Word Synonym Explanation Others
Economics The study of the way in which money, An economist
trade and industry are organized in society
Macroeconomics The study of economic and financial systems
Microeconomics The study of the economic problems of
businesses and individuals
Applied economics
Monetarism The idea that an economy can be controlled
by a central bank influencing the money
supply
Supply-side economics A view on economics based on the idea that
the economy will thrive when there is capital
invested and barriers to products and
services are lowered, resulting in an increase
in supply, and consequently lower prices,
and more jobs
Demand-side economics Keynesian economics It is based on the belief that consumer
demand is the main force affecting overall
economic activity and responsible for short-
term fluctuations
The free market An economic market operating by free The black market
competition The market
The single European A customs union which comprises a free
market trade area with a common externa tariff on
goods and services coming into the EU
The domestic market <> the overseas market
A market economy An economy in which most goods and
services are produced and distributed
through free markets
A central economy An planned economy An economy in which business activities and
, An command economy the allocation of resources are determined
by government order rather than market
forces
The market price
A market share The percentage of the market for a product
or service that a company supplies
Market-driven Determined by or responsive to market The current stat of America’s energy policy is
forces far from market-driven as subsidies play an
important role
To enter a market To penetrate a market
To corner a market If a company corners the market for a
particular type of product, it is more
successful than ant other company at selling
the product
The market forces The effect of supply an demand on trading
within a free market
Supply and demand There is a strong demand for skilled workers
nowadays
An equilibrium The country’s economic equilibrium was at
stake because of the excessive import of raw
materials
A supplier
A scarcity A shortage Trains are not running because of the staff
shortages
Scarce High-paying jobs for starters are scarce these
days
A glut of something A supply of something that is much greater The fall in demand for coffee could cause a
than can be sold or needed glut on/in the market
Surplus The amount of money that you left when
you sell more than you buy, or spend less
than you receive
Deficit The total amount by which money spent by a
business or government is more than the
, money it receives
Market failure
Information asymmetry When a market does not work efficiently,
because buyers and sellers do not have all
the necessary information
Resources Gas is an environmentally clean natural
resource
To allocate resources Marketing managers have to responsibility
to optimally allocate resources and
demonstrate that these investments
generate appropriate returns for the firm
A labour dispute A disagreement on working conditions, pay The trade unions went on strike to put extra
and/or fringe benefits between an employer pressure on the labour dispute
and the employees
A trade union
A labour agreement
The labour force The number of persons usually employed or
eligible to be employed
The job The labour market
Division of labour
Labour-intensive
Permanent contract A binding contract between an employee
and employer in which both parties agree to
do business with each other for an indefinite
amount of time
Fixed term contract A contract that lasts for a certain length of
time and ends when a specific task is
completed, as opposed to permanent
contracts
Probationary period The period during which a new employee is
being watched closely to see if they are
suitable for their job
Tenure The right to remain permanently in a job She is one of the few people in English
Economics The study of the way in which money, An economist
trade and industry are organized in society
Macroeconomics The study of economic and financial systems
Microeconomics The study of the economic problems of
businesses and individuals
Applied economics
Monetarism The idea that an economy can be controlled
by a central bank influencing the money
supply
Supply-side economics A view on economics based on the idea that
the economy will thrive when there is capital
invested and barriers to products and
services are lowered, resulting in an increase
in supply, and consequently lower prices,
and more jobs
Demand-side economics Keynesian economics It is based on the belief that consumer
demand is the main force affecting overall
economic activity and responsible for short-
term fluctuations
The free market An economic market operating by free The black market
competition The market
The single European A customs union which comprises a free
market trade area with a common externa tariff on
goods and services coming into the EU
The domestic market <> the overseas market
A market economy An economy in which most goods and
services are produced and distributed
through free markets
A central economy An planned economy An economy in which business activities and
, An command economy the allocation of resources are determined
by government order rather than market
forces
The market price
A market share The percentage of the market for a product
or service that a company supplies
Market-driven Determined by or responsive to market The current stat of America’s energy policy is
forces far from market-driven as subsidies play an
important role
To enter a market To penetrate a market
To corner a market If a company corners the market for a
particular type of product, it is more
successful than ant other company at selling
the product
The market forces The effect of supply an demand on trading
within a free market
Supply and demand There is a strong demand for skilled workers
nowadays
An equilibrium The country’s economic equilibrium was at
stake because of the excessive import of raw
materials
A supplier
A scarcity A shortage Trains are not running because of the staff
shortages
Scarce High-paying jobs for starters are scarce these
days
A glut of something A supply of something that is much greater The fall in demand for coffee could cause a
than can be sold or needed glut on/in the market
Surplus The amount of money that you left when
you sell more than you buy, or spend less
than you receive
Deficit The total amount by which money spent by a
business or government is more than the
, money it receives
Market failure
Information asymmetry When a market does not work efficiently,
because buyers and sellers do not have all
the necessary information
Resources Gas is an environmentally clean natural
resource
To allocate resources Marketing managers have to responsibility
to optimally allocate resources and
demonstrate that these investments
generate appropriate returns for the firm
A labour dispute A disagreement on working conditions, pay The trade unions went on strike to put extra
and/or fringe benefits between an employer pressure on the labour dispute
and the employees
A trade union
A labour agreement
The labour force The number of persons usually employed or
eligible to be employed
The job The labour market
Division of labour
Labour-intensive
Permanent contract A binding contract between an employee
and employer in which both parties agree to
do business with each other for an indefinite
amount of time
Fixed term contract A contract that lasts for a certain length of
time and ends when a specific task is
completed, as opposed to permanent
contracts
Probationary period The period during which a new employee is
being watched closely to see if they are
suitable for their job
Tenure The right to remain permanently in a job She is one of the few people in English
