THE ECONOMICS A-Z (c-d)

Read the follwing definitions of vocabulary associated with Economics. Then try to find the Spanish word:

Capital - All buildings, equipment and human skills used to produce goods and services.

Choice - What someone must make when faced with two or more alternative uses of a resource (also called economic choice).

Circular flow of goods and services - A model of an economy showing the interactions between households and business firms as they exchange goods and services and resources in markets.

Command economy - A mode of economic organization in which the key economic functions--what, how, and for whom--are principally determined by government directive. Sometimes called a "centrally planned economy."

Commodity - A comparatively homogeneous product that can typically be bought in bulk.

Comparative advantage - The principle of comparative advantage states that a country will specialize in the production of goods in which it has a lower opportunity cost than other countries.

Competition - The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.

Complementary goods - Products that are used with one another.

Consumers - People whose wants are satisfied by consuming a good or a service.

Consumption - In macroeconomics, the total spending, by individuals or a nation, on consumer goods during a given period.

Corporation - A legal entity owned by stockholders whose liability is limited to the value of their stock.

Costs of production - All resources used in producing goods and services, for which owners receive payments.

Credit - The use of someone else's funds in exchange for a promise to pay (usually with interest) at a later date.

Currency - The money that is used in a particular country at a particular time.

Debt - Something, especially money, which is owed to someone else, or the state of owing something.

Deficit - The total amount by which money spent is more than money received.

Deflation - A sustained and continuous decrease in the general price level.

Demand - A schedule of how much consumers are willing and able to buy at all possible prices during some time period.

Demography - People, and the statistical study of them.

Depreciation - A fall in the value of an Asset or a currency.

Depression - A bad, depressingly prolonged Recession in economic activity.

Devaluation - A sudden fall in the value of a currency against other currencies. Strictly, devaluation refers only to sharp falls in a currency within a fixed Exchange Rate system.

Developing Countries - A euphemism for the world’s poor countries, also known, often optimistically, as emerging economies.

Disount Rate - The rate of interest charged by a Central Bank when lending to other financial institutions.

Distribution - The manner in which total output and income is distributed among individuals or factors (e.g., the distribution of income between labor and capital).

Division of labor - The process whereby workers perform only a single or a very few steps of a major production task (as when working on an assembly line.)

Durable goods - Consumer goods expected to last longer than three years.