). The payers of the fee are legal entities and individuals - the owners of the specified means and equipment, regardless of the place of their installation. The rates of collection and the procedure for collecting it are established by the representative bodies of power - 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 the housing stock and social and cultural facilities in an 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 major public finance issue - is the sum of surplus budgets minus all deficits. Distinguish between external and internal government 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 can take the form of loans received by the government; government loans made by issuing 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 can limit further economic growth; - an increase in taxes to pay public debt acts as a disincentive to economic activity; - the growth of external debt undoubtedly reduces the country's international prestige; - with the growth of public debt, the uncertainty of the country's population in the future increases. There is a need for debt management.

NSeconomic cycle and crisis

Economic Cycles - term, indicating regular fluctuations in the level of business activity from economic boom to economic recession... V cycle business activity can be divided into four distinct phases: peak, decline, bottom (or “trough”) and rally. Rise occurs after reaching the lowest point of the cycle (bottom). Characterized by gradual growth employment and production. Many economists believe that this stage is characterized by low inflation rates. Innovation is being introduced in an economy with a short payback period. Demand pent-up during the previous downturn is being realized.

The peak, or top of the business cycle, is the “high point” of an economic recovery. In this phase unemployment usually reaches the lowest level or disappears altogether, production capacities operate at maximum or close to it load, that is, almost all material and labor resources... Usually, though not always, during peaks increases inflation... The gradual saturation of markets intensifies competition, which lowers the rate of return and increases the average payback period. The need for long-term lending is increasing with a gradual decrease in the ability to repay loans.

Recession ( depression) is characterized by a decrease in production volumes and a decrease in business and investment activity. Due to the fall conjuncture a recession is usually accompanied by rising unemployment and falling capacity utilization. Officially a recession phase, or recession, I consider the situation of a drop in business activity, which has been going on for more than three months in a row.

Bottom ( economic crisis) the economic cycle is the "lowest point" 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 nearly ten years.

Economic crisis (Old Greek Krisis - turning point) - imbalance between in demand and proposal on goods and services.

The main types are - underproduction crisis and overproduction crisis.

The underproduction crisis, as a rule, is caused by non-economic reasons and is associated with the disruption of the normal course of (economic) reproduction under the influence of natural Disasters or political actions (various prohibitions, wars etc.)

The overproduction crisis, also known as the "cyclical" crisis, appears in a market industrial economy, initially in England in the 18th century.

Overproduction crisis is a phase economic cycle... It leads to a recession and a subsequent depressive process in the economic environment.

The result of the economic crisis is a decrease in the real gross national product, massive bankruptcies and unemployment, and a decrease in the living standards of the population.

Haveequal and quality life, population income

Standard of living(level of well-being) - the level of material well-being, characterized by the volume of real per capita income and the corresponding volume of consumption.

Personal income (cash) is used to pay expenses. Income depends on what factors of production owned by a person. 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 owner's income is rent... The income provides current consumption and is also saved 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.

"Kamhonor of lifemzni "- an indicator of general well-being human, which is broader than purely material security (see. 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.

NSeconomic growth: essence, types, factors

Economic growth and its problems. Types of econ. growth. There are two types of economic growth: extensive and intensive. With the extensive type, economic growth is achieved due to a quantitative increase in the factors of production while maintaining its previous technical basis. With an intensive type of economic growth, an increase in the scale of production is achieved by qualitatively improving the factors of production: using more progressive means of labor and more economical objects of labor, improving the qualifications of the labor force, as well as by improving the use of the existing production potential. In real life, extensive and intensive fac ...........

BRIEF GLOSSARY OF ECONOMIC TERMS

Absolute release of working capital- the amount of the decrease in the amount of working capital in the reporting period compared to the previous period or plan.

Prepaid expense- the amount of money issued against forthcoming payments for material values, work performed and services rendered. In international trade, purchase advance payment as a form of lending to exporters by importers is one of the forms of corporate credit.

Assets:

2) property, goods, securities, monetary funds belonging to an enterprise, organization, including amounts not claimed from other enterprises or other debtors;

3) an integral part of the balance sheet of the enterprise, where in the active part all its funds are shown, their placement by stages of reproduction, and in the passive part the sources of funds are reflected, grouped by their origin: own funds temporarily attracted into circulation, borrowed funds, targeted financing, etc. NS.

Share capital- the capital of a joint stock company, formed by combining many individual capitals and attracting money savings of small investors through the sale of shares and bonds. The share capital is formally 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 shareholders.

Depreciation- the gradual transfer of the value of the means of labor consumed to the produced product, the accumulation, as the product is sold, of monetary amounts corresponding to the transferred value, and reimbursement from these amounts of worn-out fixed assets. The economic sense of depreciation is to compensate for production costs associated with the depreciation 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.

Rentals- provision of property for temporary use on a contractual basis for a specified fee without changing ownership. The following can be leased: land, buildings, structures, enterprises, means of production, etc. In this case, the owner remains the lessor (person, enterprise) who leased the property. The tenant (person, group of persons, labor collective) obtains the right of the owner for the period and in the manner prescribed 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 depositing are determined by the lease agreement;

2) payment for the use of rented property. The amount of rent, terms and other terms of payment are stipulated by the agreement between the lessee and the lessor. If we are talking about the lease of an enterprise, then the part of the rent formed from the profit does not exceed its expenses, since it is paid within the income tax rate.

Appropriations- the allocation of a certain amount of funds by the state or private firms for any expenses.

Product range- a list of certain types of products manufactured and sold at public catering establishments. 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) insolvent debtor; 2) the crashed.

Bankruptcy- ruin, refusal of a citizen, enterprise, organization, bank to pay on their 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- non-currency, but valued and balanced in terms of value, a commodity exchange operation, drawn up by a contract. The valuation of goods is carried out at world or contractual prices to ensure the equivalence of exchange, as well as for accounting in customs statistics, determining the sums insured and the size of claims for non-fulfillment of the terms of the contract.

Gross income- an indicator characterizing the financial result trading activities and defined as the excess of proceeds from the sale of goods and services over the cost of purchasing them for a certain period of time.

Gross income in catering establishments- an indicator characterizing the financial result of trading activities and defined as the excess of proceeds from the sale of products of 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 decrease in the size of the company's working capital while 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 purchasing company that has not paid the cost of the goods shipped to it; a worker or employee who has received an advance payment for travel or operating expenses.

