What basic economic concepts and terms do you need to know? Dictionary of basic terms and concepts List of economic terms and their definitions.

EDUCATIONAL INSTITUTION OF THE FEDERATION OF TRADE UNIONS OF BELARUS INTERNATIONAL UNIVERSITY "MITSO"

DICTIONARY OF MODERN ECONOMIC TERMS

REVIEWERS:

Doctor of Economics, Professor, Head of the Department of Economic Theory and Economic Education BSPU named after Maxim Tank L. N. Davydenko; Candidate of Economic Sciences, Associate Professor of the Department of International Business of BSEU A. I. Kuradovets

Dictionary of modern economic terms / comp. C48 A.I. Bazylev [and others]. - Minsk: International. University "MITSO", 2012. -

ISBN 978-985-497-155-1.

The dictionary contains terms and concepts of market economics used in modern economic theory and practice. The terminology covers general economic, budgetary, financial, trade, currency, and tax issues. The most important problems of international economic relations are considered: globalization, regionalization, transnational capital and international institutions, free economic zones, international transport corridors.

The dictionary is addressed to MITSO students for practical use in preparation for classes, SURS, tests, testing, course and state exams, as well as for everyone interested in economic problems.

UDC 33 BBK 65ya2

ISBN 978-985-497-155-1 © International University "MITSO", 2012

IN CONTROL

IN conditions of the transition of the Republic of Belarus to a market economy, the development of entrepreneurship and business, the formation of a socially oriented society, it is necessary to create conditions for a qualitatively new system of economic education and economic education of youth. Along with the knowledge that students receive from monographic literature, textbooks, teaching aids, they must master new terms and concepts related to the introduction of market relations. This is especially true for students of economic universities and economic specialties.

IN The establishment of the Federation of Trade Unions of Belarus International University "MITSO" provides training in the following specialties: "Management", "Economics of Enterprise Management", "Marketing", "Finance and Credit", "Logistics", "World Economy".

Students of these specialties need to know not only the essence of the basic economic terms that characterize a market economy, but also the new content of well-known concepts. The Dictionary of modern economic terms compiled by teachers of the Department of World Economy and Finance of the FPB International University "MITSO" can help students master modern economic terminology.

The main task of the Dictionary is to assist university students in preparing for practical and seminar classes, SURS, tests, testing, tests, coursework and state exams.

IN The dictionary lists in alphabetical order the basic concepts and terms of economics, economic doctrines, economic models, property relations, and basic concepts of a market economy.

Terminology on microeconomics is given, including such concepts as demand, supply, market equilibrium, elasticity of supply and demand, organizational and legal forms of enterprises. Considerable attention is paid to the interpretation of macroeconomic terms: national economy; national accounting system; forms of national product; national wealth; aggregate supply and demand; macroeconomic instability; money market; fiscal and monetary policy. In the conceptual aspect, finance, the state budget and its functions, taxes, etc. are considered.

The work of the Department of World Economy and Finance in publishing the Dictionary was carried out on the basis of taking into account its core specialties “Finance and Credit” and “World Economy”. In this regard, it presents models of words that are most important in their functioning in the modern economic sphere: finance, banks and business; borrowing and lending; asset Management; securities market, etc.

IN The dictionary examines the basic concepts of international economic relations that arise between states, regions, companies, financial groups and other participants in economic processes. The basic concepts of international relations are considered, both separately in the financial, trade, production sense, and in terms of economic, including labor relations.

IN In the modern world, globalization is particularly relevant

And regionalization of international economic relations. The dominant role in establishing the world economic order belongs to transnational capital and international institutions, among which the World Bank and the International Monetary Fund (IMF) are of economic interest. As a result of the international division of labor, world poles of economic and technological development were formed (North American, Western European and Asia-Pacific). The Dictionary reflects current problems of international economic relations: the creation of free economic zones and international transport corridors; internet economics; private and foreign investments, which are becoming increasingly important in economic development. The most common terms and economic concepts associated with market relations are also included.

, Candidate of Economic Sciences, Professor;

, Master of Economic Sciences, senior lecturer;

, Candidate of Historical Sciences, Associate Professor;

, Candidate of Economic Sciences, Associate Professor;

, Master of Economic Sciences, senior lecturer.

ABANDON - renunciation of debt claims, voluntary renunciation of property, withdrawal from a transaction by paying a fine; waiver by the policyholder of his rights to the insured property in favor of the insurer for the purpose of

receiving from him the full insurance amount.

ABSOLUTELY INELASTIC DEMAND - the amount of demand

sa, which does not change with changes in price.

ABSOLUTELY ELASTIC DEMAND - the slightest reduction in price, which leads to an increase in the quantity demanded to infinity.

ABSOLUTE IMPRIORITY- a situation when the population or part of it is able to satisfy the most minimal needs for food, clothing and housing, i.e., needs that ensure the maintenance of life.

ABSOLUTE AND COMPARATIVE ADVANTAGE IN INTERNATIONAL TRADE THEORY - the teachings of the classics of English political economic thought Adam Smith and David Ricardo. According to Smith, absolute advantages in international trade are created by a country's ability to produce any the product is produced more efficiently (per unit cost) than in another country. The benefits are determined by the difference in absolute production costs (the number of people required to produce a unit of good) in each country. Ricardo considered Smith's position to be correct, but a special case. Having an absolute advantage does not necessarily mean that it is efficient to export that good to another country that may have a comparative advantage in production. A country should specialize in the production and export of those goods that can be produced at relatively low cost. Imports should be dominated by goods with relatively high production costs. As a result, the structure of foreign trade should be determined by comparative rather than absolute advantage.

ABSTRACTING- abstraction from the unimportant, highlighting the most important facts and relationships in the economy.

AVAL - a bill of exchange guarantee, by virtue of which the avalist who gave it assumes responsibility for the fulfillment of obligations by any of the persons obligated under the bill (acceptor, drawer, endorser). A. may be accepted for the entire amount of the bill or for part of it.

ADVANCE - a sum of money or other value issued in advance against upcoming payments for property, work performed and services rendered.

ADVANCE - an economic operation in which money spent on production goes through various phases of the value circuit, returning to its starting point with an increase in the value of the surplus product.

ADVICE - an official notice of changes in the state of mutual settlements, transfer of money, sending of goods, etc., sent by one counterparty to another. Banks notify their clients with the help of A. about debit and credit entries on accounts, account balances, payment of transfers, issuance of a check, and opening of a letter of credit. The A. usually indicates its number, date of departure, content of the transaction, amount, payer, recipient, their account numbers and other data.

AUTARKY [gr., self-satisfaction] - political and economic isolation of the state aimed at creating a closed national economy, i.e. reliance on its own resources. Economic autarky is the independent development of an economy that ignores the international division of labor and international trade.

AUTOMATIC ADJUSTMENT - macroeconomics

ical adjustment as a result of economic laws.

AUTOMATIC STABILIZERS - economic mechanisms that automatically reduce the amplitude of fluctuations in income and prices, softening the reaction of the level of gross national product to changes in aggregate demand without any direct intervention by government, firms or individuals. One of the most important stabilizers is a progressive income tax.

AUTOMATIC EFFECTS- changes in income not directly dependent on the government due to changes in the tax base. For example, an increase in the cost of imports leads to an increase in revenue from import duties.

AUTONOMOUS INVESTMENTS- planned joint

capital investment expenditures independent of the level of income in the economy.

HOLDINGS - 1. assets (cash, checks, bills, transfers, letters of credit), through which payments are made and obligations are repaid; 2. deposits of individuals and organizations in banks, which they can dispose of; 3. bank funds in foreign currency, securities and gold, stored in foreign banks.

TAX AGENT - a person who is entrusted with the responsibility for calculating and paying taxes to the budget.

TRADE AGENT - a legal entity or individual who performs legal actions (concluding transactions) at the expense and in the interests of another person (principal).

EMPLOYMENT AGENCY - enterprise, activity

acting as an agent on behalf of companies seeking workers and on behalf of people seeking employment. Compiles lists of vacancies provided by potential employers, lists of job seekers. In addition, may advertise jobs and recruit staff.

MONEY UNIT- types of money and funds that differ from each other in the degree of liquidity, i.e., the ability to quickly convert into cash.

AGGREGATION - consolidation of economic indicators by combining them into a single group. It is carried out by summing, grouping or other methods of reducing particular indicators into generalized ones.

ADAPTATION - adaptation of the economic system and its individual subjects, workers to the changing conditions of the external environment, production, and labor.

AD VALORITY - cost, calculated in the form of a fixed percentage of the total cost of the goods, transaction (tax, commission, customs duty, etc.).

ADMINISTRATIVE COMMAND SYSTEM - a system of managing the country's economy, in which the dominant role belongs to distributive, command methods and power is concentrated in the central governing body, in the bureaucratic apparatus. It is characterized by purposeful directive planning. It contradicts the democratic principles of management and impedes the development of the free market, competition, and entrepreneurship.

ADMINISTRATIVE-TERRITORIAL DIVISION -

division of the territory of the state into regions, districts, provinces, provinces, departments, etc., in accordance with which the system of local government bodies is built and functions.

ADMINISTRATIVE METHODS OF MANAGEMENT - capable

methods and forms of management, which are based on bare administration, management based on orders, instructions issued from above the installation.

ASIA-PACIFIC ECONOMIC CO-

COOPERATION (APEC)- a regional grouping created in 1989. The association includes the states of the Pacific Ocean,

very different in level of socio-economic development. In 1995, a Program was adopted providing for the creation of a free trade and investment zone by 2010 for industrialized countries and by 2020 for developing countries.

ACQUISITOR - an insurance worker engaged in concluding new and renewing prematurely terminated contracts.

AQUITENS is a document that releases you from financial liability.

LETTER OF CREDIT - an order from a bank to one or more banks to make, by order and at the expense of the client, payments to an individual or legal entity within the specified amount on the terms specified in the letter of credit.

ACCUMULATION - accumulation, collection.

ACT is an official document that has legal force. AUDIT ACT - an official document by which the

The results of a survey of the financial and economic activities of an organization or firm by the auditing body are presented.

ACTIVE OPERATIONS OF BANKING - operations through which banks allocate the resources at their disposal.

ASSETS - a set of property rights (property) owned by an individual or legal entity in the form of fixed assets, intangible assets, tangible inventories, cash, financial investments; the left side of the company's balance sheet.

ASSETS OF THE ENTERPRISE- property of the enterprise, consisting of material, financial, non-property assets. The tangible assets of an enterprise include land plots (both owned and used), buildings and structures for production and non-production purposes, other buildings and structures on the balance sheet of the enterprise, equipment, inventory, raw materials, products, etc. Financial assets of the enterprise include cash, bank deposits, deposits, checks, investments in other securities, commercial loans, shares in other commercial organizations, portfolio investments in shares of other enterprises, etc. Non-property assets of an enterprise - rights to designations that individualize the enterprise, its products, works and services (company name, trademarks, service marks, other exclusive rights).

FINANCIAL ASSETS- a set of financial instruments accumulated as of a certain date by legal entities and individuals (cash on hand, checks, monetary documents, securities, etc.).

ACTUARY CALCULATIONS- a system of mathematical and statistical calculations used in insurance. Reflect the mechanism of formation and expenditure of the insurance fund in long-term insurance operations related to the life expectancy of the population. A. r. are based on determining the probability of an insured event

V depending on the age of the insured. Tariff rates are determined based on actuarial calculations.

ACCEPTANCE is one of the forms of obligations to carry out non-cash payments between business entities for products supplied, services provided or work performed, which provides for obtaining the buyer’s consent to pay for the products.

ACCEPTANT - a person who accepted the offer and thereby consented to the conclusion of the contract.

EXCISE tax is a type of indirect tax, mainly on consumer goods, as well as services. A. is included in the price of goods or tariffs for services and is transferred to the state budget.

SHAREHOLDER - a participant in a commercial organization created

V form of a joint stock company, owning shares of this company, which confirm the size of its contribution to the authorized capital. The rights and obligations of shareholders, including the right to participate in the management of a joint-stock company, as well as to receive dividends, are determined by the legislation on joint-stock companies, as well as the company’s charter.

JOINT-STOCK COMPANY- commercial organization

V in the form of a business company, the authorized capital of which is divided into a certain number of shares having the same par value. Participants in a joint stock company (shareholders) are not liable for the company's obligations and bear the risk of losses associated with the company's activities, within the limits of the value of the shares they own. Shareholders who have not fully paid for the shares bear joint liability for the obligations of the joint stock company to the extent of the unpaid portion of the value of the shares they own.

SHARE - a perpetual issue-grade security, indicating a contribution to the authorized capital of a joint-stock company and certifying the rights of its owner to participate in the management of this company, receiving part of its profit in the form of dividends and part of the property

or its value after settlement with creditors in the event of liquidation of the joint stock company. A. can be issued simple (ordinary) and privileged.

PRIVILEGED SHARE- a security that gives its owner the right to receive a dividend as a fixed percentage, a share of ownership upon liquidation of the company, but does not give the right to vote in the management of the company.

A SIMPLE SHARE, or a common share, is a security that certifies the owner’s rights to receive part of the company’s profit in the form of a dividend, to participate in the management of the company and to a share of ownership of the joint-stock company upon its liquidation.

ALIENATION - alienation, mortgage, sale, transfer. ALTERNATIVE PRICE- labor time required to produce a unit of one product, expressed in terms of labor

the time required to produce a unit of another good.

OPPORTUNITY COSTS A l t e r n a t i n e v e r d o r e g -

k and, price of choice - the amount of goods that must be given up in order to obtain another good. The opportunity cost of using any resource, good or service is the cost of the next best alternative.

