Simple economics terms. Basic concepts of economics - cheat sheets

EDUCATIONAL INSTITUTION OF THE FEDERATION OF TRADE UNIONS OF BELARUS INTERNATIONAL UNIVERSITY "MITSO"

DICTIONARY OF MODERN ECONOMIC TERMS

REVIEWERS:

Doctor of Economics, Professor, Head of the Department of Economic Theory and Economic Education BSPU named after Maxim Tank L. N. Davydenko; Candidate of Economic Sciences, Associate Professor of the Department of International Business of BSEU A. I. Kuradovets

Dictionary of modern economic terms/ comp. C48 A.I. Bazylev [and others]. - Minsk: International. University "MITSO", 2012. -

ISBN 978-985-497-155-1.

The dictionary contains terms and concepts of market economics used in modern economic theory and practice. The terminology covers general economic, budgetary, financial, trade, currency, and tax issues. The most important problems of international economic relations are considered: globalization, regionalization, transnational capital and international institutions, free economic zones, international transport corridors.

The dictionary is addressed to MITSO students for practical use in preparation for classes, SURS, tests, testing, course and state exams, as well as everyone interested in economic problems.

UDC 33 BBK 65ya2

ISBN 978-985-497-155-1 © International University "MITSO", 2012

INTRODUCTION

IN conditions of the transition of the Republic of Belarus to a market economy, the development of entrepreneurship and business, the formation of a socially oriented society, it is necessary to create conditions for a qualitatively new system of economic education and economic education of youth. Along with the knowledge that students receive from monographic literature, textbooks, teaching aids, they must master new terms and concepts related to the introduction of market relations. This is especially true for students of economic universities and economic specialties.

IN The educational institution of the Federation of Trade Unions of Belarus International University “MITSO” provides training in the following specialties: “Management”, “Economics of Enterprise Management”, “Marketing”, “Finance and Credit”, “Logistics”, “ World economy».

Students of these specialties need to know not only the essence of the basic economic terms that characterize market economy, but also new content of known concepts. The Dictionary of modern economic terms compiled by teachers of the Department of World Economy and Finance of the FPB International University "MITSO" can help students master modern economic terminology.

The main task of the Dictionary is to assist university students in preparing for practical and seminar classes, SURS, tests, testing, tests, coursework and state exams.

IN The dictionary lists in alphabetical order the basic concepts and terms of economics, economic doctrines, economic models, property relations, and basic concepts of a market economy.

Terminology on microeconomics is given, including such concepts as demand, supply, market equilibrium, elasticity of supply and demand, and legal forms of enterprises. Considerable attention is paid to the interpretation of macroeconomic terms: national economy; national accounting system; forms of national product; national wealth; aggregate supply and demand; macroeconomic instability; money market; fiscal and monetary policy. In the conceptual aspect, finance, the state budget and its functions, taxes, etc. are considered.

The work of the Department of World Economy and Finance in publishing the Dictionary was carried out on the basis of taking into account its core specialties “Finance and Credit” and “World Economy”. In this regard, it presents models of words that are most important in their functioning in the modern economic sphere: finance, banks and business; borrowing and lending; asset Management; securities market, etc.

IN The dictionary examines the basic concepts of international economic relations that arise between states, regions, companies, financial groups and other participants in economic processes. Basic concepts covered international relations both separately in the financial, commercial, production sense, and in terms of economic, including labor relations.

IN In the modern world, globalization is particularly relevant

And regionalization of international economic relations. The dominant role in establishing the world economic order belongs to transnational capital and international institutions, among which economic interest represented by the World Bank and the International Monetary Fund (IMF). As a result of the international division of labor, world poles of economic and technological development were formed (North American, Western European and Asia-Pacific). Reflected in the Dictionary actual problems international economic relations: creation of free economic zones and international transport corridors; internet economics; private and foreign investments, which are becoming increasingly important in economic development. The most common terms and economic concepts associated with market relations are also included.

, Candidate of Economic Sciences, Professor;

, Master of Economic Sciences, senior lecturer;

, Candidate of Historical Sciences, Associate Professor;

, Candidate of Economic Sciences, Associate Professor;

, Master of Economic Sciences, senior lecturer.

ABANDON - renunciation of debt claims, voluntary renunciation of property, withdrawal from a transaction by paying a fine; waiver by the policyholder of his rights to the insured property in favor of the insurer for the purpose of

receiving from him the full insurance amount.

ABSOLUTELY INELASTIC DEMAND - the amount of demand

sa, which does not change with changes in price.