Receivables- the amount of debts due to a trading company 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 the shares they hold. Dividend amount for each share

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Related terms - 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.

Benefits
- everything that is appreciated by people as a means
satisfaction of their needs.

Factors
production
- the resources people use to
creation of life benefits.

Alternative
price –
best overlooked result
specific choice alternative.

Entrepreneurship
- special services rendered to the society
kind, consisting in creation for production
and distribution of life benefits of new
commercial organizations called
firms.

Business
- form of economic activity
implying private initiative with
the main purpose of making a profit.

Firm
- a commercial organization acquiring
factors of production in order to create
and the sale of goods and receiving on this basis
arrived.

Stock
company (JSC)
- economic organization, co-owners
which can be a large number
owners of funds, each of
which gets the right to a part of it
property and profit, but is responsible for its
liabilities only up to the amount,
once spent on the purchase of a stock.

Costs
firms –
the aggregate of the costs of living and materialized
labor for the manufacture of the product.

Demand
- willingness to purchase this or that
the amount of good depending on its
prices.

Law
demand- how
the lower the price, the greater the amount of demand,
and vice versa, all other things being equal.

Offer
- manufacturers' willingness to offer
certain quantities of goods for sale
depending on its price.

Law
suggestions –
with other factors unchanged, the value
supply increases as
increase in the price of the product.

Price
- monetary expression of the value of the goods
or services, an indicator of its value.

Equilibrium
price- price for
competitive market in which the number
goods and services that want to buy
consumers, absolutely corresponds
the number of goods and services that
manufacturers are willing to offer.

Price,
at which demand and supply are equal.

Price,
in which there is neither deficit nor excess
goods and services.

Real
wage
- salary calculated as a set
goods, consumer goods and services,
which can be purchased on it.

Nominal
wage
- salary in monetary terms, which
paid to workers in accordance
with the quantity and quality of spent
their labor for a certain period of the worker
time.

Law
Engel- on
as families' incomes grow, the share of expenses
for food usually decreases, for goods
daily demand is stabilizing,
but for education and medicine, recreation and
entertainment - increases.

Consumer
basket- kit
goods and services required for
meet the priority
human needs per year, on average.

Accounting
interest rate
- the percentage charged by the bank on the amount
promissory notes when buying it by a bank, up to
due date of payment.

Emission
of money- release
the state in 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
- transformation of the substance of nature into goods,
necessary for people.

Perfect
competition –
type of market where individual buyers
or sellers cannot influence the price,
but form it by their demand contribution
and suggestions.

Monopolistic
competition –
type of market, consisting of many small
firms producing differentiated
products, and characterized by free
market entry and exit.

Monopoly
- a company operating in the absence of
significant competitors (producing
goods or services that are not able to loved ones
substitutes).

Monopsony
- the situation in the market when
there is only one buyer of goods
(monopsonist), who, by virtue of his
exceptional situation may
dictate terms to all sellers
purchasing these goods before
their total price.

Working
force- general
the number of citizens of the country in the able-bodied
age who have a job and citizens
who cannot find work for themselves.

Unemployment
- the presence in the country of people who
able and willing to work for hire,
but cannot find a job on their own
specialty or find a job
generally.

Cyclic -
caused by recurring downturns
production in a country or region.
Represents the difference between
current unemployment rate
economic cycle and natural
unemployment rate.

Structural-
due to changes in 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
new place of work that suits
its more than the previous
workplace.

State
budget–
document describing income and expenses
a particular state, as a rule,
in a year.

Balance
budget
- the difference between income and expenses
the state budget.

Protectionism
- state economic
protection policy
domestic producers of goods
from competition from firms of others
countries by establishing different
kind of import restrictions.

Gdp
- market
the cost of all
final goods and services produced
per year in all sectors of the economy by
territory of the state for consumption,
export and accumulation, regardless
from nationality
factors used
production.

Nominal
- expressed in current prices of a given year

Real
- expressed
in the prices of the previous or any other
base year.

GNP
- an indicator reflecting the total
the cost of final goods and services,
created not only domestically, but
and beyond.

Investments
- long-term capital investments with
the purpose of making a profit.

Clean
export
- the difference between export and import
exported goods.

Economic
height
- steady increase from year to year
production capabilities of the country.

Extensive
height- increase

by expanding the scale of use
resources.

Intensive
height- increase
production capacity of the country
through more rational use
the same amount of resources as before.

Economic
cycle- period
time during which the economy
the country goes through two main phases:
rise and fall.

World
economy -
it is a set of national economies,
interconnected by a system of international
division of labor and
international economic relations.

Balance
trade balance
- the difference between the cost of imports and
export of goods.

Export
- sale of goods to residents of other countries,
produced by industries of the domestic
economy.

Import
- buying goods for residents of one country,
manufactured in other states.

Embargo
- seizure, prohibition.

Imported
quota- non-tariff
quantitative (value or
natural) ways to limit import
certain goods to the country.

Tax
- a certain amount of money that
must be paid to the state.

Direct
taxes –
taxes levied directly from
any income or property in
set size.

Indirect
taxes- taxes
for the sale of goods and services in the form
surcharges to their price.

Federal
taxes –
taxes paid 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
RF (Tax Code of the RF), and are obligatory for payment on
territory acc. subjects of the Russian Federation. (forest
tax, water charges, ...)

Local
taxes –
go to the local budget (Tax Code of the Russian Federation), and
are obligatory for payment on the territory
respective municipalities
(land tax, advertising tax, ...)

Excise taxes
- the tax levied from the buyer when
the acquisition of certain types of goods and
usually set as a percentage of
the price of this item.

Taxation
- a mechanism for the withdrawal of part of the income of citizens
and firms in favor of the state to solve
nationwide tasks.

Regressive
taxation -
reduction of the tax rate on
as the level of income increases,
as opposed to progressive and proportional.

Progressive
taxation -
system in which tax
rates are increasing
as the taxpayer's income grows,
as opposed to regressive,
at which rates are reduced.

Proportional
taxation -
taxation system, when
which tax
rates
are established
in a single percentage to
taxpayer income regardless
on the amount of income (as opposed to
progressive
taxation).

