martes, 26 de abril de 2011

THE ECONOMICS A-Z (s-t)

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

Salary - A fixed amount of money agreed every year as pay for an employee, usually paid directly into his or her bank account every month.

Sale - An act of exchanging something for money.

Savings - The money which you keep in an account in a bank or similar financial organization.

Stock exchange - A place where parts of the ownership of companies are bought and sold, or theorganization of people whose job is to do this buying or selling.

Strike - To refuse to continue working because of an argument with an employer about working conditions, pay levels or job losses.

Supply - Totalamount of a product (good or service) available for purchase at any specified price. It is determined by: (1) Price: producers will try to obtain the highest possible price whereas the buyers will try to pay the lowest possible price both settling at the equilibrium price where supply equalsdemand. (2) Cost of inputs: lower the input price the higher the profit at a price level and more product will be offered at that price. (3) Price of other goods: lower prices of competing goods will reduce the price and the supplier may switch to switch to more profitableproducts thus reducing the supply.

Supply curve- Graph curve that normally slopes upward to the right of the chart (except in case of regressive supply curve), showing quantity of a product (good or service) supplied at different pricelevels. Customarily, the price is plotted on vertical ('Y') axis and quantity on the horizontal ('X') axis, and it is assumed that (in the short run) the price of the inputs and productivity of the production process remains unchanged. Supply curves of the individualproducts are aggregated to give a market supply curve and, when drawn together with the demand curves, show the equilibrium price at the intersection of the two curves.

Tax - An amount of money paid to the government, which is based on your income or the cost of goods or services you have bought.

Technology- Purposeful application of information in the design, production, and utilization of goods and services, and in the organization of human activities.

Trade- Commercial transaction involving the sale and purchase of a good, service, or information.

The Treasury - The government department, in Britain and various other countries, which is responsible for financial matters such as spending and tax

Trust - A monopolistic corporation, prior to the enactment of antitrust laws.

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