TAX AMNESTY- release of the person who committed a tax violation from liability for this violation.

DEPRECIATION - a gradual decrease in the value of fixed assets (structures, machinery, equipment) due to their wear and tear, as well as the gradual transfer of the value of fixed assets to manufactured products in order to accumulate funds for their renewal; the gradual repayment of debt by an individual or organization through periodic payments or redemption of obligations; recognition of a debt obligation as invalid due to its loss or theft.

ANALYSIS - 1. dividing the object of study into individual elements, into simpler economic phenomena and processes; 2. highlighting the essential aspects of phenomena and processes.

BALANCE SHEET ANALYSIS - a comprehensive assessment of the balance sheet, profit and loss accounts, as well as the report on the state of the organization (company) and appendices to the report.

ANALYTICAL METHOD- a general term meaning a set of particular methods for studying economics, including analysis and synthesis, abstraction, the assumption “all other things being equal”,

Absolute advantage- the ability for a country to produce goods at lower costs (volumes of involved factors of production) compared to other countries (trading partners).

Prepaid expense- a sum of money issued against upcoming payments for material assets, work performed and services rendered.

Advice- an official notification from the bank about the execution of a settlement transaction sent by one counterparty to another; especially widely used by banks in mutual settlements.

Autarky- 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 of individual goods and services form one common price level, or all units of output are aggregated into real net national product.

Market aggregation- the opposite of market segmentation, or a strategy by which a firm treats the entire market as a homogeneous area and standardizes marketing activities.

Agio- excess of market rates of banknotes, bills or securities compared to their face value.

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

Letter of Credit- an 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, personal document issued by a bank to a person who has deposited a certain amount and wishes to receive it in full 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 counterparty’s offer to conclude an agreement; consent to pay a payment request when making payments through a bank.

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

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.

Promotion- a security that certifies 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 simple share) to participate in the management of the enterprise.

Ordinary share (simple)- a share that gives 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 on a priority basis.

Alpari- compliance of the exchange rate of securities or market exchange rates with their face value.

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

Depreciation deductions- deductions of part of the cost of fixed assets to compensate for their wear and tear (for complete restoration).

Annuities- a type of government long-term loan for which the lender annually receives a certain income (rent), established with the expectation of constant repayment of the capital amount of the debt along with interest on it.

Antimonopoly policy- government regulation aimed at demonopolizing the economy and preventing the emergence of monopolies.

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

Range- a set of goods, products or services, specified by grade, brand, size.

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

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

"Buy-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 characterizes, as of a certain date in monetary terms, the state of the means of production both in composition (asset) and in terms of their sources, intended purpose and return period (liability). They are divided into a system of summary (payment, trade, settlement, etc.) and accounting balance sheets.

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

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

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

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

Bank interest- “price” of money, payment for the use of money borrowed.

Banknotes- 1) bank notes, bills of exchange for the 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- balanced and valued exchange of goods, carried out without the involvement of money.

"Escape from Money"- the desire of people and firms to avoid accumulation and storage of unstable currency, depreciating money by quickly converting it into material assets, i.e. through the purchase of movable and immovable property.

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

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

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

Business- economic activity aimed at making a profit.

Business plan- justifying the goals of the new business and determining ways to achieve them. Used as the main document to justify investments.

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

Stock quote- prices of exchange traded goods or securities rates registered and published by the exchange quotation commission.

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

Bonification- 1) a premium to the price of goods whose quality is higher than that provided for by the standard; 2) government subsidy, which allows reducing the interest rate on loans provided to certain categories of borrowers.

Bonds- debt obligations issued by the state treasury, individual institutions and enterprises.

Bonus- remuneration for commission services provided. The size of the bonus is determined as a percentage of the cost of the goods sold (exchanged or purchased).

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

"Bull"- a speculator who buys or retains previously purchased goods or securities in anticipation of rising prices.

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 expenditures over government revenues.

All in- 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 of all final products produced in the national economy during the year.

Valorization- an increase in the price of goods and the exchange rate of securities as a result of government measures.

Currency- 1) the country’s monetary unit; 2) banknotes of foreign states and credit means of circulation and payment, expressed in foreign monetary units (bills, checks, etc.) and used in international payments.

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

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

Warrant- an additional facility issued along with a security and giving the right 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) privatization check issued during the privatization process for the acquisition of shares of privatized enterprises; 2) written evidence, mandate, guarantee or recommendation.

Veblen effect- a phenomenon described by the American economist T. Veblen in the book “The Theory of the Leisure Class” (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 consumption of this product.

Bill of exchange- a security (debt, mortgage) containing an unconditional monetary obligation to pay a certain person or bearer of a bill of exchange a certain amount within a certain period.

Venture capital companies- knowledge-intensive research and development organizations, with the help of which risky projects are implemented (in order to maximize profits).

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

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

External effects- effects of production or consumption of a good, the impact of which on third parties who are neither buyers nor sellers is in no way reflected in the price of this good.

External public debt- state debt for outstanding external loans and unpaid interest on them.

Reproduction- continuous resumption of production activities on 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 specializing in the sale of securities.

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

Garan giya- guarantee; ensuring fulfillment of obligations. For example, a bank guarantee is provided by the buyer if the seller doubts his solvency.

Hyperinflation- accelerating growth of inflation rates, in which the value of money falls so quickly that they cannot fulfill their main economic functions - a means of payment and especially a means of storing value (wealth). The formal criterion of hyperinflation was introduced by the American economist F. Kagan, who proposed that the beginning of hyperinflation be considered the month in which price growth for the first time exceeded 50%, and the end - the month preceding the month in which price growth falls below this critical level and does not reach it again for at least least during the year.

Horizontal merge- merging into one company or taking under unified control two or more enterprises carrying out the same stages of production or producing the same products.

"Hot money"- monetary capital that spontaneously moves 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 actions of executive authorities based on them) and economic (monetary, financial, monetary, fiscal) methods and levers.

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

Finished products- products of main or auxiliary workshops intended for export.

Gradualism- economic policy aimed at slowly reducing inflation over a long period of time by managing aggregate demand and without harming employment.

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

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

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

Movable - 1) property that is not directly connected with or attached to land (as opposed to real estate); 2) moved things, money, securities.

Debit - 1) the amount due for payment or receipt as a result of economic relations with a legal entity or individual; 2) an account of receipts and debts of a given institution or organization.

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

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

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

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

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

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

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

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

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

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

Denomination- consolidation 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 right to use this money for lending. Deposits vary poste restante And urgent.

Depression- a very severe recession lasting more than a year. 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 goods and services produced, used to obtain real gross domestic product. The importance of information and real GDP is explained by the fact that it reflects the physical output of goods and services, and not their monetary value.

Deflation- the process of reducing the general price level in the country.

"Cheap money"- cheaper loans as a result of the Central Bank’s expansionary credit policy in order to expand lending to the economy.

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

Jobbers- dealers of the London Stock Exchange, carrying out transactions for the purchase and sale of securities on their own behalf and at their own expense.

Diversification- simultaneous development of many directly unrelated industries; a strategy of reducing risk by spreading investments across multiple risky assets.

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

Dizagio- deviation of the exchange (market) rate of securities or banknotes downward compared to their nominal value; usually expressed as a percentage of face value. The deviation of the exchange rate from the nominal value towards an increase is called we screw up.

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

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

Discount - 1) the difference between the current price and the price at maturity or the face value of the security; 2) the difference between prices for the same product with different delivery times.

Discounting- a method of determining the present 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 today's value of this amount will be $100. The discounting operation is the inverse of calculating compound interest. The discounting method is widely used to evaluate investment projects when costs and income are distributed over time.

Distributor- a company that carries out sales on the basis of wholesale purchases from large manufacturing companies.

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

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

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

"Expensive money"- 1) an increase in the cost of credit as a result of the Central Bank’s measures taken to curb economic growth and regulate inflation; 2) money whose purchasing power increases.

Subsidy- free financial assistance to compensate for any costs.

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

Subsidiary- a branch of the parent joint-stock company, which is under the control of the parent company. Control is ensured by purchasing shares of a subsidiary.

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

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

Market volume- total effective demand of buyers.

Mortgage- a document on the debtor’s pledge of real estate (land, buildings), giving the creditor the right to sell the pledged property at auction if the debt is not paid on time.

Law of Diminishing Marginal Productivity- states that with a larger volume of a variable production resource used (assuming that other resources and technologies are constant), the marginal product of this resource will most likely decrease.

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

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

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

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

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

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

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

Opportunity costs- the opportunity cost of any resource chosen to produce a good, equal to its cost under the best of all possible uses.

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

Gross costs- the sum of fixed and variable costs.

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

Variable costs- 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.

Explicit costs- opportunity costs, which take the form of explicit cash 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 quantity of a good they want and the amount 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 price exceeding production costs. It is measured as the area between the supply curve and the horizontal line at the market price level.

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

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

Import- purchasing goods from a foreign counterparty and importing them 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 relationship between socio-economic processes in time or space: prices of individual goods, volumes of various products, costs, etc.

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

Dow Jones Industrial Average- 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 stock price of 30 industrial corporations, 20 transport corporations, 15 utility companies and a consolidated 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 payment amounts taking into account inflation rates calculated on the basis of the price index.

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

Endorsement- giro - an endorsement on the back of a security, bill, 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, 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 funds due to the enterprise on the basis of settlement documents and credits them to its bank account.

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

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

Intensive 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- imbalance of supply and demand, manifested in rising prices; growth of the general price level 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 aggregate supply due to increased wages and prices for raw materials. Accompanied by a reduction in real output and employment.

Demand inflation- an increase in the general price level 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 too rapid an increase in offers of money.

Infrastructure- a complex of production and non-production industries that serve production and provide the living conditions of society (roads, communications, transport, education, healthcare).

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

Costing- calculation of the cost per unit of production or work performed.

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

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 notes, etc.), which, unlike real capital (in the form of money and equipment), is not a value, but only the right to receive income.

Capital investments- the totality of costs 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 price, production volume and division of the market for the sale of goods.

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

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

Quasi-money- non-cash funds held on time and savings deposits in commercial banks.

Quota- 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, with the result that real gross national product is completely determined by the level of aggregate demand.

Classic model- a model of the labor market and aggregate supply 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.

Quantity theory of money- a theory that states that changes in the price level are mainly based 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 the entire volume of resources is distributed by central government authorities.

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

limited partnership, limited partnership - a company in which, along with general partners, there are one or more participant-investors (limited partners), who bear the risk of loss only within the limits of the amounts of contributions made by them and do not take part in the business activities of the partnership. Limited partners receive a portion of the partnership's profits due to their share in the joint capital.

Limited partner- a member of a limited partnership (limited partnership), who bears limited liability for the obligations of the partnership within the limits of his contribution (in contrast to the complementor - a personally responsible partner who is liable for the obligations of the company with all his property).

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

Traveling salesman- a traveling agent of a trading company who offers customers goods according to the samples, catalogs, etc. he has.

Conversion - 1) 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, deferment of payments, change in the method of loan repayment, etc. (loan conversion); 3) exchange of one currency for another at the current exchange rate (currency conversion).

Currency convertibility- the opportunity to freely exchange national currency for foreign currency at the current exchange rate, as well as pay for foreign goods and services in national currency (both within the country and abroad).

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

Competitiveness- the ability of a product or its manufacturers to win competition in the market with goods manufactured by other companies, due to better compliance with the requirements or financial capabilities of buyers.

Competition- competition between commodity producers for better, more economically advantageous conditions for the production and sale of goods, for obtaining the highest profits.

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

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

Non-price competition- economic competition in which competing firms use methods other than changing the selling prices of their products.

Perfect competition pure - economic competition in a market where many firms sell a standard product and none of them has a sufficient share to control the market and prices.

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

Consignment- the owner of 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 to service a single capital-intensive project.

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

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

Contract- a legally binding agreement, a contract between two or more participants with mutual obligations to supply and purchase goods, perform certain work.

Controlling- accounting and control at the enterprise.

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

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

Concession- 1) a contract or agreement for the state to commission industrial enterprises or plots of land with the right to extract minerals, construct structures, etc. to domestic or foreign firms; 2) the enterprise itself, organized on the basis of such an agreement.

Conjuncture- a temporary economic situation in the market, characterized by the appropriate relationship between supply and demand, price level, inventory, order portfolio for the industry, etc.

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

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

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

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

Credit- a loan in cash or commodity form on the 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 a tax rate (from 0 to 100%) at which tax revenues reach a maximum. Named after the American economist.

Lorenz curve- a curve illustrating the distribution of income in the economy. The total percentage of families (recipients of income) is measured along the x-axis, and the total percentage of income is measured along the ordinate axis. Named after the American economist.

Production possibility curve- a curve showing the maximum quantity of any good that can be arbitrarily produced in some economic system with a given output of all other goods, limited resources and a given technology.

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

Share price- the selling price of a share, determined by the relationship between supply and demand and depending on the size of dividends, as well as on the stability of the position and commercial prospects of the joint-stock company.

Courtage- remuneration to the broker for mediation in making an exchange transaction.

Lag- a time gap between two phenomena or processes that are in a cause-and-effect relationship.

Phillips curve- a curve describing the relationship between the unemployment rate (along the x-axis) and the annual growth rate of the price level (along the ordinate). Named after the English economist.

Label- any product label that indicates the country where the product was made, the manufacturer, its trademark or brand name, etc.

Liberalization(economy, prices) - expanding the freedom of economic action of business entities, removing restrictions on economic activity, emancipating entrepreneurship. Price liberalization is the transition from state-set prices (state pricing) to a system of free market prices (market pricing).

