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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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Words for Academic IELTS
account
[noun]
an arrangement according to which a bank keeps and protects someone's money that can be taken out or added to
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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
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capital gains tax
[noun]
a tax on the profit a corporation or an individual makes from selling shares or properties
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deflation
[noun]
(economics) a decrease in the amount of money in an economy, resulting in falling or unchanged prices
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fiscal year
[noun]
a period of 12 months based on which a company, government or individual does financial reporting or budgeting
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golden rule
[noun]
a fundamental principle that should be followed in order to achieve success
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income tax
[noun]
a tax paid to the government each year by a business or an individual based on their income
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liquid assets
[noun]
any item of value that can be sold easily or the amount of cash available to a company
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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
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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
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oligopoly
[noun]
(economics) a market structure in which only a few competitors are involved but none of them have the overall control
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quota
[noun]
(economics) an amount or share that each individual is entitled to receive
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shareholder
[noun]
a natural or legal person that owns at least one share in a company
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tax haven
[noun]
a country with stable economy that offers foreigners zero or near zero tax rates
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unit trust
[noun]
an investing company that facilitates investment in various businesses and provides profits paid directly to each unit owner
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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
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yield
[noun]
the total amount of something that is produced, as in agriculture or an industry
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investment
[noun]
the money that is put into a business or financial activity to gain profit
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budget
[noun]
the sum of money that is available to a person, an organization, etc. for a particular purpose and the plan according to which it will be spent
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currency
[noun]
the type or system of money that is used by a country
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to crash
[verb]
(economics) to lose value suddenly and significantly
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deposit
[noun]
(economics) an amount of money that is put into a bank account
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asset
[noun]
(usually plural) a property or an item of value that a company owns and can sell to pay its debts
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finance
[noun]
the act of managing large sums of money, especially by governments or corporations
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capital
[noun]
money or property owned by a person or company that is used for investment or starting a business
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deficit spending
[noun]
the spending of public funds provided from borrowing rather than taxation, done by a government in order to stimulate the economy
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depression
[noun]
a time of little economic activity and high unemployment, which lasts for a long time
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savings
[noun]
the amount of money that one has saved, especially in a bank
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profit
[noun]
(economics) the sum of money that is gained after all expenses and taxes are paid
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EPS
[noun]
a financial measure that indicates a company's profit in relation to each outstanding share of common stock
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half year
[noun]
a period of six months, especially used in financial contexts
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joint account
[noun]
a bank account that has two or more owners
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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
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real interest rate
[noun]
(economics) an interest rate that is adjusted in a way that removes the effects of inflation
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x-efficiency
[noun]
(economics) a company's inability to achieve maximum output from the input due to imperfect competition
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commodity
[noun]
(economics) an unprocessed material that can be traded in different exchanges or marketplaces
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