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Words for Academic IELTS - Lesson 22
Here you will learn some English words about economics, such as "deflation", "oligopoly", "budget", etc. that are needed for the IELTS exam.
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balance sheet
[noun]
a written statement that shows the assets and liabilities of a company at a specific point in time
deflation
[noun]
(economics) a decrease in the amount of money in an economy, resulting in falling or unchanged prices
golden rule
[noun]
a fundamental principle that should be followed in order to achieve success
income tax
[noun]
a tax paid to the government each year by a business or an individual based on their income
microeconomics
[noun]
(economics) the branch of economics that is concerned with the market behavior of companies and individuals in order to understand their decision-making processes
macroeconomics
[noun]
(economics) the branch of economics that studies an economy or market system at a general level and deals with the interrelation of different sectors
unit trust
[noun]
an investing company that facilitates investment in various businesses and provides profits paid directly to each unit owner
value-added tax
[noun]
a tax put on the value added to a product at each stage of the supply chain, affecting the final price which the consumer pays
yield
[noun]
the total amount of something that is produced, as in agriculture or an industry
asset
[noun]
(usually plural) a property or an item of value that a company owns and can sell to pay its debts
deficit spending
[noun]
the spending of public funds provided from borrowing rather than taxation, done by a government in order to stimulate the economy
depression
[noun]
a time of little economic activity and high unemployment, which lasts for a long time
EPS
[noun]
a financial measure that indicates a company's profit in relation to each outstanding share of common stock
net asset value
[noun]
(economics) the value of a corporation's assets that is calculated by deducing liabilities from the total market value of its shares divided by the number of outstanding shares
real interest rate
[noun]
(economics) an interest rate that is adjusted in a way that removes the effects of inflation
x-efficiency
[noun]
(economics) a company's inability to achieve maximum output from the input due to imperfect competition
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