Leasing- provision of long-term lease of fixed assets. Leasing companies purchase equipment to rent it out. This is a relatively new way of financing investments, based on the retention of ownership rights of the lessor.

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

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

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

Lloyd- English insurance association, one of the largest monopolies in Great Britain.

Lobby, lobbyism- private or public organizations that influence the legislative or executive decision-making in the interests of certain groups of the population.

Logo- a specially designed original style of the full or abbreviated name of the company.

Pawnshop- a credit institution that accepts valuables (movable property) from citizens as collateral and issues them loans for a period and in an amount that is only part of the value of the pledged item.

Lot- an auction trade term meaning a unit or batch of goods offered for sale.

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

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

Macroeconomics- a branch 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 exchange and trading practice to denote the difference between prices and rates when concluding transactions.

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

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

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

Mercantilists- economists whose scientific school developed in the 15th century. and dominated for almost two centuries. Mercantilists considered wealth to be 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 settles in the country: in this they saw the main source of the nation’s power.

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

Minimal salary- the minimum wage established by law at enterprises of any form of ownership.

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

Monetarism- an economic theory based on the determining role of the money supply in circulation in the implementation of policies to stabilize the economy, its functioning and development.

monetary rule monetary rule - a rule formulated by supporters of monetarism, according to which the mass 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 allows you to continuously monitor the condition of a certain object or system.

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

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

Moratorium- deferment of payments on debt obligations for a certain period or until the relevant condition is met.

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 government from citizens (individuals) or enterprises (legal entities) on the basis of special legislation.

Inflationary tax- a tax implicitly paid by consumers in an economic situation in which the government pursues policies that cause inflation. This type of tax is preferred by the government because it is less noticeable than directly increasing tax rates.

Value added tax (VAT)- a tax representing the withdrawal to the budget of part of the increase in value created in the process of production of work. The taxable amount is established as the difference between the goods sold and purchased by the enterprise.

C.O.D- a method of payment for cargo (or postal item), in which the sender instructs the transport organization (or mail) to release the cargo (postal item) to the addressee only upon payment of the declared value of the cargo.

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

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

National income is a macroeconomic indicator characterizing the sum of incomes of all owners of production factors. Determined by subtracting the amount of indirect business taxes from net national product.

Inferior commodity- a product for which demand falls as consumer income increases.

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

Profit rate- the book profit of the company divided by the amount of equity capital, expressed as a percentage.

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

Normative economic theory- 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 type of securities issued by the state and joint-stock companies as a debt obligation for an internal loan. Grants the right to its owner to pay a nominal amount at a specified time and 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 the resulting 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 whose authorized capital 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 whose shares are distributed only among its founders.

Open joint stock company- a joint-stock company that has the right to conduct open subscription and sale of shares issued by it.

Additional liability company- a company whose participants are liable in the same multiple of the value of their contributions.

Limited Liability Company- a company that has a charter fund, divided into shares, the size of which is determined by the constituent documents, and is liable for obligations only within the limits of the value of its property. All property of the company belongs to its participants, and the company itself is in many ways 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 a product due to large volumes of its supply to the market.

Oligarchy- the political and economic dominance of a small group, as well as this group itself. 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- a type of market structure of an industry in developed countries, in which the majority of sales are carried out by several firms, each of which is large enough to influence the level of market prices through its actions.

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

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

Option- a transaction with a condition - 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 transaction, indicating all the conditions necessary for its conclusion. The person making the offer is called the offeror.

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

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

Publicity- 1) fame, popularity, advertising; 2) 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 a comparison of the amounts of money required to purchase the same set of goods in each country.

Passive- the totality of debts and obligations of an enterprise.

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

Pauperism- poverty (massive) of the working masses, lack of 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.).

Penya- a type of penalty, a sanction for failure to fulfill monetary contractual obligations, which is accrued for each day of delay as a percentage of the amount due.

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

"Pyramid"- a 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 persons who purchased the securities earlier, and are also used for large-scale advertising and as income for the financial company.

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

Positive economic theory is that part of economic science that studies facts and the relationships between them.

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

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

Tight money policy is a monetary policy of the Central Bank in which it sets high interest rates and sells government bonds on the open market to reduce the money supply. Carried out in conditions of inflation.

Full employment is the level of employment of labor resources, characterized by the absence cyclical unemployment. This 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.

A consumer basket is a set of food and non-food products, housing and communal services, cultural and educational, health care and other paid services necessary to satisfy human physiological needs. The consumer basket is assessed at 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 for which they had 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.

Limit value - an increment (increase) in the value of an economic indicator due to an increase by one unit in the factor on which this indicator depends.

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

Marginal revenue is the additional income a firm receives when its product sales increase by one unit.

Marginal product is the additional product or output created by an additional unit of any 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 factors of production.

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

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

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

Surplus value- part of the cost of goods produced at enterprises, which is created by the 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 into private ownership for a fee or free of charge.

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

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

Prolongation- extension of the validity period of a contract, agreement, loans, etc.

Proportional tax- a tax whose average rate remains unchanged as the taxpayer's income increases or decreases.

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

Percent(loan) - payment for a loan; price for using borrowed funds.

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

A pool is an association of enterprises that is temporary in nature.

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

Dividing the 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 purchased goods through a 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 subject to inclusion in the cost of production in subsequent periods.

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

Revaluation- an increase in the exchange rate of a 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 updating 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 is ground rent.

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

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

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

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

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

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

Realtor- real estate agent.

Royalty- a form of licensing fee, carried out as periodic percentage payments, most often from the cost of products produced under a 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 a product exceeds the demand for it at current prices.

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

Market economy- a way of cooperation between people in the economic sphere, based on a commodity economy and presupposing for everyone the freedom to choose a transaction partner 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- an operation to exchange national currency for foreign currency with the obligation of reverse exchange after a certain period.

Cost price- the amount of costs (in monetary terms) for the production and sale of a unit of product 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 identically to the same product (service).

Seleng- one of the types of leasing. In this case, money is rented without changing ownership rights. Only the profit made from the transaction is taxed, not the entire amount (unlike 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 homogeneous enterprises created for the purpose of marketing products through a common sales office, organized in the form of a special trading partnership, with which each of the syndicate participants enters into an agreement with identical terms for the sale of their products.

System of National Accounts- a set of interconnected balance sheets designed to calculate the volume of income consumption, savings and capital expenditures.

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

Aggregate offer- 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 total expenses in the economy.

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

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

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

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

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

Demand for money to make transactions transaction demand - 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 money as a precaution- the amount of money people keep in cash for unexpected expenses. Depends on income level.

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

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

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

Demand is elastic- 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 Advantage- the country’s advantages in the production of goods due to lower opportunity costs compared to other countries.

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

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

Stagnation- stagnation in all economic activities (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 reduction of the risk of expenses in the event of events undesirable for a person or company, based on the insurance company accepting the risk from economic transactions.

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

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

Subvention- type of cash benefit 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- non-refundable state monetary assistance to producers of goods, designed to stabilize prices for their goods or 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.

Producer sovereignty- the right of a citizen or a company to independently determine what and in what quantity they will produce from existing at their 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 passed across the country’s border, including luggage, postal items and all cargo, including transit.

Customs duty- tax on goods passed across the border. Distinguish imported And export customs duties.

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

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

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

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

Hoarding- accumulation (folding) of paper money by the population. Gold hoarding in the broadest sense means the creation of countries' gold reserves by central banks.

Rate of increase- the ratio of the increase in the value of an 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 the reference base.

Trend (trend)- sustainable properties inherent in the economy of a country or enterprise. Based on the identified development trends, it is possible to draw conclusions about the course of economic processes in the future, i.e., make forecasts.

Tender- proposal for tendering, 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 auction organizers select the best option and conclude an appropriate contract for the performance of work with its applicant.

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

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

Full partnership- a commercial organization whose participants (general partners) are engaged in entrepreneurial activities and are responsible for the property belonging to them.

Commodity farming- a way of organizing the economic life of a society in which people specialize in certain types of activities in order to produce goods or services for exchange with each other and benefit from it.

Bargaining- a competitive form of procurement (transaction), in which the buyer announces a competition for sellers.

Transaction costs- economic costs caused by the process of concluding transactions and contracts. These include, for example, the costs of collecting information about 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 from the creditor (drawer) to the borrower (drawee) 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 association of enterprises, firms, in which the enterprises included in it lose their independence and are subject to a single management.

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

Accelerated depreciation- the procedure under which the government allows the write-off of depreciation on a scale significantly exceeding the actual depreciation of fixed capital; essentially means a tax subsidy for entrepreneurship.

A service is an intangible benefit that has value; is of a commercial nature, produced by doctors, lawyers, banks, financial companies, etc.

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

Bill discounting is a banking operation consisting of the purchase by a bank (as well as other credit institutions or a broker specializing in this type of operation) of bills of exchange before the expiration date for their payment.

The discount rate is the interest rate 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 company buys from its client the right to receive money from its 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 study of economic science from the sphere of circulation to the sphere of production, thereby laying the foundation for a 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 is the system of education, distribution and use 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) carrying out business activities; production association of homogeneous or related enterprises.

Fiscal policy is a set of financial measures of the state to regulate government expenses and revenues, one of the most important levers of state regulation of the economy.

Forward (term) transaction - a transaction with the delivery of the object of sale to the buyer after a certain period, i.e. in future. On a commodity exchange, a forward transaction, unlike a futures transaction, presupposes the presence of actually sold (purchased) goods.

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

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

Frictional unemployment is unemployment associated with the lack of employment of a worker during the transition from one job to another.

Free trade 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 sales), defining the latter’s exclusive right to operate in a certain territory for a specified time and in a prescribed form.

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

Hiring- medium-term rental of machinery and equipment without transfer of ownership of the goods to the lessee.

Hedging- currency risk insurance operations in the event of unfavorable price changes for transactions involving the supply of goods in the future. Hedging is carried out through counter purchases (sales) of 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; The value of a unit of goods expressed in money.

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

Price discrimination- the practice of charging 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 reaction of supply and demand to price changes.

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

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

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

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

Cyclical unemployment- unemployment caused by economic recession.

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

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

Net National Product (NNP)- 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 company after paying taxes and other obligatory payments.

Net exports- difference between export and import.

Strikebreaker- a person who refuses to participate in a strike or is hired by a firm when its workers go on strike.

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

Economics - 1) all types 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 company after the repayment of its external obligations and the deduction of normal profit by the entrepreneur (owner) at his disposal.

Economic system- a set of organizational mechanisms by which limited resources are allocated in order to satisfy people's needs.

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

The economic growth- change in the results of economic functioning over time. There are extensive and intensive economic growth.

Economic good- a good, the possible scale of use of which is limited due to the insufficient quantity of this product to satisfy the needs of everyone and the receipt of which requires certain efforts on the part of people.

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

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 efficient use of existing factors of production).

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

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

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

Issuer- institution or enterprise producing the emission.

Income effect- the share of changes in the amount of demand for a cheaper product caused by a corresponding increase in real income.

Placement effect- that part of the increase in the quantity of demand for a cheaper product, which was formed due to the substitution (replacement) with a less expensive good of other goods that 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 company, the costs of each unit of goods decrease.

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

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

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

"Pit"- a section of the exchange premises, the floor level of which is lower than that of the entire trading floor. The “pit” is a place where exchange members are allowed to enter into exchange transactions; this place is also called the exchange ring, ring, floor.