Economic
the culture

v
broad sense of the word
- this is
set of society created
material and spiritual means
production activities. (cars,
buildings, cities)

v
narrow sense of the word -
this is a typical way of economic
thinking and activities of the people, group,
individuals.

Economic
property maintenance
- relationship
between people about belonging,
division and redistribution of property objects.

Economy

Farm
specific country, including certain
branches and types of production.

rules
housekeeping

The science
on the laws of economic development and methods
its rational management

studfiles.net

Glossary of terms for the global economy

Autarky- a closed national economy that does not have access to abroad.

Holdings- any kind of money and monetary funds, securities, monetary funds of a Russian bank in foreign currency held on its accounts with foreign banks performing financial transactions on behalf of this bank.

Acceptance- the obligation of the payer, the bank to pay the requested amount of money in due time.

Alliance- association of states or companies to achieve common goals or protect common interests.

Balance of interests- quantitative or qualitative expression of relations 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.

Money escape- the desire of individuals and legal entities to avoid savings and storage of unstable currency.

Currency exchange- one of the forms of the modern currency market.

Foreign Currency Rates Bulletin (in RF)- a document issued by the Central Bank containing information on the exchange rate of foreign currencies in relation to the ruble.

Gross Domestic Product (GDP)- the monetary value of all goods and services produced on the farm for a certain period.

Gross National Product (GNP) calculated to determine the total volume of goods and services produced according to the principle of 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.

Foreign exchange intervention- a significant one-time targeted impact of the country's Central Bank on the domestic foreign exchange market and exchange rate through the sale or purchase of large consignments 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 currency circulation, control foreign exchange transactions, influence the exchange rate, and restrict the use of foreign currency.

Currency operations- financial transactions related to the purchase and sale of foreign currency.

Foreign exchange reserves- the reserves of foreign currency accumulated by the country.

Foreign exchange markets- markets where the purchase and sale, exchange of foreign currencies and transactions with other means of payment denominated in foreign currencies are carried out.

Exchange rate- the price of a monetary unit of one country, expressed in monetary units of another country.

Currency parity- a firm, officially established ratio at 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- the ratio of the sum of exports and imports of a country to its GDP.

Foreign trade balance- the difference between total exports and imports of the country.

Capital export- export of capital to other countries by the state, legal entities and individuals.

Globalization- the process of transformation of the world economy into a single market for goods, services, labor and capital.

Globalization of world economic relations- this is a spatial characteristic of the internationalization of economic life at the present stage, when it has acquired a worldwide (global) coverage.

Head company- a company that controls the activities of both national and foreign firms that are members of TNCs by owning shares in their capital.

Population explosion- a sharp increase in the population.

Demographic crisis- a sharp deterioration in population reproduction.

Default- failure to fulfill obligations to return borrowed funds.

Diversification- expansion of the 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 the participants in a foreign trade transaction.

EuropeanUnion (EU)- an integration grouping of the world, is an economic, political and monetary union of European member states.

Single economic space- the territory of several states pursuing a single economic policy and forming an economic union.

Free trade Area- a form of international economic integration, in accordance with which trade restrictions between the participating countries are canceled.

Import- import of capital or capital from abroad.

Foreign capital- investments of other countries in the economy of this country.

Economic integration- the process of convergence and mutual adaptation of national economic 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 wide variety of spatial scales - from bilateral to regional and global levels.

Internationalization of the economy- the process of strengthening the interdependence and participation of the country in world economic relations.

Currency clearing- the procedure for international settlements between countries, based on the mutual offset of payments for goods and services.

Currency fluctuations- change in exchange prices for currency.

Competition- competition between business entities for market share.

Country competitiveness- the ability of national producers to outstrip their rivals in conquering and strengthening their positions in foreign markets.

Foreign trade contract- an official commercial document, which is an agreement for the supply of goods or services, including the rights and obligations of the parties, terms of delivery and payment, agreed by the importer and exporter.

Market conditions- the current situation on the market in the field of prices for specific products, as well as supply and demand.

International cooperation- a form of work organization in which a significant number of employees of enterprises different countries jointly participate in the preparation of individual parts of a single product.

Currency basket- a method of measuring the weighted average rate of one currency in relation to a certain set of other currencies.

Exchange rate gain- income received from the difference in the rates of sale of the purchase of currency, securities.

Liberalization of the economy- decrease in state regulation of the country's economic activity.

Leasing- long-term lease of means of production, providing for the possibility of their subsequent purchase by the lessee.

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 a desire for a single monetary, financial and legal system, for a single external and internal economic policy of the member countries.

International labor 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, which these countries exchange with each other.

International commodity agreements- international treaties between states on the regulation of world markets for certain raw materials.

International monetary relations- an integral part of international economic relations, representing monetary and settlement and credit relations between countries.

International Monetary Fund (IMF)- a specialized monetary and financial organization of the United Nations.

International strategic alliance- reaching an agreement between TNCs on the unification of scientific potential, production and financial resources, on the sharing of risks in order to implement projects for the redistribution of product markets 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, it 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 of national interests and priorities.

Moreover, under macrolevel understands the interaction of national states and economies as a single whole - the world economy.

Under microlevel the interaction of individual economic units - firms, enterprises of the public and private sectors of transnational corporations is understood.

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 into 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 and used in international settlements.

New industrialcountry- dynamically developing group of countries of South-East 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 in which tax, currency and other benefits are in force 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- advantages, benefits.

Protectionism- state policy of protecting the domestic market and national producers from foreign exchange competition.

Recipient- a country that hosts 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)- a generally accepted international 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- the form of the international division of labor, the concentration of the 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- the system of rates at which the service fee is charged.

Labor resources- a 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 trading and commission operation, combined with lending to the client's working capital.

Financial resources of the world- a set 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 willing to participate in it.

Export- export of goods, services and capital abroad.

Export quota- the ratio of exports of goods and services to GDP or GNP of the country.

referati-besplatno.ru

Dictionary of social science terms (economics block)

Agrarian price parity is the ratio between the value of agricultural and industrial products, in which the exchange between town and country is mutually beneficial.

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 - everything of value that belongs to a person, firm or state as property.

Excise tax is 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.

