Key Terminology from Work and Economics

These flashcards cover important vocabulary related to work, economics, and global issues.

be in charge of

to be responsible for something

be made redundant

to be dismissed from a job due to surplus staff

budget

an estimate of income and expenditure for a set period of time

debt

money that is owed or due

expenses

the cost incurred in or required for something

get promoted

to receive a higher position or status in a job

get the sack

to be dismissed from one's job

go on strike

to stop working to compel an employer to meet demands

income

money received, especially on a regular basis, for work or through investments

resign

to voluntarily leave a job or position

retire

to stop working after reaching a certain age or for health reasons

savings

money that has been saved, especially through a bank or official scheme

take time off

to take a break from work

work overtime

to work more hours than usual or than expected

freelance

working for different companies or clients rather than being permanently employed

earn a fortune

to make a large amount of money

flexible working arrangements

work conditions that allow for variations in how and when work is done

do a good job

to perform tasks successfully

make a living

to earn enough money to support oneself

economic growth

an increase in the production of goods and services in an economy

global economy

the economy of the world considered as an interconnected system

break down

to stop functioning or to lose control

viable solution

a solution that is practical and workable

take risks

to engage in actions that involve a chance of loss or failure