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

Abstraction- a method of scientific research that excludes from the analysis everything random (particular, secondary) and finds the essential, constant in the object under study.
Accelerator- coefficient opposite to the multiplier; characterizes the impact of national income growth on investment growth (see Multiplier).
Budget deficit- the amount of excess of government expenses over its income.
State regulation of the economy- state intervention in economic processes by influencing the functioning of market mechanisms using administrative (legislative), economic (monetary, financial, monetary, fiscal, etc.) methods and levers.
Demonopolization- elimination of state or other monopoly that dictates its terms to the market.
"Smith's Dogma"- assessment of the theory of reproduction by A. Marx due to the fact that Smith’s “price of the annual product of labor” comes down entirely to income, i.e. eliminates accumulation associated with the need to resume the reproductive process and expand its scale.
"The Iron Law of Wages"- follows from the population theory of T.R. Malthus means that due to natural population growth (correspondingly faster growth in labor supply) and diminishing land fertility, the level of wages in society allegedly will not be able to grow, invariably remaining at a low level.
"Clark's Law"- assessment of J.B. Clark's concept of income distribution based on the principles of marginal analysis of prices of production factors; in accordance with this “law,” the incentive to increase a factor of production is exhausted as the price of this factor begins to exceed the possible income of the entrepreneur.
"Say's Law"- concept of Zh.B. Say about the unimpeded and complete realization of the social product, i.e. crisis-free economic growth; in accordance with this “law”, when society achieves and observes the principles of “laissez faire”, production (supply) will generate adequate consumption (demand), i.e. the production of goods and services necessarily generates income, for which these goods and services are freely sold thanks to flexible and free pricing in the market.
"Gossen's Law"- the main theoretical principles of marginalism, one of the predecessors of which was G. Gossen; There are two “Gossen’s laws”, of which the first states that as the availability of a given good increases, its marginal utility decreases, and in accordance with the second, the optimal structure of consumption (demand) is achieved when the marginal utilities of all consumed goods are equal.
Institutionalism- one of the modern directions of economic thought, which was formed in the 20-30s. XX century as an alternative to the neoclassical direction of economic thought; its main feature is the study of the entire set of socio-economic factors (institutions), considered in interrelation and interdependence and in the historical context, as well as the idea of ​​social control of society over the economy.
Keynesianism- economic doctrine about the need and importance of state regulation of the economy through the widespread use by the state of fiscal, monetary policy and other active measures to influence the market mechanism.
Classical political economy- direction of economic thought (the period from the end of the 18th to the second half of the 19th century), whose representatives debunked the protectionist ideas of mercantilism and laid the scientific basis for methodological and theoretical studies of market economic relations; The main feature of the direction is the propaganda of the ideas of “pure” economic theory and the expediency of “complete laissez faire”, i.e. absolute non-interference of the state in business life and the mechanism of a self-regulating economy.
Quantity theory of money- a theory that proves:
a) according to the orthodox version of the “classics”, the dependence of changes in prices for goods solely on the amount of money in circulation;
b) according to the “neoclassical” version, the possibility of adjusting prices for goods in connection with the cost of monetary material, the unstable level of the speed of circulation of money and the amount of commodity mass, as well as taking into account the degree of liquidity of money.
Monopolistic competition- a market situation in which the degree of increasing interchangeability of competing goods, i.e. “product differentiation” allows the seller to control the level of supply and price and achieve an absolute monopoly on his own product, but at the same time he (the seller) continues to be exposed to competition from other sellers who have more or less imperfect substitutes.
Competition is imperfect- a market situation in which a small number of large producers (sellers) have the opportunity to influence the level of market prices.
Perfect competition(free, pure or complete) - a market situation with many sellers and buyers of homogeneous products who cannot influence the price level on the market.
"Marshall Cross"- a graphical representation of the intersection of the demand curve and the supply curve, at the point of intersection of which an equilibrium is established between them, as well as an equilibrium, i.e. stable price.
"Phillips Curve"- an empirical curve characterizing the relationship between the annual percentage change in wages in monetary terms and the level (share) of unemployment.
"Indifference curves"- empirical curves reflecting the preservation of the total utilities of consumed goods in various combinations of their combinations and the preference of some combinations over others.
Liquidity- the ability of material assets and other resources to quickly turn into money; the ability of an enterprise to pay its obligations on time and convert balance sheet asset items into cash.
Macroeconomics- the economy as a whole or its most important components; branch of economic theory that studies the economy as a whole or its main components.
Marginalism(marginal economic theory) - a generalization of ideas and concepts, which is based on the study of marginal economic values ​​as interrelated phenomena of the economic system at the micro and macro levels.
"Margin Revolution"- occurred in the last third of the 19th century. transition from the values ​​of the “classical school” to the values ​​(theoretical and methodological principles) of marginalism.
Mercantilism- direction of economic thought (period of the 16th - 18th centuries), whose representatives identified the country’s wealth with money and considered it as the most important means of economic growth, and saw the source of wealth in foreign trade, in ensuring a positive trade balance; The main feature of the direction is the propaganda of the ideas of protectionist economic policy of the state, i.e. his participation in the management of the economic system.
Metal theory of money- a theory that interprets the conditionality of the value of money by the weight of the coin minted by the state.
Microeconomics- a section of economic theory that studies economic units, for example firms, any individual economic objects or phenomena.
Monetarism- an economic theory based on the determining role of the money supply in circulation in the implementation of policies to stabilize the economy, its functioning and development.
Monopoly- an enterprise or group of enterprises that has a dominant position in the market, which allows them to control and determine prices; a form of market controlled by one or more enterprises.
Monopoly price- the type of price set by the monopoly. Depending on its goals, a monopoly can set monopolistically high or monopolistically low prices.
Monopsony- a situation where there are a lot of small sellers and one single buyer on the market.
Cartoonist- multiplier; a category used in economic theory to characterize and define various relationships where the multiplier effect occurs. In particular, in Keynesianism, the multiplier is understood as a coefficient characterizing the dependence of changes in income on changes in investment.
"The Invisible Hand"- a concept introduced into scientific circulation by A. Smith, according to which such a relationship is assumed in the interaction of economic entities and the state when the latter, without opposing objective economic laws, does not interfere in the process of the “natural”, i.e. free functioning of the market mechanism.
Neutrality of money- the theoretical position of the “classics”, which simplifies the essence of a monetary commodity to a certain technical means convenient for exchange, and leads to the orthodox version of the quantity theory of money.
"Neoclassical synthesis"- P. Samuelson’s term, used “to denote... the synthesis of those truths that were established by classical political economy and the provisions proven by modern theories of income generation”; the broader semantic load of this term in economic literature indicates the formation of a new universal doctrine of modern economic science.
Neoclassical theory- one of the modern directions of economic thought, which was formed in the 90s. XIX century based on both the ideas of economic liberalism and “pure theory”, and the principles of systemic analysis of marginal (marginal) indicators and microeconomic research, being an alternative to classical political economy; since the 30s XX century The theoretical and methodological tasks of the “neoclassicals” were supplemented by macroeconomic research and problems of social orientation and state regulation of the economy.
Neoliberalism- economic concept of state regulation of economic processes on the principles of achieving free (“clean”) competition among entrepreneurs, freedom of markets and other elements of economic liberalism; an alternative concept to Keynesianism of state regulation of the economy.
Nominalistic theory of money- a theory that interprets the conditionality of the value of money to be minted by the denomination of the coin, which is established by the state.
General equilibrium- a stable state of a competitive economy, in which the consumer maximizes the value of the utility function, and competing producers maximize their profits at prices that ensure equality of supply and demand.
Oligopoly- dominance of a few largest firms in the market.
"Pareto Optimum"(social maximum utility) - a concept intended to evaluate those changes that either improve the welfare of all, or do not worsen the welfare of all, with an improvement in the welfare of at least one person; a concept that allows you to make the optimal decision to maximize profits.
Competition Policy- a set of laws and government measures aimed at the maximum possible implementation in practice of the ideal of full (free, clean) competition.
Political Economy- a term introduced into scientific circulation by A. Montchretien, who published “Treatise of Political Economy” in 1615; the name of economic science designed to solve problems:
a) state economy (mercantilist version);
b) free private enterprise (version of classical political economy).
Marginal utility- ability to satisfy the least intense need; the additional utility that a consumer receives from an additional unit of a good or service.
Protectionism- a policy aimed at protecting the national economy from foreign competition by directly or indirectly restricting the import of goods.
"Psychological Law"- the position of J.M. Keynes, according to which “as real income increases, society wants to consume an ever-decreasing part of it.”
Equilibrium price- the price of a product when supply and demand are equal.
Liquidity bias- the desire to put aside part of the money in reserve in the form of bank or securities.
Method for determining total utility- a method for assessing the marginal utility of consumed goods; the method is called additive if the marginal utility of homogeneous goods with each subsequent unit is characterized by a decreasing tendency, and multiplicative if the marginal utility of homogeneous goods is multiplied by their quantity.
"Fair price"- a category of economic teaching of the canonists, which “explained” the legitimacy of administrative (non-market) pricing and the possibility of “selling a thing at a higher price” in order to avoid causing damage to both its “owner” and the entire “social life”.
"Theory of imputation"- the theory of pricing of the “Austrian school”, the essence of which boils down to the process of sequential intervention of the share of the cost (value) of a “first order” good with the goods of “subsequent orders” used in its production.
Production cost theory- one of the costly interpretations of the theory of value, according to which the value of a product is determined by the costs in the production process of the factors “labor”, “capital”, “land”.
"Expectation Theory"- theory of E. Boehm - Bawerk about the mechanism of origin of interest on capital due to the productive essence of the time factor; specific resource “capital” depending on its size and operating time, i.e. “expectations”, provides a greater or lesser interest on capital.
Labor theory of value- one of the costly variants of the theory of value, according to which the value of a product is created by a certain amount of labor expended.
"The phenomenon of excess power"- the position put forward by E. Chamberlin in the theory of monopolistic competition; arises in the process of the activity of the seller - a monopolist, striving to take possession of “known parts of the general market”, and is supported by his patents, brand names, craftsmanship, and special talents.
Physiocracy- translated from Greek “power of nature”; the course of classical political economy (second half of the 18th century) in France, whose representatives proceeded from the decisive role in the economy and consciousness of the national wealth of the land and agricultural production.
Economic(economic) system - V. Eucken’s concept of two “ideal types” of economic systems: a centrally controlled economy (economic life is regulated by plans emanating from one center) and an exchange economy (each economic entity is guided by its own plans).
"Robinson's Farm"- a term introduced into scientific circulation by K. Menger, used to analyze economic relations and indicators at the level of an individual economic entity (individual), i.e. at the micro level, taking into account the phenomenon of property and the relative rarity of human egoism.
Chrematistics- a term used by Aristotle to designate the unnatural sphere of human activity; the careless art of making a fortune through large trade deals and usurious transactions.
Pure economic theory- the theoretical and methodological position of the “classics” and “neoclassics”, indicating their commitment to “stick to pure knowledge”, “pure theory”, i.e. without subjectivist, psychological and other non-economic layers in economic analysis.
Economics- a term introduced into scientific circulation by A. Marshall in his work “Principles of Economics” (1890); the name of economic science, which, according to P. Samuelson, “implies economy or maximization” and is devoted to “the problem of the optimal volume at which profit reaches its maximum.”
Economic liberalism(laissez faire policy) - a policy of state non-interference in the economy; a set of economic freedoms; free competition, free enterprise, free prices, free trade, etc.
Elasticity of supply- supply response to price changes.
Elasticity of demand- reaction of demand to price changes.
"Veblen Effect"- characteristic of a situation in which a decrease in the price of a product is perceived by the buyer as a deterioration in its quality or a loss of its “activity” or “prestige” among the population, and then the product ceases to be in consumer demand, and in the opposite situation, on the contrary, the volume of purchases with an increase in price may increase.
Effective demand- a term from the concept of J.M. Keynes about the potential and state-stimulated demand for investment and means of production.

Absolute advantage in the production of product A - the presence of a certain country’s ability to produce this product with the least expenditure of resources.

Prepaid expense - the amount of funds issued in advance for upcoming payments.

Authoritarian capitalism - an economic system in which the main resources are privately owned, and the government broadly directs and regulates the economic process.

Aggregation - combining individual units or data into a single indicator.

Letter of Credit - the bank’s order to one or more banks to make payments, by order or at the expense of the client, to an individual or legal entity within the specified amount, on the terms specified in the order.

Assets - 1 . Part of the balance sheet (left side), reflecting in monetary terms the composition, placement and use of funds, grouped by their economic content2 .

A set of property rights owned by an individual or legal entity. Active operations of banks

- operations of banks to place their funds (purchase of securities, issuance of loans). Active balance of payments

- balance of payments, in which the sum of a country's foreign receipts exceeds the sum of its foreign expenses and payments. The amount of this excess is called the active balance of the balance of payments. Active trade balance

Excise tax - trade balance, characterized by the excess of exports of goods from a country over imports into it.

- tax on expenses associated with the purchase of a specific product or the quantity of goods purchased. Bearer share

- a share whose forms do not contain the name of its holder. The book of registration of shares of a joint stock company records only the total number of issued bearer shares.

Shareholder - co-owner of a joint-stock enterprise; owner of shares giving the right to receive a certain income and to participate in business management.

Promotion Joint-Stock Company

- an enterprise whose capital is divided into shares called shares. Participants in a joint stock company (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the shares they own. Joint-stock companies are open and closed. - a security certifying the participation of its owner in the formation of funds of a joint-stock company and giving the right to receive a corresponding share of its profit - a dividend.

Preferred shares - shares that give their owner the primary right to receive income in the form of a fixed, predetermined percentage. In the event of liquidation of a joint stock company, the owners of preferred shares are returned the funds invested in the shares at their nominal price. Preferred shares do not have voting rights when making management decisions.

Ordinary shares - shares that give their holders the right to participate in the general meeting of shareholders and receive income, the amount of which depends on the actual profit of the joint-stock company.

Opportunity Cost - 1. - benefits from possible other uses of a limited resource.2 Depreciation

The gradual wear and tear of fixed assets and the transfer of their value as they wear out to the finished product. - a mediator in non-judicial disputes, disinterested in the conflict between the parties, elected by mutual agreement of the disputing parties.

Arbitration - resolution of controversial issues that are not subject to judicial review by arbitrators, as well as the state body involved in such resolution.

Rent - property rental; an agreement under which the lessor provides property to the lessee for temporary use for a certain (rent) fee.

Range - composition of products by type, type, grade, size, brand.

Association - association of organizations or persons to achieve an economic or other goal.

Auditor - a person (specialized organization) inspecting the financial and economic activities of an enterprise, on the basis of a contract concluded with the management of the inspected enterprise. Also performs advisory functions.

Auction - a method of sale at public auction, in which the assets being sold are acquired by the buyer who offers the highest price for them.

Base year- the year taken when constructing the price index as a basis for comparison with prices in force in other years.

Balance sheet - an accounting document that, in generalized monetary terms, gives an idea of ​​the state of affairs of firms on a certain date by comparing the funds used in the process of entrepreneurial activity, on the one hand, and their sources, on the other.

Balance sheet profit - .

Bank - a financial intermediary whose main functions are accepting deposits and issuing loans.

Issuing bank - a bank that issues banknotes, securities, payment and settlement documents.

Correspondent banks - banks that, on the basis of a correspondent agreement, carry out instructions to each other for payments and settlements through specially opened accounts.

Banknotes - bank notes, paper notes of various denominations issued in the country.

Bank account -

Bankruptcy - insolvency of the debtor - the enterprise, a company, bank, or other organization to pay its debt obligations.

Bank account -

Bankruptcy - insolvency of the debtor - enterprise, wife, bank, other organization to pay its debt obligations.

Barter deal - a commodity exchange transaction with the transfer of ownership of goods without payment in money.

Exit barriers - factors preventing a company from moving production to another industry, for example, the availability of specialized fixed capital.