Joint-stock company (JSC) is an economic organization, the co-owners of which can be a large number of owners of funds, each of whom receives the right to a part of its property and profits, while responding at the same time for its obligations only within the amounts that were 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 firm and confirming his rights as a co-owner of the firm's property and its future income.

Barter is a direct exchange of some goods or services for others without the use of money.

Poverty is the standard of living of a family, at which its income allows one to acquire only a small part of the standard set of goods and services for a given country, which forms the basis for determining the cost of living in a given country.

Non-cash funds - amounts stored in the accounts of citizens, firms and organizations in banks and used for settlements by changing information in documents confirming who owns what amount of such funds.

Unemployment is the presence in the country of people who are capable and willing to work for hire, but cannot find work in their specialty or find a job at all.

Benefits are all that are valued by people as a means of satisfying their needs.

Family wealth is family property, free from debt.

Accounting profit is the difference between the proceeds from sales and the accounting costs of the firm.

Accounting costs - the costs associated with the use for the needs of a 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 aggregate market value of all final goods and services produced in the country per year.

Currency (exchange) rate - the price of one national currency, expressed in monetary units of other countries.

Amount of supply is the volume of a certain type of product (in physical terms) that sellers are ready (willing 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 a good that has to be borne (or can receive) people or firms that are not directly involved in the sale and purchase of this good.

External public debt - the debt of public authorities to governments, international banks and financial institutions that provided money on a loan on the basis of government agreements.

Domestic public debt is the debt of state governing bodies to citizens, banks and firms of their country, as well as to foreigners who have bought securities of domestic loans.

Sales revenue is the amount of money received upon sale and is equal to the product of the number of goods sold by 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 a 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.

Public debt - the amount of loans taken government bodies and not yet returned to creditors.

The production possibility frontier is the volume of production that can be achieved by a country with the fullest use of its available production resources.

Free goods are 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.

Cash capital is a portion of household savings that is transferred on a paid basis to firms to purchase productive capital.

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 granting of the right to use this money for lending.

Market defects (weaknesses)

Deficit is a situation in the market when buyers, at the current price level, are ready to buy a larger volume of goods than sellers at such a price agree to offer for sale.

Deficit of the state budget is a financial situation that arises when the state plans to carry out expenditures in an amount greater than it can actually receive income from all types of taxes and payments.

Dividends are 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 state assignments that are binding on all enterprises in the country.

The natural rate of unemployment is a situation when only frictional and structural unemployment exists in the country.

Natural monopolies - firms that control the entire market for certain goods or services due to the possession of a unique

A will is a legally formalized donation of wealth that takes effect after the death of its owner.

Borrowed funds (credit) - funds that are provided to the company for use for a strictly fixed time and at the fee specified 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 amount 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 amount of supply, and a decrease in prices - to its decrease.

The law of demand - an increase in prices usually leads to a decrease in the amount of demand, and a decrease in prices - to an increase (all other things being equal).

Engel's Law - as families' incomes grow, the share of spending on food usually decreases, on everyday goods it stabilizes, and on education, medicine, recreation and entertainment - it increases.

Earth - all types of natural resources available on the planet and suitable for use in the production of economic goods.

Excess (overstocking) is a situation that arises in the market when, at the current 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 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.

Individual offer - an offer with which an individual seller enters the market.

Individual demand is the volume of purchases that an individual buyer is ready to make on 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 the entire 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 is 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 members of the cartel.

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 that carries out activities on: 1) accepting deposits; 2) provision of loans; 3) organization of settlements; 4) purchase and sale of securities.

Competition is economic competition for the right to obtain a larger share of a certain type of limited resources.

Indirect tax is a levy in favor of the state, which is taken from citizens or business 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.

A loan agreement is an agreement between the 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 the loan, the payment for using it and guarantees of the money back to the bank.

Creditworthiness - the borrower's willingness and ability 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 an asset can be converted into money by an owner.

A lobby is a form of legal defense of the interests of a certain group of firms or citizens of a country by forming factions of deputies in legislative bodies of power.

Manager - 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 of buyers and sellers, who make their decisions without external 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 price parity violation, 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 the withdrawal of part of the income of citizens and firms in favor of the state for solving national problems.

Wealth inequality is the difference in the amount of regularly received nominal income (per family member) and the market value of property owned by families.

Nominal income is the amount of money received by a citizen or family as a whole for a certain period of time.

Normal profit is income that could actually be received by the owner of 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 amount of demand 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, which 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 someone else's exclusive property.

Total costs - the cost of acquiring the entire volume of resources that the firm has already used to organize the production of a certain volume of products.

The amount of need is the amount of goods of a certain type that a person would like to receive to satisfy his needs, if these benefits were available free of charge and without restrictions.

Limited (economic) goods are means of satisfying human needs, which can be created only through the input of production factors and 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 crowded out other rivals.

An industry is a group of firms that produce similar or identical products.

Variable costs are those costs that increase (decrease) with any increase (decrease) in production volumes.

Takeover is a method of market monopolization, which consists in buying up competing firms and including them in a firm seeking to become a monopolist.

The purchasing power of money is the amount of goods and services that can be purchased for a certain amount of money at a given time.

Fixed costs are those costs that remain the same for small changes in the volume of production of goods or services.

Needs are a specific form of manifestation of human needs, depending on living conditions, skills, traditions, culture, the level of production development and other factors.

A duty is a payment 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.

Private property right - 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).

The marginal (marginal) utility of a good is the benefit (benefit) obtained from the additionally used unit of the good.

Marginal (marginal) costs - the real amount of costs, which costs the manufacture of each additional unit of production.

Supply - the dependence of the supply values ​​on the market of 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 largely at his own expense, creates a company.

Entrepreneurship is a special kind of services 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 required to produce and organize 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 prices of choice are relatively lower than in other countries.

Progressive income taxation is a financial mechanism used to solve two problems: raising funds for the needs of the country and smoothing out differences in the levels of well-being of families.

Subsistence minimum - the amount of money required for a person to purchase the amount of food that would allow him to survive, as well as satisfaction at a minimum

Productivity is the amount of benefits that can be obtained from the use of a unit of a certain type of resource over 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 to protect domestic producers of goods from competition from firms in other countries through the establishment of various kinds of restrictions on imports.

