THE ECONOMICS A-Z (g-h)

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

General Equilibrium - This is when Demand and Supply are in balance (the market is in Equilibrium) for each and every good and service in the economy.

Globalisation - A word that refers to the trend for people, firms and governments around the world to become increasingly dependent on and integrated with each other.

Goods - Objects that can satisfy people's wants.

Goodwill - An intangible asset which provides a competitive advantage, such as a strong brand, reputation, or high employee morale.

Government - National, state and local agencies that use tax revenues to provide goods and services for their citizens.

Gross domestic product (GDP) - The value, expressed in dollars, of all final goods and services produced in a year.

Gross national product (GDP) - Another measure of a country's economic performance. It is calculated by adding to GDP the Income earned by residents from investments abroad, less the corresponding income sent home by foreigners who are living in the country.

Growth - A positive change in the level of production of goods and services by a country over a certain period of time.

Households - Individuals and family units which, as consumers, buy goods and services from firms and, as resource owners, sell or rent productive resources to business firms.

Human capital - The health, strength, education, training, and skills which people bring to their jobs.

Human resources - The quantity and quality of human effort directed toward producing goods and services (also called labor).

Hyperinflation - A period of rapid inflation that leaves a country's currency virtually worthless.