Unemployment - a socio-economic situation in which part of the active, working population cannot find work that these people are capable of performing. Unemployment due to an excess of the number of people wanting to find work over the number of available jobs that match the profile and qualifications of applicants for these jobs. Unemployed are considered able-bodied citizens looking for work, registered at the labor exchange and who do not have a real opportunity to get a job in accordance with their education, profile, and work skills. It is customary to highlight frictional unemployment , due to the fact that at any given time in the economy there are people in the process of changing jobs; structural unemployment

Business caused by structural changes in the economy; cyclical unemployment, which is caused by a general reduction in job vacancies due to the economic downturn.

- economic activity for the purpose of making profit. Burma

- a state or joint-stock organization that provides premises, certain guarantees, settlement and information services for transactions with securities and goods, receiving commissions from transactions for this and imposing certain restrictions on trading. Organizes wholesale, including international, trade in mass goods that have stable and clear quality parameters (commodity exchange), or systematic transactions for the purchase and sale of securities (stock exchange), currency (currency exchange). Labor exchange

- a government agency that acts as an intermediary between employers and employees. Exchange Bulletin

- a periodic body of the exchange, which publishes (usually daily): on stock exchanges - securities rates, on commodity exchanges - prices of goods and information about concluded transactions. It uses a set of special abbreviations. Benefits

- any means that bring benefit, that is, satisfying any needs. There are free and economic benefits.

Welfare - measure, degree of provision of people with the goods of life, means of subsistence. Welfare characterizes people's standard of living. Bretton Woods system

Broker - an official intermediary in concluding transactions between buyers and sellers of goods, securities, currencies and other valuables on stock and commodity exchanges, and foreign exchange markets. Has a place on the exchange, enters into transactions on its own behalf on behalf and at the expense of the client, receiving remuneration for its services (brokerage commission), the amount of which is regulated by the exchange committee.

Accounting costs -

Accounting - a system for accounting for resources and results of financial and economic activities of enterprises, carried out according to accepted rules using established document forms.

Budget - monetary expression of a balanced estimate of income and expenses for a certain period. If expenditures exceed revenues, then the budget runs a deficit.

The excess of income over expenses forms a positive budget balance. Fiscal policy

- use of state budget revenues and expenses for regulatory influence on the economy. Budget period 7- the period during which the approved budget is valid. It is usually equal to 12 months and coincides with the calendar year. In cases where the budget year does not begin on January 1 (and this is not uncommon), the term “fiscal year” can be used. For example: 23.03. Afghanistan, Iran; 04. Great Britain, Israel, India, Canada, Lebanon. Singapore, South Africa, Japan; 1. 06. Jordan: 1. 0

. Australia, Egypt, Laos, Pakistan, Saudi Arabia, USA (in most states), Sweden; 8.07. Ethiopia; 16.07. Nepal; 25.09. Sudan; 1. 10. Haiti, USA (federal budget).Gross profit

- the entire amount of the enterprise’s profit before deductions and deductions. Gross Domestic Product (GDP)

- the total market value of final goods and services produced on the territory of a country by its citizens and foreigners over a certain period of time (usually a year). Gross National Product (GNP)

Currency - the total market value of final goods and services produced by residents (citizens) of a country in the country itself and outside it during a certain period of time (usually a year).

- the monetary unit of a country participating in international economic exchange and other international relations entailing monetary settlements. As a currency, a national currency has an international “price” expressed in its exchange rate. - a set of national currencies that is used when quoting a national currency or an international collective currency, which makes it possible to more reasonably take into account the purchasing power of currencies and the influence of general economic exchange conditions.

Currency dumping - export of goods at prices below world prices from a country with a depreciated currency to countries with a stronger or less depreciated currency.

Currency clearing - mutual offset of counterclaims and obligations arising from the balance of international trade transactions.

Currency market - a system of socio-economic and organizational relations for the purchase and sale of foreign currencies and payment documents in foreign currencies.

Bill of exchange - a security that is a written promissory note of a strictly established form, according to which the drawer must unconditionally pay upon maturity the designated amount of money to the owner of the bill (bill holder).

Complementary Products - , the joint consumption of which is necessary to satisfy one need.

Interchangeable goods - that serve to satisfy one need.

Investor – .

Opportunity costs of production of good A – the number of other goods that must be sacrificed in order to produce an additional unit of good A.

Foreign trade turnover - a general indicator of the development of foreign trade, the total volume of exports and imports.

Guarantee- a person, organization, state that provides certain guarantees and monitors their implementation.

General Agreement on Tariffs and Trade, GATT - concluded in 1947 an agreement between nations in which each agreed to provide the other with equal and non-discriminatory trade treatment, to reduce tariffs through multilateral agreement, and to eliminate import quotas over time.

Hyperinflation - an increase in the general price level, when prices increase several times over the year as a whole.

Hypothesis about rational consumer behavior - the assumption that the consumer seeks to obtain maximum total utility when consuming a set of goods and services within a limited income.

State and municipal unitary enterprises - enterprises whose property is respectively in state or municipal ownership, and belongs to such enterprises on the basis of the right of economic management or operational management.

Public finance - attraction, management, use of public funds.

The state budget - an estimate of state revenues and expenses for a certain period, most often for a year, drawn up indicating the sources of government revenues and directions for spending funds.

State debt - the total amount of federal government debt equal to the sum of past budget deficits (minus budget surpluses).

Government sector - part of the country's economy that is completely controlled by the state.

The state as an economic entity - a set of bodies and persons who have concentrated economic power in their hands, make economic decisions on a state scale, and manage state or public property.

Debtor- a debtor, a legal entity or an individual who has a monetary debt to an enterprise, organization, or institution.

Devaluation - a decrease in the official gold content of the country’s monetary unit or a decrease in its exchange rate relative to the currencies of other countries, carried out by law.

Mottos - means of payment in foreign currency intended for international payments,

Currency unit - a monetary sign established by law, one of the elements of the monetary system, which serves to measure and express the prices of all goods.

Money supply - the total volume of purchasing and payment means serving economic turnover and owned by individuals, enterprises and the state.

Monetary instability - a situation where the flow of money in the economy does not correspond to the flow of goods; as a result, the purchasing power of money changes.

Money turnover -continuous movement of money in the process of paying for labor, selling goods, paying for services and making other payments.

Monetary balance - equality of the flow of money to the flow of goods in the economy. This situation is characterized by stability of prices, interest rates, and behavior of financial market agents.

Monetary aggregates - types of money and funds that differ from each other in the degree of liquidity. Indicators of the structure of money supply. The composition of monetary aggregates varies across countries. The most commonly used units are MO (cash), M1 (MO + checks, demand deposits, M2 (M1 + small time deposits), MZ (M2 + all other types of deposits), (MZ + securities).

Money - funds that can be accepted as payment for any goods and services.

Deposit -funds or securities deposited with financial, credit, customs, judicial or administrative institutions.

Deposit - give for safekeeping, make a contribution, contribution.

Depression - the state of the economy when the production of goods exceeded the money supply corresponding to the products produced; the consequence is a reduction in production.

Shortage - insufficiency of funds, resources, goods in relation to the previously planned, planned or required level.

State budget deficit - the excess of state budget expenditures over its revenues.

Deflator - a coefficient used to recalculate economic indicators calculated in monetary terms to bring them to the price level of the previous period. For example, the GNP deflator.

Deflation - 1. Removal from circulation of excess paper money and irredeemable banknotes issued during periods of inflation.2. An increase in the purchasing power of money, expressed in a decrease in the general price level in the economy.

Dividend - part of the profit of a joint-stock company, annually distributed among shareholders in the form of income on the shares they own in accordance with the number and type of shares in their possession.

Dealer - a person (firm) carrying out exchange or trade intermediation at its own expense and on its own behalf. It has a place on the stock exchange and quotes any securities. The dealer's income is generated from the difference between the purchase and sale prices of currencies and securities, as well as from changes in their rates.

Discount - 1. Discount interest in banking practice, charged by the bank when discounting bills.2 . In the practice of currency and commodity markets -

Bill discounting, bill accounting - Purchase by the bank of bills from bill holders before their expiration.

Distributor - a company that carries out sales on the basis of wholesale purchases from large industrial firms producing finished products. This is a relatively large company that has its own warehouses and establishes active contractual relations with industrialists.

Household - an economic entity that has consumption as a target and owns different types of resources.

All other things being equal assumption - the assumption that factors other than those under study are constant.

Income - in the broadest sense of the word means any receipt of funds or receipt of material assets with monetary value. See also Enterprise income.

European Common Market, European Economic Community - an association of European countries formed in early 1958. with the aim of gradually eliminating customs tariffs and import quotas in trade between its members, establishing common tariffs on the import of goods from third countries, ensuring further free movement within the framework of the association of labor and capital, developing other principles of a coordinated economic policy and the formation of a single economic space.

Sole proprietorship - a private company owned and managed by one person.

Natural monopoly - an industry in which economies of scale are so great that a product can be produced by one firm at a lower average cost than if it were produced by more than one firm.

Natural rate of unemployment - unemployment rate at full employment.

Product life cycle - the period of time from the conception of a product to its removal from production and sale. Marketing considers the following stages of the cycle:

Loan- an agreement under which one party (the lender) transfers into ownership or operational management to the other party (borrower) money or things defined by general characteristics, and the borrower undertakes to return the received amount of money or things of the same kind and quality.

Oeken's Law (Ouken) - a pattern derived empirically; suggests that, as a rule, an excess of unemployment by one percent above its natural level leads to a lag of real GNP from the potential one by 2.5 percent.

Law of supply - in any market, at any time, other things being equal, there is a positive relationship between the price of a product and the quantity of its supply.

Law of Demand - in any market, at any time, other things being equal, there is a negative relationship between the price of a product and the amount of demand for it.

Closed joint stock company - a joint-stock company, the shares of which are distributed only among its founders or other predetermined circle of persons. Such a company does not have the right to conduct an open subscription for the shares it issues or otherwise offer them for acquisition to an unlimited number of persons.

Pledge - property, documents that guarantee the fulfillment of contractual obligations.

If the debtor fails to fulfill the obligation secured by the pledge, the creditor has the right to receive satisfaction from the value of the pledged property. Wage

- monetary remuneration for work; part of the value of a good created by labor, income from its sale, issued to a worker by the enterprise, institution in which he works, or another employer. The amount of wages is established either in the form of an official salary, or according to a tariff scale (rate), or in accordance with a contract, but cannot be lower than the minimum wage established by law. The upper limit of wages in a market economy is usually not limited. The above applies to nominal wages.

Gold content of a monetary unit – the weight content of pure gold assigned to the national monetary unit. Currently, the gold content is conditional.

Joint Enterprise Zone - a region (part) of a national-state territory in which joint entrepreneurship is carried out in various forms, in accordance with the adopted legislation. In these joint venture zones, special preferential regimes are introduced, which create attractive conditions for investing foreign capital.

Free trade Area - an area within which a group of countries maintains free, duty-free trade.

Import Distribution costs

- expenses of producers and consumers associated with the sale and purchase of goods. - purchase and import of foreign goods, technologies and services into the country from abroad for their sale in the domestic market of the importing country.

Imported inflation- inflation caused by external factors - an extraordinary influx of foreign currency into the country and an increase in import prices. Capital- “everything that can generate income,” or a working source of income invested in a business. Capital is divided into real (capital resources) And financial, on basic

And negotiable

Capital investments - cm. .

Capital intensity - fixed capital costs per unit of production. Capital intensity is determined by dividing fixed assets by the volume of products in monetary terms produced in one year.

Cartel - a form of monopoly in which its participants, while maintaining production and commercial independence, agree among themselves on prices, division of the market, and exchange of patents.

Quality goods - a product the volume of purchases of which does not decrease with increasing consumer income.

Quota -1.The tax rate per unit of taxation.2. The share of each of the cartel participants in the total

TO export-import voting - establishing maximum permissible quantities of goods for import into or export from the country.

Clearing - a system of non-cash payments based on the offset of mutual monetary claims.

The goal is to ensure equality of commodity supplies and payments between the two countries and their annual balancing. The clearing account balance revealed as a result of an imbalance in trade turnover is covered by the debtor country in the manner and within the time frame stipulated by the relevant intergovernmental agreement. Command economy

- a type of economic system in which the dominant method of decision-making is centralized management. Commercial Bank

- a bank engaged in lending to industry and trade using monetary capital raised in the form of deposits and by issuing its own shares and bonds. Convertible currency

- a currency that can be freely and unrestrictedly exchanged for other foreign currencies. Currency conversion can be complete, when the exchange is made for any foreign currency, and private, when the currency of a given country is exchanged only for some currencies and not for all international payment transactions. Conglomerate

Competitiveness - a type of monopoly, which is an association of enterprises belonging to various sectors of the economy and not connected by direct economic cooperation.

Competition A conglomerate is typically managed through a holding company.

- the ability of products to meet the prevailing requirements of a given market during the period under review. - competition between producers (sellers) of goods for markets in order to obtain higher incomes, and in the general case between any economic entities for better results.

Contract Consensus

- general agreement, characterized by the absence of serious objections on significant issues among the majority of interested parties. Does not necessarily imply complete unanimity. - a share of shares concentrated in the hands of one owner and giving the opportunity to exercise actual control over the joint-stock company.

Production concentration - concentration of most of the industry's output on several large enterprises in the industry.

Concern - unification of industrial, commercial and other enterprises of various industries, banks, insurance companies and other financial and credit institutions under unified financial control.

Concession - an agreement for the state to commission industrial enterprises or plots of land with the right to extract minerals and build various structures to private entrepreneurs, foreign firms.