Trade union (trade union) - an organization representing the common interests of employees of certain professions or a certain industry in negotiations with entrepreneurs.

Direct tax is a levy in favor of the state levied on each citizen or business organization.

Labor force - the total number of citizens of a 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 coincide with the volume of goods that buyers agree to buy at such a price.

Distribution - the provision of resources between firms, and the goods produced - between people in accordance with some criteria by which these people have the right to receive such benefits.

Real income is the amount of goods and services that a citizen or family can purchase in a certain period of time for their nominal income.

Reserve requirements - the mandatory proportion of the formation of partial 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 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.

The 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 on 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 agree to provide them 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 to be able to influence sales volumes and the 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 on the market at a given price level.

Savings - the balance of income after all expenses related to current consumption have been paid.

The velocity of circulation 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 in private ownership, and the distribution of limited resources is carried out both by markets and with significant participation of the state.

Equity capital - funds that are provided to a firm in exchange for the right to co-ownership of its property and income, and therefore, as a rule, are not subject to return and generate income that depends on the results of the firm's work.

Aggregate supply - the total amount of final goods and services that firms in a country can and are ready to offer to the market within 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 amount of final goods and services of all types that all buyers of the country are ready to purchase within 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 is the dependence of the values ​​of demand in a given commodity market on the prices at which goods can be offered for sale, which has developed in a certain period of time.

Wage rate - an amount of money paid to an employee for labor services provided to him during a certain period of time (hour, shift or month) or necessary to perform a certain amount of work (for example, manufacturing one part).

The cost of living is the amount of money that it costs to purchase 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).

"Shadow economy" - economic activity, carried out in such a way as not to pay taxes to the state.

Customs duty is a tax levied in favor of the state treasury from the owner of foreign-made goods when these goods are imported into the country for sale.

Current (perpetual) deposits - funds transferred by their owners for temporary storage to the bank with the granting of 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 markup is 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 specialized production of goods.

The traditional economic system is a way of organizing economic life in which land is in the common possession of the tribe, and limited resources are allocated in accordance with long-standing traditions.

Transactional (organizational and 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 executed.

Transfer is an amount of money transferred by the state to the poorest citizens to improve their standard of living and formed at the expense of funds withdrawn through taxes from wealthier citizens.

Labor - the use of mental and physical abilities of people to carry out work related to the production of economic benefits.

The severity of labor is a measure of the physical and nervous complexity and fatigue of performing professional duties.

A service is an intangible benefit in the form of activities useful to people.

Factors of production - the resources used by people to create the benefits of life.

Physical capital - buildings, structures, machines, reclamation systems used to transform substances of nature with the help of technologies into benefits useful to people.

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 where money is bought and sold to acquire the physical capital of firms.

Firm finances - the relationship between cash expenditures and cash receipts of the firm.

A firm is an economic organization created specifically to produce goods and sell them to the market for a profit to their owners.

The price of choice (opportunity cost) is the value of the most preferred of the goods, the receipt of which becomes impossible with the chosen method of using limited resources.

The price of money capital is the amount of income (interest) that the firm must provide to the owners of the savings, so that they agree to provide them 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.

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 under normal operating conditions.

Human needs - the range and volume of benefits that people would like to receive to satisfy their needs, if these benefits were available free of charge and without restrictions.

Human capital - knowledge and skills accumulated by a person as a result of training and previous employment and affecting the possibility of his employment and the level of salary received.

Net profit is a part of profit that remains at the disposal of an economic organization after taxes and other mandatory 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 proceeds and economic costs.

Economic efficiency is a method of organizing production in which the costs of producing a certain amount of products are minimal.

Economic systems are forms of organization of 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 the production capacity of a country.

An economic cycle is a period of time during which a country's economy goes through two main phases: boom and bust.

Export is the sale of goods produced by sectors of the domestic economy to residents of other countries.

Price elasticity of supply - the scale of the change in the amount of supply (in%) when the price changes by one percent.

Price elasticity of demand - the scale of the change in the amount of demand (in%) when the price changes by one percent.

Bank of issue - a bank that has the right to issue (issue) national currency and regulate monetary 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 the price (or an increase in income), the product becomes cheaper in relation to the total amount of a person's income, and therefore the buyer is able to purchase this product in larger quantities without giving up his other usual purchases. And vice versa.

Economies of scale - a situation when a firm has the ability to increase its output to a greater extent than the volume of all resources it uses.

multiurok.ru

Collection of terms in social science. Block-module "Economics".

Social science terms.

Block-module "Economics".

Economy - a science that investigates how people in conditions of limited resources satisfy their needs.

Production - the process of creating economic goods and services, which are the starting point of economic activity.

Distribution - division of the produced product, income between those involved in its production.

Exchange - a process in which people receive money or another product in return for a manufactured product.

Consumption - the final stage of production, during which the manufactured product is used or destroyed.

The main problem of the economy - meeting the unlimited needs of people through limited resources.

Economic benefits - funds necessary to meet the needs of people and available at the disposal of society in a limited amount.

Economic resources - potential opportunities that society has at the moment of its development, i.e. all types of sources, means of production support, which are used in the process of creating new material goods and services.

Natural resources - the earth and its bowels.

Material resources - means of production.

Labor resources - all able-bodied population.

Financial resources - funds of funds serving production.

Informational resources - data required for production management.

Product - product of labor produced for sale on the market.

Service - the result of useful activities of enterprises and individuals, aimed at meeting the specific needs of the population and society.

Money - a special product that plays 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.

Production factors - a part of economic resources that actually participate in the production of goods and services.

Firm - a commercial organization that acquires factors of production for the purpose of creating and selling goods and making a profit on this basis.

The household - individuals and their families who carry out operations related to the management household, i.e. mainly by consumption.

Work - 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 power per unit of time.

Labor productivity - labor productivity, which is measured by the amount 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 for oneself; ability to take risks; the ability to perceive innovations.

Profit - the difference between the proceeds from the sale of goods or services and the costs required 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 arising in the process of production, distribution, exchange and consumption of an economic product.

Natural economy - an economy in which either produce products only to meet 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 participation of the state.

Own - the belonging of things, material and spiritual values ​​to certain persons, the legal right to such belonging and economic relations between people regarding the belonging, division, redistribution of property objects.

Ownership - the actual possession of this property, legally secured.