ABSOLUTELY ELASTIC DEMAND - the slightest reduction in price, which leads to an increase in the quantity demanded to infinity.

ABSOLUTE IMPRIORITY- a situation when the population or part of it is able to satisfy the most minimal needs for food, clothing and housing, i.e., needs that ensure the maintenance of life.

ABSOLUTE AND COMPARATIVE ADVANTAGE IN INTERNATIONAL TRADE THEORY - the teachings of the classics of English political economic thought Adam Smith and David Ricardo. According to Smith, absolute advantages in international trade are created by a country's ability to produce any the product is produced more efficiently (per unit cost) than in another country. The benefits are determined by the difference in absolute production costs (the number of people required to produce a unit of good) in each country. Ricardo considered Smith's position to be correct, but a special case. Having an absolute advantage does not necessarily mean that it is efficient to export that good to another country that may have a comparative advantage in production. A country should specialize in the production and export of those goods that can be produced at relatively low cost. Imports should be dominated by goods with relatively high production costs. The resulting structure foreign trade should be determined by comparative rather than absolute advantage.

ABSTRACTING- abstraction from the unimportant, highlighting the most important facts and relationships in the economy.

AVAL - a bill of exchange guarantee, by virtue of which the avalist who gave it assumes responsibility for the fulfillment of obligations by any of the persons obligated under the bill (acceptor, drawer, endorser). A. may be accepted for the entire amount of the bill or for part of it.

PREPAID EXPENSE - sum of money or other value issued in advance against future payments for property, work performed and services rendered.

ADVANCE - an economic transaction in which cash, spent on production, go through various phases of the circulation of value, returning to their starting point with an increment in the form of the value of the surplus product.

ADVICE - an official notice of changes in the state of mutual settlements, transfer of money, sending of goods, etc., sent by one counterparty to another. Banks notify their clients with the help of A. about debit and credit entries on accounts, account balances, payment of transfers, issuance of a check, and opening of a letter of credit. The A. usually indicates its number, date of departure, content of the transaction, amount, payer, recipient, their account numbers and other data.

AUTARKY [gr., self-satisfaction] - political-economic isolation of the state aimed at creating a closed national economy, i.e. reliance on its own resources. Economic autarky is the independent development of an economy that ignores the international division of labor and international trade.

AUTOMATIC ADJUSTMENT - macroeconomics

ical adjustment as a result of economic laws.

AUTOMATIC STABILIZERS - economic mechanisms that automatically reduce the amplitude of fluctuations in income and prices, softening the reaction of the level of gross national product to changes in aggregate demand without any direct intervention by government, firms or individuals. One of the most important stabilizers is a progressive income tax.

AUTOMATIC EFFECTS- changes in income not directly dependent on the government due to changes in the tax base. For example, an increase in the cost of imports leads to an increase in revenue from import duties.

AUTONOMOUS INVESTMENTS- planned joint

capital investment expenditures independent of the level of income in the economy.

HOLDINGS - 1. assets (cash, checks, bills, transfers, letters of credit), through which payments are made and obligations are repaid; 2. deposits of individuals and organizations in banks, which they can dispose of; 3. bank funds in foreign currency, securities and gold, stored in foreign banks.

TAX AGENT - a person who is entrusted with the responsibility for calculating and paying taxes to the budget.

TRADE AGENT - a legal entity or individual who performs legal actions (concluding transactions) at the expense and in the interests of another person (principal).

EMPLOYMENT AGENCY - enterprise, activity

acting as an agent on behalf of companies seeking workers and on behalf of people seeking employment. Compiles lists of vacancies provided by potential employers, lists of job seekers. In addition, may advertise jobs and recruit staff.

MONEY UNIT- types of money and funds that differ from each other in the degree of liquidity, i.e., the ability to quickly convert into cash.

AGGREGATION - consolidation economic indicators by combining them into single group. It is carried out by summing, grouping or other methods of reducing particular indicators into generalized ones.

ADAPTATION - adaptation of the economic system and its individual subjects, workers to changing conditions external environment, production, labor.

AD VALORITY - cost, calculated in the form of a fixed percentage of the total cost of the goods, transaction (tax, commission, customs duty, etc.).

ADMINISTRATIVE COMMAND SYSTEM - a system of managing the country's economy, in which the dominant role belongs to distributive, command methods and power is concentrated in the central governing body, in the bureaucratic apparatus. It is characterized by purposeful directive planning. It contradicts the democratic principles of management and impedes the development of the free market, competition, and entrepreneurship.

