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Absolute price: is the price of a goods in money terms

A scarce resource : one for which the demand at a zero price would excess the available supply

A supply schedule shows how much of a good or service would be supplied at different prices

A demand schedule show how much of a good or service consumers will want to buy at different prices

Capital all manmade inputs used in the production process ( tools, machinery, and physical plants)

Capitalism : is the political and economic philosophy characterized by marketplace competition and private ownership of business

Communism is a social , political and economic philosophy in which the government controls the factors of production. There is no financial incentive for people to increase their productivity because the government regulates and assigns

Capital resources are both producible and reproducible things which are used to produce goods and services. physical capital : tools, money,

Command economic system: is an economic system in which all economic decisions are done by the government. 

Charter: is the license granted to the corporation by the gov.

Compliment: 2 goods are complements if an increase in the price of one causes a fall in demand for the other.

Demand : amount of goods and services that consumers are willing and able to purchase at conceivable prices or in a range of prices

Demand curve : always slope downward from the left to the right.

Economics : the study of how society uses its scarce resources to produce goods and services

Economic growth: an increase in the nation’s capacity to produce goods and services.

Excess supply: quantity supplied > quantity of demanded => surplus

Excess demand: the situation in which the quantity demanded at a given price exceeds the quantity supplied ( vuowtj cauf) => shortage

Economic indicators:

GNP: GDP + net income from within and outside of a country by the country’s business for final use during a year.

GDP: total market value of all goods and services produced within a countries borders for final use during a year.

Goods: goods are tangible and visible manmade or natural products being on sale in market.

Human resources: consist of all active population of a country. In other words, they are at the working age except disabled and handicapped people.

building, machines / invisible capital : knowhow, brandname, technology and trademark.

Individual/ Sale proprietorship: is a business organization in which there is only one owner Partnership: is a business organization in which there are two or more owners. They agree with each other to contribute capital, duties and responsibilities to run the business.

Inferior goods: Demand for an inferior good is negatively related to income.

Inflation: is the increase in general price level in a year compared with it in the previous year

Input is the productive resources an economic uses to produce goods and services

Labour anyone who works paid work

Labor is the brain power and muscle power of human beings

Law of demand : states that when the price of a good rises and everything else remains the same , the quantity of the good demanded will fall .they have inverse relation.

Consumers try to economize/ find substitutes  ( price tang => luong mua giam)

Buy more to store for future use / find different  (nguoc lại)

Law of supply : states that when the price of a good rises and everything else remains the same , the quantity of the good supplied will rise. Sellers expand product to gain profits/more producers join in the market.(gia tang)

contradict their product limit inventories => limit loss/ a lot of producers change to produce the other products.

Limited liability:  if your company losses money, the stockholders lose only what they invested.

Market : the entire enterprise of buying and selling goods and services at a particular location or at geographically dispersed locations

Market : a self – coordinating mechanism which adjusts the behaviors of sellers and buyers on the basis of prices.

Market price: is the one at which the quantity demanded is equal to the quantity of supplied

Market economic system:

In which nation’s economic decisions are the result of individual decisions by buyers and sellers in the market place. People are free to go into business on their own

Mixed market economy that are a mixture of both capitalist and socialist economies. Most developing countries have mixed system. Their essential feature is the coexistence of substantial private and public activity within a single economy.

Mixed market economic: . is an economic system in which the production, pricing and distribution of goods and services are determined by the government rather than market forces

Macroeconomics : the branch of economics that considers the relationships among broad economic aggregates such as national income, total volumes of saving, investment , consumption expenditure , employment and money supply. It is also concerned with determinants of the magnitudes of these aggregates and their rates of change over time

Microeconomics : the branch of economics concerned with individual decision units – firms and households  - and the way in which their decisions interact to determine relative prices of goods and factors of production and how much of these will be bought and sold . the market is the central concept in microeconomics

Natural resources: all things from natural world that serve as raw material input for production of goods and services : air and water, trees, plants…

Normal goods: Demand for a normal good is positively related to income.

Output is goods and services produced by society

Opportunity cost : of an item is what you give up to obtain that item.

Ownership : is the right given to individuals and firms by law to possess , employ, rent and transfer means of production as they wish

Peak : real GDP reaches its maximum.

Personal income: is the total income received in one year by all families and individuals in the country

Price elasticity of demand: The responsiveness of the quantity of a commodity demanded to a change in its price, expressed as the percentage change in quantity demanded divided by the percentage change in price.

Price : is  a unit of money or another kind of goods paid for a unit of product

Private property : the right of individuals to exercise control  over things owned .

Recession : a downturn – real GDP declines suy thoái

Recovery : an upturn – real GDP rises

Relative price: is the money price of a goods divided by the money price of another goods or by the average price of other goods.

rent is the price for the use of a house for a month

Rights to vote to: Elect te board of directors, adopt the financial statements, approve the auditors for the coming year.

salary is the price for a month or a year’s worth of labour

Scarcity : means that society has limited resources and therefore cannot produce all the goods and services people wish to have

Services : are intangible and invisible things which result from useful work done by people for people in the market

Socialist countries have an increased amount of government involvement in the economy, but the market is not completely controlled. The state will generally control noncompetitive companies in areas

Stockholder: are the owners of the corporation. Residual claims to profits and assets.

Stock market average: is used to express stock market prices in the stock exchange

Substitute: 2 goods are substitutes if an increase in the price of one causes an increase in demand for the other.

Supply : the amount of goods and services which are offered for sale at conceivable prices or in a range of prices

Supply schedule shows how much of a good or service would be supplied at different prices

Trade off : to get one thing, we usually have to give up another thing. 

Traditional economic system is the economic system in which all economic activities are inherited from generation to generation .the ways of production remain unchanged (South American, Asia, Africa)

Avd: clear economic roles. More experts, skillful workers.good know how => transfer from the old to young.

Dis :lose of freedom of choice.backward

What: have a set of products.product can be diversified according to the price

How: particular the knowhow new technology rarely applied here.output.knowhow

For whom: production and distribution. Don’t need advertise

Transfers payment : payments made to individuals without requiring provison of any service in return

Unemployment rate: is the percentage of the active population that is unemployed

Unlimited liability:  the only one owner of the company has to be personally liable for all debts of the company.

Wage income : the price for an hour of labour

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