Right to use - the process of extracting useful properties from a given property and / or obtaining fruits and income.

Disposition right - the ability to change the state, purpose, ownership of the property.

Rentals - the right to use property without having the right to dispose of.

Trust - the right of the owner to transfer the right to manage his property to another person, without the right to interfere with his actions.

Nationalization of property - transfer of property from private hands to the hands of the state.

Privatization of property - transfer of state property to individual citizens or legal entities created by them.

Common property - the form of ownership, characterized by the joint appropriation of means and results of production.

Private property - a form of ownership, in which a separate individual has the right to own, use and dispose of.

Mixed ownership - a form of property that combines features of common and private property.

Market - the totality of all relations, as well as forms and organizations of cooperation of people with each other, concerning 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.

Stock exchange - an organizationally designed, regularly functioning wholesale market for similar goods, where traces of the sale and purchase of large consignments of goods are concluded.

Demand - the consumer's desire 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.

Offer - the desire of the manufacturer to produce and offer for sale on the market their goods at specific prices from a number of possible prices for a certain period of time.

Demand value Is the volume of a certain type of product that buyers are willing to purchase within a certain period at a certain price level for this product.

Amount of supply Is the volume of a certain type of product that manufacturers are ready to offer during a certain period at a certain price level for this product.

Bid price - the maximum price at which consumers are willing to buy a certain amount of goods for a certain 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.

Demand law : an increase in prices usually leads to a decrease in the magnitude of demand, and a decrease in prices - to an increase.

Supply law : an increase in prices usually leads to an increase in the amount of supply, and a decrease in prices - to its decrease.

Price - the amount of money that the buyer is willing to pay, and the seller wants to receive for a certain product.

Subsidies - payment from the state budget to cover certain types of costs of enterprises and firms.

infourok.ru

Definitions for economics.

Search Lectures

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 - the 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. A need is a need for something.

7. Material well-being - having a physiological form.

8. Intangible benefit - not having a physiological form.

9. Economic welfare - a limited human-created good that has a price.

10. Non-economic benefit - unlimited benefits that a person gets free of charge.

11. Resources are all that you can make good out of.

12. Production factors:

Labor market.

The market for means of production.

Natural resources market.

Land market

Technology market

13. The economic system is an ordered system of communication between the producer and the consumer.

14. Spontaneous order - based on price signals when price changes affect the entire economic system.

15. Hierarchy is the transmission of information through the levels of power from top to bottom.

16. Property - the 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. The right of ownership - the authority 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 managerial activity, when people are not associated with it, incur 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 equal to 0, then the final production efficiency is maximum, externalities do not arise.

23. The market is a system of economic relations that arises between the seller and the buyer in the process of production, distribution and exchange of goods.

24.Demand is the simultaneous desire and willingness of the consumer to purchase a product at a certain price at a certain time.

25. 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 any incentives to change the volumes 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 and for the best conditions for the purchase of products.

30 Competition Law – there is an invisible force on the market forcing entrepreneurs to improve product quality, implement progress, and reduce costs.

31. Monopoly - a situation on the market (one seller) when one person or enterprise is granted exclusive rights to perform any activity (sale of products, resources used, access to the territory).

32. Perfect competition:

Unlimited number of sellers to buyers.

Small firms incapable of influencing each other

Unlimited number of acts of purchase and sale

All sellers have the same product

Everyone has the same profit

33. Monopolistic competition:

Large number of sellers and 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

Small number of sellers

The product can be standardized and differentiated.

Market access is available, but difficult.

Sellers in cahoots and the market behaves like a monopoly

35. Monopsony - The only buyer in the market, dictates low prices to sellers

36. Oligoposonia - a small number of buyers dictate a low price to sellers.

37.Standardized product-

38.Differentiated product-

39. Cartel - an association of enterprises on the basis of a secret or overt collusion (on prices, exchange of technologies, setting quotas for the production or sale of products, dividing the sales market).

40. A syndicate is an association of enterprises that sell products through a single trading office.

41. Trust - an association of enterprises through full control over the production and sale of products.

42. A holding is a holding company that unites firms through the purchase of controlling stakes in their shares.

43. Natural monopoly (state) - arises in cases when production in a monopoly market is more profitable for the state than in a competitive one.

44. The usefulness of the good is the ability of the good to satisfy a human need.

45. The marginal utility of the good is the utility of each additional unit. good.

46. ​​The law of diminishing utility-in one continuous act of consumption of utility, each subsequent unit. good is 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 - Buying what is in demand by the majority.

50 Snob Effect - Buying something that is not popular with most.

51. Veblen effect - conspicuous consumption of expensive goods.

52. New Luxury Effect - Not bought with purpose of use, and 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. Curve of indifference - shows a combination of goods with the same utility for the consumer.

56 Budgetary Constraints - Shows the available mix of benefits with a limited budget.

58. The goods of Gifina 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 invariability of the rest, its return decreases.

60. Isoquant is a combination of factors of production that provide output.

61. Izokosta-shows the really available number of factors of production.

62. Curve of production possibility - shows alternative combinations of production of two goods with full use of resources.

63. Reinforcement is the monetary value of equipment wear and tear.

64. Effect of scale is economies of scale.

65. Combination is the combination of several firms in one. (Vertical - different stages of progress, horizontal - the same, conglomerate - not related to each other.)

66.Diversification is the penetration of a firm's capital into related industries.

67.Franchising is the use of a well-known brand in the market

68. Fixed costs — Do not depend on the volume of production.

69 variable costs — Directly depend on the volume of production.

70. Average cost is the cost per unit of production.

71. Marginal cost is the cost of producing an additional unit. products

72. Implicit economic costs - Alternative options for obtaining income from which the entrepreneur 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 a product or the provision of a service.

74. Pribol is the difference between revenue and costs

75. Economic Pribol- bogalterian near-implicit costs

76 Accounting profit- This is revenue minus explicit costs.

77.The system of national accounts is a collection of economic balance sheets reflecting the result of the state's economic activity during the year.

78. GDP— (gross domestic product) is the market value of all final products produced domestically during the year.

79.NP- (gross national product) is the market value of all final products produced at 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 development of the country in its entire history.

