5 Economy

economy (economic, economical)

system according to which its money,industry & trade are organized

economics (an economist)

study of way in which economies are organized

resources

sth useful (coal/oil/land) that country has & that it can use to increase its wealth

output (… increases/falls)

quantity of goods etc. produced by company/business/worker/machine

shortage

situation where there's not enough of sth or where supply of sth begins to decrease

self-sufficient (self-sufficiency)

being able to produce or make what it wants without needing to import goods

to supply sth (a supply, a supplier)

to give sb sth (short supply: very little amount of sth)

demand

when people want sth (great demand: very popular)

private enterprise

industry/business which is owned by individual person or group & not supported financially by government

public enterprise

ownership/management of industries/companies by state rather than by individual people

a (free) market economy

economy where production of goods is controlled by individual people/orgs rather than by government

to compete (competition, a competitor, competitive)

in preference to sth else

viable (viability)

capable of doing what it's intended to do, without needing any extra help or financial support

a budget (budgetary, to budget sth)

financial plan which government (or institution) has & which shows in detail how much money there's available & how it's to be spent

to balance the budget

to make sure the amount of money they spend is not greater than the amount that they have been given

a deficit/a shortfall

to be in deficit = to owe money because they've spent more than they have received -> reduce as much as possible!

revenue

total annual income of State from taxes

public spending/public expenditure (informal)

spending of money by government for benefit of people in general -> expenditure = amount of money

to squander sth/to waste sth (wasteful)

to not use sth in a valuable way

a waste (of)

sth's not worth the money/time… spent

to overspend OR to underspend

you spend too much OR not enough money on sth

(to go on) a spending spree

you spend a lot of money in short period of time

to economize (economical)

you save money by spending it carefully & not buying expensive things

to cut sth (…back/down (on sth)) (a cut, a cutback)

you reduce sth

to slash sth (a slash)

cut sth drastically

to curb sth (a curb)

you control sth & keep it within fixed limits

monetary

~ money

a currency

system of money that's used

foreign exchange

system by which one country's currency is changed into another country's currency

exchange rate

rate at which sum of money of one country's currency is exchanged for equivalent sum of money of another country's currency

the cost of living

average amount of money that food/housing/clothing… cost each person in country over period of time / general level of prices

to inflate (inflation, inflationary)

to increase

to grow (growth) / to increase (an increase) / to expand (expansion)

increase in money spent -> zero growth = no growth at all

to soar

to quickly go up or to suddenly increase

a decline (to decline) / a drop (to drop)

gradually become smaller, weaker or worse / to quickly become less

to slump (a slump) / to plunge (a plunge) / to collapse (a collapse)

to fall suddenly or sharply or completely (S: demand/prices/profits/sales, P: prices/rates/costs/amounts, C: prices/currencies/markets/enterprises/economies)

a depression (depressive)

time of great reduction in activity of country's industries or economy, which causes a lot of unemployment & poverty -> depressed area = part of country with little economic activity

a boom (to boom)

fast increase or development of sth

a revival (to revive sth) / a recovery (to recover)

improvement in economy of country after period during which it has been in bad state