Hello everyone! Today we’re going to learn various term in economics.
The meaning of economics itself is the study of the use of scarce resources that have alternative uses. Let’s move on to the words that are related to economics.
English Vocabulary Words for Economics
| Words | Meaning |
| Accounts | The records from all of the financial transactions, including expenses, income, and receipts of an organization or an individual owner |
| Accounting system | Is the system that used to manage income, expenses and other financial activities of a business |
| Accrued expense | Is an accounting term where the expense is recognized on the books before it has been paid |
| Accumulation | The records of mass or quantity that gathered and been acquired gradually |
| Asset | Properties that are owned by individual or company, can be used as a guarantee basis for the commitment |
| Balance sheet | Details of the asset, obligation, and the capitals from the income and expenditure balance within a certain period |
| Bank loan | Credit or financial assistance which is generally provided for business capital |
| Beginning capital | Costs that initially used to form a company or do business |
| Capital gains tax (CGT) | This is the amount of tax that is payable on the profit from the sale of a capital asset (either a property or an investment). |
| Cash flow | Costs that initially used to form a company or to start a business |
| Classifying | Is a process of categorization or grouping something. In the economics case, the grouping is usually based on the type of income or expenditure of money |
| Current value | Current value accounting is the concept that assets and liabilities be measured at the current value at which they could be sold or settled as of the current date. |
| Debt | Owing money |
| Dividend | A sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves). |
| Depreciation | Decrease in impairment or value |
| Double entry | Denoting a system of bookkeeping in which each transaction is entered as a debit in one account and a credit in another. |
| Deflation | Reduction of the general level of prices in an economy. |
| Earnings per Share (EPS) | The net income of a company, divided by its number of outstanding shares. EPS indicates a company’s profitability. |
| Expense | Cost; fee; charge |
| Fees income | Fee income is the revenue taken in from account-related charges. |
| Financial year | Certain period that determines the calculation of money |
| Fiscal year | A year as reckoned for taxing or accounting purposes. |
| Gross profit | Is the calculation of the amount of profit before it is calculated with expenses in production, distribution, etc. |
| Historical cost | Historical cost is a calculation of the value used in the accounting process, in which the asset’s value on the balance sheet is reported at its original cost as purchased by the corporation. |
| Invoice | List of goods or services that are provided, and the total costs to be paid as the bill |
| Joint account | A joint account is a bank or brokerage account shared between two or more individuals. |
| Keynesian economics | Keynesian economics is a macroeconomic economic theory of total spending in the economy and its effects on output, employment, and inflation. |
| Liquid asset | A liquid asset is something you own that can quickly and simply be converted into cash while retaining its market value. |
| Macroeconimics | The subfield of economics study that focused on the performance and behavior of the whole economic system and activities |
| Microeconomics | The other subfield from the economics study, it focused on households or the company’s behavior |
| Net asset value (NAV) | Is the value of an entity’s assets, minus the value of its liabilities. |
| Oligopoly | A name for a market which is dominated by a few sellers, and therefore has less competition. |
| Pay as you earn (PAYE) | This is a tax payment method where your taxes are deducted from your salary itself, before you receive your salary. |
| Property | Asset; property |
| Quota | Ratio; total; amount |
| Real interest rate | The current rate of interest offered by a bank, minus the rate of inflation |
| Sales | The exchange of a commodity for money; the action of selling something |
| Transaction | The action of conducting business by doing exchange between people |
| Unit trust | Organization that pools money from small investors and invests it in shares and stocks under a trust deed |
| Value-added tax (VAT) | Consumption tax for the goods and services needs |
| Worksheet | Data or paper for recording work done or in progress |
| X-Efficiency | A term that refers to the production of something at minimum possible cost |
| Yield | Produce |
| Zombie funds | Is a colloquial expression for a with-profits life insurance fund that is closed to new business. |
Keep exploring EnglishBix to learn words related to different fields.