82. Real GDP is GDP at base year prices

83. Nominal GDP is GDP calculated at current prices.

84. The GDP deflator is an indicator of the change in the general price level for a wide range of goods and services.

85. Economic cycle - The time interval from the beginning of one crisis to the beginning of another.

86. Phases of the economic cycle:

1. If the cycle is 3-4 years, then it is called the Kitchin cycle.
2. 10 years old, Zhuglyara
3. 15-20 years old, blacksmith.
4. 40-60 years, Kondratyev's cycles.
5. 300-400 years old, Forester.
6. 1000-1500 years old, Toflera.

87. Economic crisis - overaccumulation of capital in several forms at the same time. (Monetary, commodity, production, financial)

88. Intensive development is a difficult way, development due to qualitative factors (technology, fertilizers, qualifications 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 an explicit or implicit rise in prices.

91. Demand inflation - demand significantly exceeds supply, people are willing to pay more for a shortage of goods.

92. Inflation of supply - caused by an increase in production costs.

93. Unemployment is an economic situation in which part of the working-age population cannot find a job.

94. Structural unemployment - caused by a mismatch between the structure of supply and demand for labor, by profile, qualifications, gender, age, geographic location.

95. Frictional - voluntary short-term unemployment that occurs when moving to a new job.

96. Natural - the sum of structural and frictional.

97. Oken's coefficient - shows the sensitivity of GDP to changes in unemployment.

98. Phillips Curve - shows the relationship between inflation and unemployment in the period up to 3 years.

99. Poverty is an economic situation in which part of the population does not have a 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 proceeds and economic costs.

Economic efficiency- a way of organizing production, in which the costs of producing a certain amount of products are minimal.

Economic systems- forms of organization of 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.

The economic growth- a steady increase in the country's production capabilities.

Economic cycle- the period of time during which the country's economy goes through two main phases: growth and recession.

Export- sale to residents of other countries of goods produced by sectors of the domestic economy.

Price elasticity of supply- the scale of the change in the value of the offer (in%) when the price changes by one percent.

Price elasticity of demand- the scale of the change in the value of demand (in%) when the price changes by one percent.

Bank of issue- a bank that has the right to issue (issue) national currency and regulate monetary circulation in the country.

Issuing 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 value of a person's income, and therefore the buyer is able to purchase this product in larger quantities without giving up his other usual purchases. And vice versa.

Economies of scale- a situation when a firm has the ability to increase the volume of its output to a greater extent than the volume of all resources it uses.

Firm- an economic organization created specifically to produce goods and sell them to the market for profit to their owners.

Selection 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.

Money capital price- the amount of income (interest) that the firm must provide to the owners of savings, so that they agree to provide them with these savings for the implementation of commercial projects.

Valuable 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 share 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 under normal operating conditions.

Human needs- the range and volume of benefits that people would like to receive to meet their needs, if these benefits were available free of charge and without restrictions.

Human capital- knowledge and skills accumulated by a person as a result of training and previous employment 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 taxes and other mandatory 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 the parity of prices, 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.

Agrarian price parity- the ratio between the value of agricultural and industrial products, in which the exchange between town and country is mutually beneficial.

Administrative monopoly- a monopoly that arises in the 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- everything of value that belongs to a person, company or state as property.

Excise tax- the tax levied on the buyer when purchasing certain types of goods and is usually set as a percentage of the price of this good.

Joint Stock Company (JSC)- an economic organization, the co-owners of which can be a large number of owners of funds, each of whom receives the right to a part of its property and profits, while responding for its obligations only within the amounts that were once spent on the purchase of shares.

Stock- a security sold to an investor in exchange for funds received from him for the development of the firm and confirming his rights as a co-owner of the firm's property and its future income.

Barter- direct exchange of some goods or services for others without the use of money.

Poverty- the standard of living of the family, at which its income allows acquiring only a small part of the standard for

a given country of 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 stored on the accounts of citizens, firms and organizations in banks and used for settlements by changing the information in the documents confirming who owns what amount of such funds.

Unemployment- the presence in the country of people who are capable and willing to work for hire, but cannot find work in their specialty or find a job at all.

Benefits- everything that is appreciated by people as a means of satisfying their needs.

Family wealth- family property, free from debt.

Accounting profit- the difference between the proceeds from sales and the accounting costs of the firm.

Accounting costs- the costs associated with the use for the needs of the firm of the 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 aggregate market value of all final goods and services produced in the country per year.

Currency (exchange) rate- the price of one national monetary unit, expressed in monetary units of other countries.

Amount of offer i - the volume of a certain type of product (in physical terms) that sellers are ready (willing and able) to put on the market within a certain period of time at a certain level of the market price for this product.

Demand value- the volume of goods of a certain type (in kind) that 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 and contractual) costs- spending time, effort and money 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 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 withdrawn through taxes from more wealthy citizens.

Work- the use of mental and physical abilities of people to carry out work related to the production of economic benefits.

The burden of labor- a measure of the physical and nervous complexity and fatigue of performing professional duties.

Service- an intangible good in the form of activities useful to people.

Production factors- the resources used by people to create the benefits of life.

Physical capital- buildings, structures, machines, reclamation systems used to transform the substances of nature with the help of technologies into benefits useful to people.

Financial intermediary- 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.

Financial market- the market in which money is bought and sold, necessary for the acquisition of the physical capital of firms.

Firm finances- the relationship between cash expenditures and cash receipts of the firm.

Specialization- concentration of a certain type of activity in the hands of a certain person or economic organization.

Demand- the dependence of the values ​​of demand in a given commodity market on the prices at which goods can be offered for sale, which has developed in a certain period of time.

Wage rate- the amount of money paid to the employee for labor services provided to him 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- the amount of money that the acquisition costs over a certain period of time (usually a month) a set of goods and services standard for most families in a given country.

Customs duty- tax levied in favor of the state treasury from the owner of a foreign-made product when importing this product into the country for sale.

Current (unlimited) deposits- funds transferred by their owners for temporary storage to the bank with the granting of 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 established 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 price level of this product.

External (side) effects- damage (or benefit) from the production of any good that has to be borne (or can receive) people or firms that are not directly involved in the sale and purchase of this good.

External public debt- the debt of state administration bodies 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 governing bodies 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 upon sale and equal to the product of the number of goods sold by the price at which they were bought.

