THE ECONOMICS A-Z (e-f)

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

Earn - Receive payment (income) for productive efforts.

Economics - The study of how society uses its scarce resources.

Economic growth - An increase in the total output of a nation over time. Economic growth is usually measured as the annual rate of increase in a nation's real GDP.

Economic system - The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision making.

Elasticity - A measure of the responsiveness of one variable to changes in another.

Employment - When someone is paid to work for a company or organization.

Entrepreneur - One who organizes, manages, and assumes the risks of a business or enterprise.

Entrepreneurship - The human resource that assumes the risk of organizing other productive resources to produce goods and services.

Equilibrium price - The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.

Equity - Fairness and impartiality towards all concerned, based on the principles of evenhanded dealing.

Exchange - Trading goods and services with others for other goods and services or for money (also called trade). When people exchange voluntarily, they expect to be better off as a result.

Exchange rates - The rate, or price, at which one country's currency is exchanged for the currency of another country.

Exports - Goods or services produced in one nation but sold to buyers in another nation.

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Factor Cost - A measure of output reflecting the costs of the factors of production used, rather than market prices, which may differ because of indirect tax and subsidy (see GDP).

Factors of production - The ingredients of economic activity: Land, Labour, Capital and Enterprise.

Financial System - The Firms and institutions that together make it possible for Money to make the world go round.

Fiscal Policy - One of the two instruments of Macroeconomic Policy; Monetary Policy's side-kick. It comprises Public Spending and Taxation, and any other Government income or assistance to the private sector.

Fixed Costs - Production costs that do not change when the quantity of Output produced changes, for instance, the cost of renting an office or factory space. Final goods - Products that end up in the hands of consumers.

Full Employment - A term that is used in many senses. Historically, it was taken to be that level of employment at which no (or minimal) involuntary unemployment exists. Today economists rely upon the concept of the natural rate of unemployment to indicate the highest sustainable level of employment over the long run.