Conjuncture - a set of characteristics characterizing the current state of the economy in a certain period.

Leasing- long-term rental of equipment, machinery, and production facilities.

Liquidity - 1. The ability to convert asset items into money to pay liability obligations.2. Ease of sale, sale, transformation of material assets into cash.

License - 1) providing organizations and individuals with the right to use patented inventions, technologies, technical and commercial information;2) permission to carry out a variety of activities within certain limits, issued by government authorities in relation to those types that need to be limited, or to charge fees for the permission issued.

Export-import licensing - granting an exclusive right to import into or export from the country a certain product.

Personal income - the amount of income actually received by the population after deducting from the national income the contributions of workers, employees and employers to the social insurance system, deducting income taxes and retained earnings, but with the addition of transfer payments, i.e. those payments that are received by the population, but not earned.

Broker- broker on the stock exchange.

Macroeconomics - branch of economic theory that studies the economy as a whole or its elements combined into large groups.

Low value goods - a product whose volume of purchases decreases with increasing consumer income.

Marketing - system of organization and management of activities company aimed at ensuring maximum sales of its products, achieving high export efficiency products, expanding market share.

Price scale - 1. The amount of gold or silver accepted in country for a monetary unit and its multiples. 2. Technical function of money; means expressing value in monetary units.

Material consumption - indicator of consumption of raw materials and materials for the production of a unit of any product. Expressed in natural units, in monetary terms or as a percentage, which make up the cost of materials in the total output products.

International division of labor - specialization of countries on production of certain types of goods, for the manufacture whose country has preferable conditions for compared to other countries.

International Bank for Reconstruction and Development (IBRD) - a bank based on the membership of states that provides (and guarantees) loans to developing countries to secure their Development [World Bank].

International Monetary Fund (IMF) – international association of states formed after World War II to provide loans in foreign currency to countries with temporary balance of payments deficit and to implement measures to maintain exchange rates.

International gold standard - active in the 19th century - beginning of the 20th century international monetary system, in accordance with in which each country expressed the value of its money units in a certain amount of gold, provided exchange banknotes for gold, maintained a constant ratio between with its gold reserves and the mass of money in circulation and allowed free import and export of gold.

Manager - a hired manager who has - professional knowledge of organization and management production.

Management - a set of principles, methods, means and forms of production management in order to increase production efficiency and increased profits.

Best Enterprise Size - size of the enterprise, with where long-run average costs are at a minimum.

Cash - a form of presenting money, as a rule. IN in the form of banknotes. In Russia, banknotes are presented in in the form of banknotes and coins.

Tax - mandatory fee established by the state, paid by enterprises, institutions and the population, levied by the state by virtue of its right to a part of the income without response services.

Value added tax - tax on the difference between the cost of goods sold by the company and the cost of goods, purchased from other companies.

Tax benefits, tax incentives - partial or complete exemption from taxes for individuals and legal entities.

National monetary system - form of organization monetary circulation in the country, which has developed historically and enshrined in law.

National income - newly created (added) the value of final goods produced in the economy during certain period.

Unfinished production - partially finished products, requiring additional processing before implementation.

Independent Products - goods that do not detect relationships of interchangeability and complementarity between yourself.

Intangible (intangible) assets - assets, not having a physical natural firm, but endowed "intangible value" and therefore bringing the company additional income. This includes: trademarks and marks, trade secrets, publishing rights, patents, good company reputation, etc.

Insolvency - the financial position of the company or state in which they cannot fulfill in a timely manner their financial obligations.

Non-production sphere - a set of industries and types activities to serve the population and the national economy.

Imperfect competition - the situation on the market of any of a product or service when individual sellers and (or) buyers their actions can influence the market price benefits.

Penalty - money determined by agreement or law the amount that the debtor is obliged to pay to the creditor in the event of non-fulfillment or improper fulfillment of obligations.

Implicit costs - costs of internal resources of the company, not accounted for in monetary terms.

New International Economic Order - plastic bag proposals put forward by developing countries on fundamental changes in their relations with industrial developed countries; these proposals are intended accelerating economic growth in developing countries and redistribution of world income in their favor.

Denomination Nominal price - the price indicated on valuables papers, paper money, banknotes, coins.

Nominal GNP (GDP) - GNP (GDP), expressed in prices current year.

Know-how - set of different knowledge, scientific, technical, financial, production, commercial or other administrative, character, experience, practically used in the activities of the enterprise or in professional activities, but who have not yet become public domain.

Bond- a security reflecting a loan relationship and giving its holder (owner) income in the form of a fixed percent of its face value.

Exchange - an economic transaction involving the transfer of goods by one economic entity to another, receiving money in return or other product.

Working capital - capital participating and fully consumed during one production cycle

Total (total) utility - degree of satisfaction from consumption of all goods and services over a certain period time.

Overall production profitability - attitude book profit to average annual cost production fixed assets and standardized working capital funds.

Public and religious organizations (associations) - voluntary associations of citizens who, in accordance with the procedure established by law, united on the basis of their common interests to satisfy spiritual or other non-material needs. Public and religious organizations are non-profit organizations, that is, they have the right to carry out business activities only to achieve the goals for which they were created and in accordance with these goals.

Participants (members) of public and religious organizations do not retain rights to the property transferred by them to these organizations, including membership fees. They are not liable for the obligations of these organizations, and the organizations are not liable for the obligations of their members.

Public Good - a good or service to which the principle of exclusion does not apply and the production of which is ensured by the state, provided that it brings significant benefits to society.

Additional liability company - a company whose authorized capital is divided into shares of sizes determined by the constituent documents; Participants of such a company bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions.

Limited Liability Company -

- a company whose authorized capital is divided into shares of sizes determined by the constituent documents; Participants in a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the contributions they made. Total firm income

Common Market - removal of restrictions on the free movement of goods, capital, labor for a group of countries, for example, the European Community, which includes a number of developed Western European countries.

Oligopoly Limited resources

- insufficient resources to satisfy everyone’s desires. - a type of market of imperfect competition, which is dominated by several large buyers of a product, who through their actions can influence the market price of the product.

Optimal production volume - the amount of output at which total profit reaches its maximum value.

Organization of countries - oil exporters (OPEC) - an international cartel formed in 1970. thirteen oil producing countries in order to control prices and impose quotas on oil exports by cartel members.

Main capital - a set of means of labor that function in the sphere of production in an unchanged physical form over many production cycles and transfer their value to the newly created product in parts, as they wear out.

Public corporation - a joint stock company, the participants of which can alienate their shares without the consent of other shareholders. Such a joint stock company has the right to carry out an open subscription for the shares it issues and their free sale under the conditions established by law and other legal acts. An open joint stock company is obliged to annually publish for public information an annual report, balance sheet, and profit and loss account.

Branch of the economy - a group of enterprises producing identical or similar products.

Diseconomies of scale - a situation where the level of average long-term costs increases with the growth of the enterprise.

Partnership- a joint venture of several persons (individuals, legal entities), each of whom participates in it not only with their capital, but also with their personal labor.

Passive - part of the balance sheet that reflects the sources of funds of an enterprise or institution and their purpose (own funds, loans from other institutions).

Passive balance of the balance of payments - the amount of excess payments made by the country abroad over the receipts of funds into the country from abroad.

Patent - 1) a document, a certificate issued to the inventor and certifying his authorship and exclusive right to the invention;

Transition economy - the state of society between different ways of regulating economic activity.

Floating (free) exchange rate - the price of a currency, which is established as a result of the interaction of supply and demand in free foreign exchange markets.

Solvency - the ability of a state, legal entity or individual to timely and fully fulfill its payment obligations arising from trade, credit or other transactions of a monetary nature.

Payment balance - the ratio of payments received by a given country from abroad (the active part of the balance of payments) and payments made abroad (the passive part of the balance of payments) during a certain period of time.

Purchasing power of money - the ability of a monetary unit to be exchanged for a certain amount of goods.

Utility - the degree of satisfaction from the consumption of a product or service; a distinction is made between total (total) and marginal utility.

Creeping inflation - slow, imperceptible price increases.

Full employment - 1. The economy uses all available resources for the production of goods and services;

General partnership - a partnership whose participants (general partners) form the authorized capital on a shared basis, also manage and distribute profits, bear full property liability for the obligations of the company, that is, they are liable for the obligations with all their property.

Full production volume - a situation where the resources needed in production are used in the best way for them.

Positive economies of scale - a situation where as the enterprise grows, the level of average long-term costs decreases.

Constant economies of scale - situation. When the level of average long-term costs does not change with the growth of the enterprise.

Consumer goods - goods and services intended for final consumption, for personal, family or household use.

Consumer equilibrium - a state in which the structure of consumer budget expenditures provides him with the greatest overall utility from the entire set of consumer goods purchased by him.

Price ceiling - legally established maximum price for goods and services.

Consumption - use, consumption, application of goods in order to satisfy needs.

A distinction is made between production consumption - expenditure, the use of resources in the production process, and non-productive, final consumption of goods by people and the population to satisfy social and personal needs. - all physical, social and spiritual human feelings of need (lack).

Economic theory examines the needs that motivate economic activity, that is, specific desires satisfied with the help of goods or services. Product

- a material or intangible result of human labor (object, scientific discovery). Products

- the entire amount of economic goods produced over a certain period of time (in the world, in the country, in a sector of the economy, in an enterprise, by an individual worker). Manufacturing sector

- a set of sectors of the national economy and activities that create material goods in the form of products, energy, in the form of moving goods, storing products, sorting, packaging and other functions that are a continuation of production in the sphere of circulation. Production

- the process of creating economic benefits. Proportional tax

Protectionism - a tax whose average rate remains unchanged as the taxpayer’s income increases or decreases.

individual goods. Trade union

Percent - a group of hired personnel united in an organization to protect their interests and improve their position.

- a fee that the borrower must reimburse the lender for the use of a loan, loaned money or material assets. Direct financing

Direct taxes - type of transactions in the financial market when borrowed funds are directly transferred from the lender to the borrower.

- taxes levied on the results of economic activity: directly on the income and property of the taxpayer. Equilibrium (market) price

- the price of a product at which the quantity demanded for it is equal to the quantity supplied. -Division of labor

Rentier - Breakdown of the production process into a large number of specialized tasks (operations).

a person who lives on interest from capital lent or income from securities. -

Small coin Distribution

- division of the produced economic product, income, profit into separate parts that have a targeted purpose, intended for transfer to separate funds, to individuals. Regressive tax

Rent - certain income from capital, property or land that does not require entrepreneurial activity from its recipients.

Real wage - the amount of goods and services that a worker can buy with his cash wages; purchasing power of wages.

Real GNP (GDP) - GNP (GDP), expressed in prices of the year taken as the base year.

Regulatory function of prices - the ability of changes in prices to entail changes in the magnitude of demand for products and resources, the volume of their supply and the distribution of economic benefits between market entities.

Most favored nation treatment - an agreement providing for the reduction of import duties on goods of a certain country.

Reserve norm (reserve norm) - an established minimum percentage of deposit liabilities that a bank is required to hold at the central bank or in its own vault.

Self-sufficiency - the principle of functioning of a self-supporting enterprise, in which it reimburses all its expenses from the proceeds from the sale of products.

Self-financing - a management system in which an association or enterprise covers all costs for both simple and expanded reproduction from its own sources.

freedom of choice - the use of material resources and money by their owners at their own discretion, the free right of workers to engage in any kind of work of which they are capable, and the use by consumers of their income for the purposes that they consider preferable.

Freedom of enterprise - the use of economic resources by private firms to produce goods of their own choosing and sell the produced goods in markets of their own choosing.

Freedom of trade - absence of artificial (government-imposed) barriers to trade between individuals and firms from different countries.

Free economic zone - a free trade zone in which particularly preferential economic conditions apply to foreign and national entrepreneurs.

Free benefits - means that satisfy any needs and are in excess of these needs. Free goods are not the subject of economic activity.

Product cost - the current costs of the enterprise for the production and sale of products expressed in monetary form.

Seasonal variations - an increase or decrease within one year in the level of economic activity due to changing seasons.

Syndicate - a type of monopoly, which is an association of entrepreneurs that undertakes all commercial activities while maintaining the production and legal independence of its member enterprises.

Velocity of money - the number of purchase and sale transactions that a monetary unit in circulation services during the year.

Mixed economy - a type of economic system in which it is impossible to identify a dominant method of making economic decisions.

Own - ownership of material and spiritual values ​​by certain persons, legal right to such ownership and economic relations between people regarding ownership, division and redistribution of property; includes the rights of ownership, disposal, and use. In property relations, the type of ownership of the means of production is decisive: private or public.

Perfect competition - a situation on the market of any product or service when neither seller nor buyer by their actions can influence the market price of the good.

Specialization - concentration of production on relatively narrow areas, individual technological operations or types of products.

Demand - the quantity of a good that buyers are willing and able to buy at a certain price in a certain market at a certain point in time.

Comparative advantage in the production of goods A - the ability of a particular country to produce good A at a lower cost opportunity cost than another country.

Average costs - costs per unit of output.

Average costs are obtained by dividing total costs by the quantity produced. Since total costs are the sum of total fixed costs and total variable costs, when total costs are divided by quantity, average cost is also the sum of average fixed and average variable costs. Average firm income

- revenue per unit of output. Urgent account

- a type of bank account from which funds can be withdrawn after a certain period of time from the moment of its opening. Loan

- transfer of material assets or money by one party to a loan agreement to others on the terms of repayment and, as a rule, with the payment of interest. Refinancing rate

Stagnation - the percentage at which the Central Bank lends to commercial banks.

