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World Economy
The world economy and how globalisation affects us
| Term | Definition |
|---|---|
| goods | things that are produced to be sold |
| services | activities that don't produce material goods |
| supply | the total amount of goods and services that producers offer |
| demand | the total amount of goods and services that people are willing to purchase |
| consumption | the act of using energy, food or materials |
| gross domestic products | GDP |
| wealth | a large amount of valuable possessions or money |
| forestry | the practice of planting and taking care of trees and forests |
| mining | the process of getting coal and other minerals from under the ground |
| economic agents | a person, company or organization that has an influence on the economy by producing, buying or selling |
| economic policy | economic rules whose function is to maintain economic stability and growth |
| profit | the money that you gain by selling things, after paying the costs involved |
| taxes | the money that you have to pay to the government so that it can pay for public services |
| salary | the money that employees receive for doing their job |
| cost of production | all the costs that a company has to deal with when offering a service or manufacturing a product |
| raw materials | the basic material from which a product is made |
| human capital | the skills, knowledge and experience of an individual, viewed in terms of their value to an organization |
| financial capital | money, credit and other funds used to finance a company |
| productivity | the amount of goods produced compared with how much time, work and money is needed |
| labour force | all the workers of a company |
| labour costs | the amount paid by an employer to cover an employee's wages, benefits and related taxes |
| capital goods | items that businesses need to produce goods and services |
| active population | the group of people who are employed or who are unemplyed but are looking for a job |
| unemployed | a person who is not working at the moment but want to work |
| employed | a person who is given a job by a company or by the public administration |
| freelance worker | an independent contractor who earns wages on a per-job or per-task basis |
| self-employed worker | a person who works in their own business, professional practice or farm for the purpose of earning a profit, and who employs no other persons |
| homemaker | a person who takes care of the house and family as their main job |
| minimum wage | the lowest salary permitted by law |
| collective agreements | agreements between the company and its workers |
| dismissal | the act of ordering someone to leave their job |
| informal work | not officially declared work |
| economic system | the way in which goods and services are produced in a society and in which profits are distributed |
| self-consumption | the state in which a society uses the goods or services that they develop themselves to satisfy their own needs |
| surplus | an amount that is extra or more than you need |
| monopoly | the situation when single company controls the production and distribution of a product |
| oligopoly | the situation when few companies sell a product and agree to fix the prices and conditions |
| economic globalisation | the process of progressive liberalisation of international trade and greater integration of the economies of different countries |
| liberalisation | free trade of goods among countries |
| tariffs | taxes on imported goods |
| subsidy | financial aid from the goverment to domestic companies |
| Information and Communications Technology | ICT |
| offshoring of production | the act when companies move their factories from the more developed countries to the developing countries |
| shortage | scarcity, lack of something |
| world powers | countries who control most of the world’s production, exports, technology and finance |
| headquarters | the main centre of a company |
| emerging economic powers | countries whose economy is growing at a rate well above the world average |
| regional economic powers | countries that have a greater economic importance than the others around them |
Created by:
livia.pasztor
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