Hyperinflation- the situation in the economy, when the growth of the general level of prices 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.

State debt- the amount of loans taken by government agencies and not yet returned to creditors.

Production possibilities frontier- the volumes of production that can be achieved by the country with the fullest use of its available production resources.

Gratuitous benefits- 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 their purchase of productive capital.

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 granting of the right to use this money for lending.

Market defects (weaknesses)- the inability of market mechanisms to solve some economic problems in general or in the best way.

Deficit- the situation on the market, when buyers at the existing price level are ready to buy a larger volume of goods than sellers at such a price agree to offer for sale.

State budget deficit- the financial situation that arises when the state plans to carry out expenses in an amount greater 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 way of allocating limited resources on the basis of government assignments that are binding on all enterprises in the country.

Natural rate of unemployment- a situation when only frictional and structural unemployment exists in the country.

Natural monopolies- firms that control the entire market for certain goods or services due to the possession of a unique

economic decisions, and all limited resources (factors of production and goods) are distributed through markets.

Market offer- 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 on the market at a given price level.

Saving- the balance of income after payment of all expenses related to current consumption.

Velocity of money circulation- 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 in private ownership, and the distribution of limited resources is carried out both by markets and with significant participation of the state.

Equity- funds that are provided to the firm 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 firm's work.

Aggregate supply- the total number of final goods and services that the country's firms can and are ready to offer to the market within 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- the total amount of final goods and services of all types that all buyers of the country are ready to purchase within 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 for their nominal income.

Reserve requirements- the mandatory proportion of the formation of partial 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 types of 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.

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 on 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 in order to be able to influence sales volumes and the market price in their own interests.

Pure monopoly market- a situation when there is only one seller on the market.

Market system (capitalism)- a way of organizing economic life in which capital and land are owned by individuals, who take all

a source of natural resources or due to the fact that increasing the number of competing firms in this market is simply ineffective.

Will- legally formalized donation of wealth, which takes effect after the death of its owner.

Borrowed funds (credit)- funds that are provided to the company for use for a strictly fixed time and at the fee specified in the loan agreement.

Exchange law- 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 amount of these goods and services; 3) the speed of circulation of money.

Supply law- an increase in prices usually leads to an increase in the amount of supply, and a decrease in prices - to its decrease.

Demand law- an increase in prices usually leads to a decrease in the amount of demand, and a decrease in prices - to its increase (all other things being equal).

Engel's law- as family incomes grow, the share of spending on food usually decreases, on everyday goods it stabilizes, and on education, medicine, recreation and entertainment - it increases.

Earth- all types of natural resources available on the planet and suitable for use in the production of economic benefits.

Excess (overstocking)- a situation that arises in the market when, at the current price level, sellers offer for sale a larger volume of goods than buyers are willing to buy at that price.

Import- 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 on 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 economics.

Capital- the entire 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- the method of market monopolization, consisting in the conclusion of an agreement between the 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 members of the cartel.

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 performing activities on: 1) accepting deposits; 2) provision of loans; 3) organization of settlements; 4) purchase and sale of securities.

Competition- economic competition for the right to receive a larger share of a certain type of limited resources.

Indirect tax- levy 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.

the necessary level of his other basic living needs.

Performance- the amount of benefits that can be obtained from the use of a unit of a certain type of resource over 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 to protect 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 representing the common interests of employees of certain professions or a certain industry in negotiations with entrepreneurs.

Direct tax- a levy in favor of the state, levied from 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 coincide with the volume of goods that buyers agree to buy at such a price.

Distribution- the provision of resources between firms, and produced goods - between people in accordance with some criteria by which these people have the right to receive such benefits.

Offer- the dependence of the supply values ​​on the market of 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.

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 required to produce and organize 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 firm actually received, but does not have the right to participate in its management.

The absolute advantage principle- Countries benefit from trade with each other if each of them specializes in the production of goods that it can produce with absolutely less expenditure 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 prices of choice are relatively lower than in other countries.

Progressive income taxation- a financial mechanism used to solve two problems: raising funds for the needs of the country and smoothing 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 satisfaction at a minimum

Loan agreement- an agreement between the bank and the one who borrows money from him (the borrower) defining the obligations and rights of each of the parties, and first of all: the term of the loan, the payment for using it and guarantees of the money back to the bank.

Creditworthiness- the borrower's willingness and ability to fulfill their 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 asset can be converted into money by the owner.

Lobby- a form of legal defense of the interests of a certain group of companies or citizens of the country through the formation of factions of deputies in the legislative bodies of power.

Manager- hired manager of the company, accountable to its owner.

Price mechanism- the formation and change of market prices under the influence of a clash of interests of buyers and sellers who make their decisions without external coercion.

Market monopolization- 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 conditions 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 funds- paper money and small change.

Taxation- a mechanism for the withdrawal of part of the income of citizens and firms in favor of the state for solving 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 not in his own business, but in other commercial and financial projects with the same level of risk.

Normal goods- goods, the amount of demand for which increases with the growth of buyers' incomes.

Loan security (collateral)- property of the borrower, which can be seized from him by the bank and sold to cover those debts of the borrower, which he himself cannot cope with.

General 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 use together and which cannot be someone else's exclusive property.

Total costs- the cost of acquiring the entire volume of resources that the firm has already used to organize the production of a certain volume of products.

Requirement volume- the number of benefits of a certain type that a person would like to receive to satisfy his needs, if these benefits were available free of charge and without restrictions.

Limited (economic) benefits- means of satisfying human needs, which can be created only through the cost of 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 crowded out other competitors.

Industry- a group of firms producing similar or identical products.

Variable costs Are those costs that grow (decrease) with any increase (decrease) in production volumes.

Absorption- a method of market monopolization, which consists in buying up competing firms and including them in a firm seeking to become a monopolist.

Purchasing power of money- the amount of goods and services that can be purchased for a certain amount of money at a given time.

Fixed costs Are those costs that remain the same for 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 production development and other factors.

Duty- the fee charged by the state from citizens and economic organizations for the provision of a certain type of service or the issuance of a permit to carry out a certain activity.

Private property right- 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 the good- the benefit (benefit) received from the additionally used unit of the good.

Marginal (marginal) costs- the real amount of costs, which costs the manufacture of each additional unit of production.

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