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Economy and economics

agronomics

noun

the branch of economics that deals with the way land is used and the things that are produced by farming

austerity

noun

an economic policy by which a government reduces the amount of money it spends by a large amount

boom

noun

a similar increase in the activity of a particular industry or part of a country’s economy

boom and bust

noun

a situation in which a country’s economy regularly goes through periods of success followed by periods of failure

buoyancy

noun

the ability of a company, financial institution, or economy to be successful again after a difficult period

capitalist

noun

someone who supports the system of capitalism

consumer confidence

noun

people’s confidence in the economy, making them willing to spend money

credit crunch

noun

a period when a country’s economy is in a bad state and banks are not willing to lend much money

deflation

noun

the general reduction of prices and the level of economic activity in an economy

depression

noun

a period of time when there is a lot of unemployment and poverty because there is very little economic activity

the Depression

noun

in the UK, US, and some other countries, a period during the late 1920s and early 1930s when there were very few jobs and a lot of poverty because the economy was so bad

disinflation

noun

a reduction in the rate at which prices increase

dollar

noun

used for talking about US economic power

double dip recession

noun

a second period of economic contraction, following a brief period of growth that made everyone think the recession was over

downswing

noun

a reduction in economic or business activity

downtrend

noun

a general reduction in the level or amount of something, especially economic activity

downturn

noun

a reduction in economic or business activity

economic cycle

noun

the changes that are repeated continuously in a country’s economy

economic indicator

noun

a quantity that is used to measure a particular feature of the economy

economics

noun

relating to economics

economics

noun

the conditions that affect the economic success or failure of a product, company, country etc

economist

noun

an expert in economics, especially one who advises a government department, business, or organization

economy

noun

the system by which a country’s trade, industry, and money are organized

economy

noun

the whole of a country’s business, industry, and trade, and the money that they produce

finance

noun

money that is used to pay for something such as a large project

the First World

noun

the richest countries of the world, in which industry and trade are very well developed

GDP

noun

gross domestic product: the total value of the goods and services that a country produces in a year, not including income received from money invested in other countries

geoeconomics

noun

the study of how the economies of the world’s nations affect each other

global economy

noun

the economies of the world’s nations, considered as a single economic system

globalisation

a British spelling of globalization

globalization

noun

the idea that the world is developing a single economy and culture as a result of improved technology and communications and the influence of very large multinational companies

GNP

noun

Gross National Product: the total value of all the goods and services that a country produces in a year, including income received from money invested in other countries, but not income paid to foreign investors

gross domestic product

noun

the total value of all goods and services produced in a country in a year, except for income received from money invested in other countries. It is often simply called GDP.

gross national product

noun

the total value of all goods and services produced in a country in a year, including income received from money invested in other countries. It is often simply called GNP.

growth

noun

an increase in the success of a business or a country’s economy, or in the amount of money invested in them

hyperinflation

noun

very high inflation (=a general increase in prices)

industry

noun

a particular industry, trade, or service and the people who work in it

inflation

noun

an economic process in which prices increase so that money becomes less valuable

inflationary spiral

noun

an economic situation in which higher prices cause higher salaries, which in turn cause even higher prices

leading economic indicator

noun

an economic indicator (=quantity used to measure something about the economy) that shows something about future economic activity

macroeconomics

noun

the study of the economic systems of whole countries or large regions

market forces

noun

the economic influences that affect prices, salaries, and the number of jobs available and are not controlled by the government

microfinance

noun

loans and other financial services for people who are poor, and who cannot normally get these services from banks

money supply

noun

all the money in the economy of a country

national debt

noun

the total amount of money that the government of a country has borrowed and still owes

national income

noun

the total money earned or gained by all the people who live in a country over a period of time

national product

noun

the total value of all the goods and services produced by a country during a particular period, usually a year

NDP

noun

net domestic product

net domestic product

noun

the total value of all the goods and services produced by a country in a year, except for income received from money invested in other countries, after taking away the value that buildings and equipment lose

net national product

noun

the total value of all the goods and services produced by a country during a year, after taking away the value that buildings and equipment lose

NNP

noun

net national product

overheat

verb

a country’s economy overheats when it grows too fast, causing prices to rise in an uncontrolled way

political economy

noun

economics

poverty line

noun

the amount of money considered necessary to live. Someone who is below the poverty line does not have enough money.

poverty trap

noun

a situation in which someone remains poor because they cannot get a job that will pay them more money than they get from the government

the purse strings

noun

the way in which money is controlled and spent by a group or organization

quantitative easing

noun

a process of increasing the amount of money in a country’s economy, usually in an attempt to improve the economy and prevent a situation in which the banks are not willing to lend money

recession

noun

a period when trade and industry are not successful and there is a lot of unemployment

reflate

verb

to improve the economy of a country by increasing the amount of money that people are earning and spending in the country

sector

noun

a part of a country’s economic or business activity

sickness

noun

a state in which a country or region is not successful, for example in its economic system

slump

noun

a period when an economy is much less successful than before and many people lose their jobs

smart growth

noun

economic growth in which there is an effort not to waste resources (=fuel, water etc) or damage the environment

stagflation

noun

an economic situation in which prices rise continuously, unemployment is high, and many businesses are not making money

stagnation

noun

a situation in which a country’s economy is not growing or succeeding

stress test

noun

a test used to find out if a bank or other financial institution is likely to fail or have serious problems in a difficult economic situation

supply and demand

noun

the relationship between how much of a particular product is available and how much of it people want, and especially the way that this affects the level of prices

taper

noun

a gradual reduction in the amount of new money which is supplied by a central bank in order to aid economic recovery

trade

noun

a particular area of business or industry

trickle-down theory

noun

an economic theory according to which poor people benefit when richer people become even richer

turndown

noun

a downturn

uptrend

noun

an improvement in the economy, or an increase in business activity

wealth creation

noun

the act of making a country, group, or person richer and more successful

world economy

noun

the economy of the world, considered as an international exchange of goods and services

wrapper

noun

a financial product that is used with another financial product, for example because it gives tax benefits

zero growth

noun

a situation in which there is no increase in the growth or development of something

Open Dictionary

endies

Employed but with No Disposable Income or Savings: people who are in work but only earn just enough to live on

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