Stagflation - the state of the country's economy, characterized by stagnation with the development of inflationary trends, i.e. combination of economic crisis and inflation.

Loan cost - the amount that the borrower pays to the lender for using the loan. The main components of the cost of a loan are the interest rate, commissions and fees, and insurance premium.

Strategic goods - goods (equipment, technology know-how), the export of which is prohibited, limited or controlled in order to prevent damage to the national security of the country that owns the goods.

Insurance - creation, at the expense of the funds of enterprises, organizations, citizens, of special insurance funds intended for compensation of damage. Insurance is carried out by government agencies, insurance companies, and companies. Insurance is a form of financial intermediation.

Vicarious liability - unlimited liability for obligations, divided between the founders of a legal entity in the proportions of their equity participation.

Consumer sovereignty - the ability of the consumer to influence the manufacturer by buying the product or service he wants to buy at the price he agrees to pay.

Customs Union - a common customs territory of two or more countries with a single customs tariff in relation to third countries and a complete abolition of duties in mutual relations.

Customs duties -

Customs - a government agency through which all imported and exported goods are required to be imported and exported from the country for the purpose of customs clearance, control and collection of established customs duties and fees.

Rate - a rate system that determines the amount of payment for retail services; wage rate system.

Hard currency - a currency that is stable in relation to its own denomination, as well as to the rates of other currencies.

Technology - the amount of knowledge that can be used to produce goods and services from economic resources.

Unitary enterprise -a commercial organization that is not vested with the right of ownership to the property assigned to it by the owner. Only state and municipal enterprises can be created in the form of unitary enterprises. A unitary enterprise is liable for its obligations with all the property it owns and is not liable for the obligations of the property owner.

Unemployment rate -the proportion of the labor force that is not employed at any given time.

Standard of living -an indicator characterizing the average quantity and quality of goods and services consumed in the country.

Price level -weighted average of prices paid for finished goods and services produced in the country.

Service -a type of good whose production and consumption occur simultaneously. Unlike a product, a service cannot be inherited and cannot be stored.

Charter -a set of rules that defines the organization, the procedure for the activities of any persons or organizations.

Authorized capital -the initial amount of capital of a company, determined by its charter and formed mainly from proceeds from the sale of shares or through the contribution of shares by the founders.

Accounting for bills -purchase by a bank or specialized credit institution of bills before the expiration of their liquidation period. When accounting, the bank pays the holder ahead of schedule the amount for which the bill was issued, minus interest, the amount of which is determined taking into account the existing interest on the loan capital, depending on quality and term of the bill.

Discount interest, discount rate -a fee charged by banks for advancing money by purchasing (discounting) bills, securities, stocks and bonds, and other debt obligations before their due date.

Factors of production -

Individual -a person as a bearer of civil rights and responsibilities.

Fixed exchange rate -the price of a currency, which is set by a decision of a government agency. At the same time, as a rule, the purchase and sale of currency is limited and is carried out only at this price.

Financial intermediaries - financial institutions engaged in the accumulation of funds from individuals and legal entities with their subsequent lending and placement on the securities market.

Financial capital -capital in cash.

Finance -a set of economic relations in the process of creating and using centralized and decentralized funds of funds.

Firm -an economic, industrial or commercial enterprise enjoying the rights of a legal entity.

Funds (charitable and other) -a non-profit organization that does not have membership, established by citizens and (or) legal entities on the basis of voluntary property contributions, pursuing social, charitable, cultural, educational or other socially beneficial goals. The property transferred to the foundation by the founders is the property of the foundation. The founders are not liable for the obligations of the fund, and the fund is not liable for the obligations of the founders. The Foundation is required to publish annual reports on the use of its assets.

Freidchasing -a license issued by firm A to firm B, giving it the right to act on behalf of firm A. In this case, firm B is obliged to carry on its business only in the form prescribed by firm A, during a certain time and in a certain place. In turn, company A undertakes to supply company B with goods, technology, and provide all possible assistance in business.

Capital productivity -an indicator characterizing the efficiency of using fixed capital for production. It is calculated by dividing the output by the cost of the fixed assets expended (fixed capital).

Business partnerships and societies -commercial organizations with authorized capital divided into shares of founders.

Closed and open joint stock companies .

Holding, holding company - company, parent enterprise that manages or controls the activities of other enterprises or companies. In foreign practice, a holding company occupies a leading position due to its ownership of a block of shares in enterprises and firms controlled by it. At the same time, the holding company itself may not be engaged in actual production activities.

Price -monetary expression of the value of a product, an indicator of its value.

Securities -documents containing property rights giving the right to receive a certain part of the income. Represented by shares, bonds, bills.

Central bank -the main state bank of the country, endowed with special functions: the right to issue banknotes and regulate the activities of commercial banks.

Private property -the right of individuals and firms to acquire, own, control, use, sell and bequeath land, capital and other assets.

Check -a monetary document of the established form containing an unconditional order from the drawer to a credit institution to issue the check holder the amount specified in it.

Economy -social economy, which is the unity of production, distribution, exchange and consumption.

Economic integration -the unification of countries pursuing common economic goals while maintaining political independence.

Economic freedom -the right of individuals to make economic decisions.

Economic system -a set of laws, institutions, types of human activity and values ​​that determine it, and motivating factors that underlie economic decision-making. The following types of economic systems are distinguished: traditional, command, market and mixed economies.

Economic theory -a social science that studies the choices people make to use scarce resources to satisfy their needs.

Economic efficiency -an indicator characterizing the effectiveness of using limited resources to meet needs.

Economic benefits -goods that are limited in relation to the needs for them, the production of which is associated with costs, and which therefore have a price in the market.

Economic benefits are divided into goods and services. - Economic costs , “lost opportunity costs”

the benefits that could be obtained from the best alternative use of a resource. Economic costs add up And from implicit

(increases with increasing output). -The economic growth

the economic growth. -Economic Union

stage of economic integration, implying the removal of restrictions on the free movement of goods, capital, and labor between the participating countries, a single currency system, and coordination of the economic policies of the participating countries. -ups and downs in the level of economic activity repeated over a number of years.

Export -sale or export of goods, technologies and services abroad for sale on the foreign market.

Extensive economic growth -increasing total output by attracting additional resources without increasing the efficiency of their use.

Price Elasticity of Demand -an indicator characterizing the degree of change in the quantity demanded for a certain change in price.

Elastic demand -demand that tends to vary significantly with minor price fluctuations.

Embargo -prohibition by government authorities of the import into or export from the country of currency, gold, goods, and securities.

Emission -issuance of banknotes in all forms.

Issuer -The issue of securities can be private (issue of shares and bonds by joint-stock companies) and public (issue of government bonds).

institution or enterprise producing the emission. -Efficiency in productiona situation in which it is impossible to increase the production of one product without decreasing the production of another. -Conditions for achieving efficiency in production

full employment of resources and full output. -Efficiency in distribution

a situation where a change in the distribution of goods cannot increase the pleasure from their consumption of one person without reducing the pleasure of another. -Entity

independent property liability. -Explicit (accounting) costs

direct cash costs for the firm's purchase of external resources.E

"Economics is the science that studies human behavior in terms of the relationship between his ends and limited means that admit of alternative uses." Economic theory is closely related to many other sciences: philosophy, psychology, history, demography, statistics, mathematics, law, etc. From the point of view of the object of study, 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 company, a family farm, etc.). Macroeconomics examines aggregate indicators of income, employment, price dynamics, and determines the patterns of state economic policy.

direct cash costs for the firm's purchase of external resources.economicswhat needs, resources and benefits

In turn, an economic good is material and intangible objects, or rather the property of these objects, capable of satisfying economic needs.

Resource- means that allow, through certain transformations, to obtain the desired result.

Resources are divided into: - economic (functioning) - potential (not involved in 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 (monetary resources that society is able to allocate for the organization of production) - information (scientific, scientific- technical, design, statistical, technological, information information, as well as other types of intellectual values ​​necessary to create an economic product)

direct cash costs for the firm's purchase of external resources.elasticity of demand

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

There are elasticity demand price and income elasticity of demand.

Price Elasticity of Demand shows by what percentage the quantity demanded will change when the price changes by 1%. The price elasticity of demand is influenced by the following factors:

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

· Unnoticeable price level changes for the buyer;

· Conservatism of buyers in tastes;

· Time factor (the more time the consumer has to choose a product and think about it, 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 there are:

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.

· Unit elasticity demand (Ep(D) = 1) is the 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 changes in price Ep(D) = 0): a change in P by 1% or more does not affect the change in QD.

Income elasticity of demand shows by what percentage the quantity demanded will change 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 belongs to the category of normal or low-value. The bulk of consumed goods belong to the normal category. As our incomes increase, we buy more clothes, shoes, high-quality food products, and durable goods. There are goods for which demand is inversely proportional to consumer income. These include all second-hand products and some types of food (cheap sausage, rotten apples).

Rmarket, system markets and their varieties

A market is a set of transactions for the purchase and sale of goods. The market in its development has traveled a path that lasts more than 30 thousand years. The very first definition of a market is an area, a public place for buying and selling goods, i.e. benefits and services. A market is a system of relations between sellers and buyers, i.e. it is a system of relations between supply and demand. Conditions for the emergence of a market: 1 People's needs for goods. 2 Limitation of all production resources - labor, land and other material means of production. 3. Social division of labor, which increases the efficiency of production and creates the material basis for commodity exchange. 4. Economic isolation of commodity producers within the framework of ownership - initially communal, and then private. 5. Independence of commodity producers, their freedom as entrepreneurs. Functions of markets: 1 Information. Its essence is that the market, like a computer, collects, processes, transmits and issues information within the economic territory it covers. 2. Intermediary. The market connects economically separate producers and consumers into a single system. As a result, sellers and buyers find each other. 3. Regulating. The market provides answers to the questions: What to produce? How to make it? For whom? 4. Pricing function. The market recognizes only socially necessary costs and, accordingly, social prices, which reflect the needs of the buyer.5. Stimulating. The reference point of market prices to the social level of costs, to taking into account consumer demand encourages commodity producers to save their individual costs and present to the market goods that the buyer needs.6. Creative-destructive. The market ensures changes in all economic proportions between industries and regions. A striking and clear example of this is the restructuring of the economy in Russia.7. Health function (clearing the market of non-competitive producers) 8. Differentiating. The market enriches some producers and ruins others.

There are 2 types of connections between market agents: A market transaction can be viewed from the economic side, in the form of an act of commodity-money circulation. The economic interest of the seller is to exchange goods for the appropriate amount of money, and the buyer is to purchase for money the useful thing he needs. And from the legal side, a market transaction means the action of citizens and legal entities that take the form of a purchase and sale agreement. There are markets: local (market within a village, city), national, global. From the point of view of economists, there is a market for resources and consumer goods. In turn, they are divided into the consumer market, the market for means of production, the market for land, real estate, labor, services, foreign exchange, insurance, and information.

Dengi, functions of money

The essence and functions of money. In modern economic theory, the following 4 functions of money are distinguished: 1. A medium of exchange where money is used to purchase goods and services. Money here acts as a technical means through which goods and services are exchanged. As a medium of exchange, money is absolutely liquid, i.e. quickly implemented in economic life.2. A measure of value where 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 to value goods, services, and assets. The value of goods is expressed in prices, and prices are measured through money.3. A store of value. As the most liquid property, money is a very convenient form of storing wealth;

money is withdrawn from circulation and acts as a store of value. At the early stages of development of the commodity economy, such withdrawal of money from circulation turned it into a treasure, a treasure.4. Instrument of payment. In this function, money primarily serves credit relations and acts as a means of exchange, as well as a measure of value. Money as a means of payment functions when selling goods on credit and outside the sphere of commodity circulation.P

entrepreneurship, Entrepreneurship business - independent activities carried out at your own risk, aimed at systematically obtaining arrived from use property , sales goods , execution works or providing services persons registered in this capacity in the established ok. The efficiency of business activity can be assessed not only by the amount of profit received, but also by changes in the value of the business (the market value of the enterprise). Entrepreneurship, business is the most important attribute market economy, permeating all its institutions.

Can be carried out legal entity or directly an individual. In Russia, as in many countries, to conduct business activities an individual is required to register as individual entrepreneur.

Entrepreneurship can be done in different fields. In addition to general entrepreneurship, there are social And technology 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 budding entrepreneurs there are government and public organizations, technology parks and business incubators. However, entrepreneurship is not an easy endeavor and most new businesses fail.

General partnership and limited partnership

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

Additional liability company(ODO), which has the same characteristics as an LLC, with some exceptions. Participants in an ODO are liable for the obligations of the company, but not with all their property, but only with some part of it, and in the same multiple of the amount of the contribution made. For example, the charter says that participants in an ALC are liable twice as much. This means that if a participant made a contribution in the amount of 100 thousand rubles, then if the property of the ALC is not enough to pay creditors, he bears a maximum liability of 200 thousand rubles.

In fact, an ALC is a transitional form from a general partnership to a society as an economic organization. There are two types of joint stock companies - public corporation (OJSC) and closed joint stock company

(COMPANY).

public corporation

The JSC is characterized by the fact that:

· Its participants can alienate their shares without the consent of other shareholders, that is, this company is open to any participant in civil circulation. Any participant in civil transactions can purchase shares of a joint-stock company; there are no restrictions here. At the same time, any shareholder at any time can sell his shares to any subject of civil law;

· An open joint-stock company can carry out an open subscription for shares according to the following algorithm: a joint-stock company is formed, the issue of shares is announced and registered, and anyone can purchase them on the stock exchange;

· The number of shareholders of the OJSC is not limited.

Closed joint stock company

CJSC is characterized by the fact that:

· The alienation of shares to CJSC shareholders is limited by the pre-emptive 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 can you sell the shares to a third party;

· Shares in a closed joint-stock company 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.M

Management management

Management- this is the ability to achieve goals, to use labor, intelligence, and the motives of other people’s behavior.

Management- this is not so much the ability to analytically solve problems as the ability to work with people and get the maximum result from them

· The number of shareholders in a CJSC should not exceed 50.is the effective and efficient achievement of organizational goals through planning, organizing, leadership and control of organizational resources.

marketing · “Marketing is a type of human activity aimed at satisfying needs and wants through exchange” (founder of marketing theory)

Philip Kotler · “Marketing is And art choosing the right target market, attracting, retaining and growing the number of consumers by creating confidence in the buyer that he represents the highest value for the company”, as well as “an orderly and targeted process of understanding consumer problems and regulating market activity” (Philip Kotler) .

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

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

WITHproperty

Relations 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. In turn, the economic relations of collective property in relation to private property act as a form of public property, and in relation to public appropriation - as private property. Economic property relations occupy the main place in the entire system of production relations, thereby determining their character and essential content. Legal property relations and economic property relations are closely related to each other, the former coexist in laws and other regulations, the latter develop between participants in production. At the same time, legal and economic property relations also have independent movement, therefore it is unacceptable to directly deduce the former from the latter.

Fform of ownership

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 divided into: individual capitalist property, collective property 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 represents financial 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 - shares, bonds). The individual capitalist is directly the private owner of only fictitious capital, while real capital functions as the property of a corporation. As the productive forces develop, the forms of private capitalist property undergo further evolution: the individual form of private property is increasingly replaced by group and state property. The economic importance of state property has especially increased. In developed capitalist countries, an ever-increasing portion of monetary and productive capital is concentrated in state ownership.

Razstatement, 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 under conditions of denationalization and feasible with an expansion of the share of private property. To this end, Russia carried out the privatization of some state-owned enterprises. 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 economic importance of state property has especially increased. In developed capitalist countries, an ever-increasing portion of monetary and productive capital is concentrated in state ownership.

ANDproduction costs and profits. Zlaw of diminishing returns

Production costs refer to the costs of making a product. From the standpoint of society, the costs of producing goods are equal to the total costs of labor (living and embodied, necessary and surplus). From the point of view of the enterprise, due to its economic isolation, the costs include only its own expenses. Moreover, these costs are divided into external and internal.

Profit External (explicit) costs are direct cash payments to resource suppliers. Explicit costs include wages of workers and salaries of managers, payments to trading firms, banks, payment for transport services and much more. Internal (implicit) costs (imputed): costs for one’s own and independently used resource, opportunity costs not provided for in contracts obligatory for explicit payments, and therefore remain not received in monetary form (use of premises or transport owned by the company, the own labor of the owner of the company and etc.) - excess in monetary terms income from the sale of goods and services over costs

for the production and marketing of these goods and services. Law of Diminishing Returns

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

16. market economy in conditions of perfect and imperfect 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 little 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; Monopolistic competitor firms can freely enter and exit the industry; a monopolistic competitor has some control over price; There is significant non-price competition in the industry. A slightly negative slope of the demand curve under MC conditions means that the firm will produce less output than under perfect competition., Perfect free or clean competition - economic model, idealized state market demand And when individual buyers and sellers cannot influence the price, but form it with their contribution.

offers

· an infinite number of equal sellers and buyers

homogeneity and divisibility of 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)

· The number of shareholders in a CJSC should not exceed 50.onopoly, oligopoly

MonopomLeah(from Greek ???? (mono)- one and????? (poleo)- sell) - a company (the situation in 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 exceptional material and technical base). Most often, natural monopolies are firms that manage labor-intensive infrastructures, the re-creation of which by other firms is economically unjustified or technically impossible (for example, water supply systems, electrical supply systems, railways).

· - a currency that can be freely and unrestrictedly exchanged for other foreign currencies. Currency conversion can be complete, when the exchange is made for any foreign currency, and private, when the currency of a given country is exchanged only for some currencies and not for all international payment transactions. (Concern) (in legal practice - a group of persons) - several heterogeneous, but financially mutually integrated entities (for example, in Russia ZAO " Gazmetal").

Oligopoly is a market structure in which a few large firms control the production and marketing of the bulk of products

Rmarket relations in the agricultural sector of the economy

The specifics of agricultural production determine the characteristics of reproduction in the agricultural sector of the economy throughout the entire system of the agro-industrial complex (AIC). In a market economy, the totality of relations and connections between the branches of the AIC constitutes the agribusiness system. It is important to determine the sectoral aspects of the structure of the agro-industrial complex, that is, to find out the range of industries that are included in the agro-industrial complex in the agribusiness system, their boundaries and social economic functions.

The agro-industrial complex includes 4 areas:

· Industries producing means of production for agriculture and other industries included in the complex

· agricultural production (livestock and crop production

· industries that carry out the processing, storage and transportation of products from agricultural raw materials to their consumption.

· Industrial and social infrastructure

Ffinances and financial system of the state

Finamnsy(from lat. financia- cash, income) is a system of economic relations for the formation and use of funds 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 represents a set of different spheres (links) of financial relations, each of which is characterized by features 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 carrying out non-profit activities, finances of public associations; - insurance finances include social, personal and property insurance funds; - lending finance covers banking and para-banking systems. The financial system finds its expression in financial policy, and the latter is implemented through the financial mechanism. Financial mechanism is a system of financial methods and levers in organizing, planning and stimulating the use of financial resources.

The state budget

The state budget- these are monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income. Simply put, this is a list of government income and expenses.

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

· Federal budget

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

· budgets of municipalities (local budgets)

· budgets of state extra-budgetary funds

INnon-budgetary funds

Statemcompatible with off-budgetmprivate fund- a fund of funds formed outside federal budget and budgets subjects of the Russian Federation and designed to implement the constitutional rights of citizens to pensions, social insurance, social security in case of unemployment, health care and medical care. Expenses and income of the state extra-budgetary fund are formed in the manner established 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 extra-budgetary funds operate in Russia:

· Pension Fund of the Russian Federation

· Social Insurance Fund of the Russian Federation.

Ffunctions of the tax system principle

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

*fixed - associated with the dominance of the revenue side of the budget. In countries with a traditional market economy, 90% of state budget revenues are generated from taxes, payments and customs duties.

*regulatory - promotes the redistribution of income through differentiation 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 and small business

*protectionist - designed to temporarily protect domestic producers from foreign trade expansion of foreign firms.

Principles of the tax system-

*compulsory payment of taxes by all subjects of a market economy receiving income or profit

*flexibility of the tax system.

*progressive nature of taxation.

Ffederal taxes

Federal taxes and fees- mandatory and gratuitous contributions that 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 s. include: VAT; excise taxes on certain types of goods (services) and certain types of mineral raw materials;

Rtax on profit (income) of organizations; capital income tax; personal income tax; single social tax (contribution); National tax; customs duties and customs duties; tax on subsoil use; tax on the reproduction of the mineral resource base; tax on additional income from hydrocarbon production; fee for the right to use wildlife and aquatic biological resources; forest tax; water tax; environmental tax and federal licensing fees. F.N. and pp., are established by the Tax Code of the Russian Federation, and changes or abolition of federal taxes are carried out exclusively by the adoption of a federal law on amendments to the Tax Code of the Russian Federation. F.N. and s. mandatory for payment throughout the Russian Federation.

regional taxes

· Regional taxes o Property tax

· Regional taxes organizations

· Regional taxes Gambling tax

Transport tax- mandatory and gratuitous contributions to the budget of the relevant 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 mandatory for payment on the territory of the relevant constituent entities of the Russian Federation. K R.n. and s. include: corporate property tax; property tax; road tax; transport tax; sales tax;

· The number of shareholders in a CJSC should not exceed 50.gambling tax; regional license fees. R.n. and s. are credited to the corresponding regional budgets (extra-budgetary funds) and are sources of income for these budgets (extra-budgetary funds).

local taxes

1. Local taxes include the following:

a) property tax for 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 transferring tax revenues to the relevant budget is determined by land legislation;

c) registration fee from individuals engaged in entrepreneurial activities. The amount of the collection 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 fee;

f) fee for the right to trade. The fee is established by district, city (without regional division), district (in the city), township, rural representative bodies of power - local Councils of People's Deputies. The fee is paid by purchasing a one-time coupon or temporary patent and is fully credited to the appropriate budget; (as amended by the Law of the Russian Federation dated 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 educational needs and other purposes. (as amended by the Law of the Russian Federation dated 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, computer equipment and personal computers. The tax is paid by legal entities and individuals reselling these goods at a rate not exceeding 10 percent of the transaction amount;

k) license fee for the right to trade in wine and vodka products. The fee is paid by legal entities and individuals selling wine and vodka products to the population in the amount of: from legal entities - 50 legal minimum monthly wages per year, individuals - 25 legal minimum monthly wages per year. When trading by these persons from temporary retail outlets serving evenings, balls, festivities and other events - half the minimum monthly wage established by law for each day of trading;

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 were issued;

m) fee for issuing a warrant for an apartment. The fee is paid by individuals upon receipt of the right to occupy a separate apartment in an amount not exceeding 3/4 of the minimum monthly wage established by law, depending on the total area and quality of housing;

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

n) 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 cost of products sold;

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

c) fee for winnings at races. The fee is paid by persons who win a betting game at the hippodrome in an amount not exceeding 5 percent of the winning amount;

r) collection from persons participating in betting games at the hippodrome. The fee is paid in the form of a percentage supplement to the fee established for participation in the game, in an amount not exceeding 5 percent of this fee;

s) collection from transactions carried out on 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;

f) fee for the right to conduct film and television filming. The fee is paid by commercial film and television organizations that produce filming, requiring local government bodies to carry out organizational measures (deploying a police squad, cordoning off the filming area, etc.), in amounts established by representative authorities - local Councils of People's Deputies;

(as amended by the Law of the Russian Federation dated July 16, 1992 No. 3317-1)

x) fee for cleaning the territories of populated areas. The fee is paid by legal entities and individuals (owners of buildings) in the amount established by representative authorities - local Councils of People's Deputies. (as amended by the Law of the Russian Federation dated July 16, 1992 No. 3317-1)

c) fee for opening a gambling business (installation of slot machines and other equipment with material or monetary winnings, card tables, roulette and other means for gaming). Payers of the fee are legal entities and individuals - owners of the specified facilities and equipment, regardless of the place of their installation. The rates of the fee and the procedure for its collection are established by representative authorities - local Councils of People's Deputies. (clause “c” was introduced by the Law of the Russian Federation dated July 16, 1992 No. 3317-1)

h) tax on the maintenance of 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.

Public debt - another important issue of public finances - is the sum of the budget surplus minus all deficits. There are external and internal public debt. External public debt is the debt of the state to foreign states, organizations and individuals. Domestic public debt is the state's debt to its population. It may take the form of loans received by the government; government borrowings made through the issuance of 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; - increasing taxes to pay off public debt acts as a disincentive to economic activity; - the growth of external debt, of course, reduces the country’s international authority; - with the growth of public debt, the country's population's uncertainty about the future increases. There is a need for debt management.

direct cash costs for the firm's purchase of external resources.economic cycle and crisis

Economic cycles - term, indicating regular fluctuations in the level of business activity from economic boom to economic recession. IN cycle business activity has four clearly distinguishable phases: peak, decline, bottom (or “low point”) and rise. Climb 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. Innovations are being introduced in the economy with a short payback period.

The demand deferred during the previous recession is being realized. The peak, or top of the business cycle, is the “high point” of an economic expansion. In this phase unemployment usually reaches the lowest level or disappears completely, production capacities operate at maximum or close to it load, that is, almost all material and material resources available in the country are used in production. labor resources . Usually, although not always, it increases during peaks

inflation . The gradual saturation of markets increases competition, which reduces profit margins and increases the average payback period.) is characterized by a reduction in production volumes and a decrease in business and investment activity. Due to a fall market conditions a recession is usually accompanied by rising unemployment and falling capacity utilization. Officially a phase of economic recession, or recession, I consider the situation to be a decline in business activity that has continued for over three months in a row.

bottom ( economic crisis) of the economic cycle is the “low point” of production and employment. It is believed that this phase of the cycle usually does not last long. However, history also knows exceptions to this rule. The Great Depression The 1930s, despite periodic fluctuations in business activity, lasted almost ten years.

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

Main types - underproduction crisis And overproduction crisis.

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

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

The crisis of overproduction is a phase economic cycle. It leads to a recession and subsequent depressive process in the economic situation.

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

Ulevel and quality life, population income

Standard of living(well-being level) - 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 gets wages, If capital, then for its investment the owner of the capital receives part of the profit ( dividends, percent), if Natural resources(for example, land), then the owner’s income is rent. Income provides for current consumption and is also set aside as savings. At the same time, analysis of the cost structure serves as a source of extremely important data for assessing the state of affairs in the economy of any country.

"Kamquality of lifemknow"- indicator of general well-being person, which is broader than purely material security (see. standard of living).

Quality of life may depend, for example, on the condition health, content problems to be solved, freedom from stress and excessive preoccupation, organization leisure, level education, access to cultural heritage.

direct cash costs for the firm's purchase of external resources.economic growth: essence, types, factors

Economic growth and its problems. Economy types growth. There are two types of economic growth: extensive and intensive. With the extensive type, economic growth is achieved through a quantitative increase in 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 through qualitative improvement of production factors: the use of more progressive means of labor and more economical objects of labor, improving the skills of the workforce, as well as by improving the use of existing production potential. In real life, extensive and intensive factors...........