ADMINISTRATIVE-TERRITORIAL DIVISION -

division of the territory of the state into regions, districts, provinces, provinces, departments, etc., in accordance with which the system is built and functions local authorities government controlled.

ADMINISTRATIVE METHODS OF MANAGEMENT - capable

methods and forms of management, which are based on bare administration, management based on orders, instructions issued from above the installation.

ASIA-PACIFIC ECONOMIC CO-

COOPERATION (APEC)- a regional grouping created in 1989. The association includes the states of the Pacific Ocean,

very different in level of socio-economic development. In 1995, a Program was adopted providing for the creation of a free trade and investment zone by 2010 for industrialized countries and by 2020 for developing countries.

ACQUISITOR - an insurance worker engaged in concluding new and renewing prematurely terminated contracts.

AQUITENS is a document that releases you from financial liability.

LETTER OF CREDIT - an order from a bank to one or more banks to make, by order and at the expense of the client, payments to an individual or legal entity within the specified amount on the terms specified in the letter of credit.

ACCUMULATION - accumulation, collection.

ACT is an official document that has legal force. AUDIT ACT - an official document by which the

the results of a survey of financial- economic activity organizations, firms by the body conducting the audit.

ACTIVE OPERATIONS OF BANKING - operations through which banks allocate the resources at their disposal.

ASSETS - a set of property rights (property) owned by an individual or legal entity in the form of fixed assets, intangible assets, tangible inventories, cash, financial investments; the left side of the company's balance sheet.

ASSETS OF THE ENTERPRISE- property of the enterprise, consisting of material, financial, non-property assets. The tangible assets of an enterprise include land plots (both owned and used), buildings and structures for production and non-production purposes, other buildings and structures on the balance sheet of the enterprise, equipment, inventory, raw materials, products, etc. Financial assets of the enterprise include cash, bank deposits, deposits, checks, investments in other securities, commercial loans, shares in other commercial organizations, portfolio investments in shares of other enterprises, etc. Non-property assets of an enterprise - rights to designations that individualize the enterprise, its products, works and services (company name, trademarks, service marks, other exclusive rights).

FINANCIAL ASSETS- a set of financial instruments accumulated as of a certain date by legal entities and individuals (cash on hand, checks, monetary documents, securities, etc.).

ACTUARY CALCULATIONS- a system of mathematical and statistical calculations used in insurance. Reflect the mechanism of formation and expenditure of the insurance fund in long-term insurance operations related to the life expectancy of the population. A. r. are based on determining the probability of an insured event

V depending on the age of the insured. Tariff rates are determined based on actuarial calculations.

ACCEPTANCE is one of the forms of obligations to carry out non-cash payments between economic entities for products supplied, services provided or work performed, which provides for obtaining the buyer’s consent to pay for the products.

ACCEPTANT - a person who accepted the offer and thereby consented to the conclusion of the contract.

EXCISE tax is a type of indirect tax, mainly on consumer goods, as well as services. A. is included in the price of goods or tariffs for services and is transferred to the state budget.

SHAREHOLDER - a participant in a commercial organization created

V form of a joint stock company, owning shares of this company, which confirm the size of its contribution to authorized capital. The rights and obligations of shareholders, including the right to participate in the management of a joint-stock company, as well as to receive dividends, are determined by the legislation on joint-stock companies, as well as the company’s charter.

JOINT-STOCK COMPANY- commercial organization

V in the form of a business company, the authorized capital of which is divided into a certain number of shares having the same par value. Participants in a joint stock company (shareholders) are not liable for the company’s obligations and bear the risk of losses associated with activities of the company, within the value of the shares they own. Shareholders who have not fully paid for the shares bear joint liability for the obligations of the joint stock company to the extent of the unpaid portion of the value of the shares they own.

SHARE - a perpetual issue-grade security, indicating a contribution to the authorized capital of a joint-stock company and certifying the rights of its owner to participate in the management of this company, receiving part of its profit in the form of dividends and part of the property

or its value after settlement with creditors in the event of liquidation of the joint stock company. A. can be issued simple (ordinary) and privileged.

PRIVILEGED SHARE- a security that gives its owner the right to receive a dividend as a fixed percentage, a share of ownership upon liquidation of the company, but does not give the right to vote in the management of the company.

A SIMPLE SHARE, and a common share, is a security certifying the owner’s rights to receive part of the company’s profit in the form of a dividend, to participate in the management of the company and to a share of ownership of the joint-stock company upon its liquidation.

ALIENATION - alienation, mortgage, sale, transfer. ALTERNATIVE PRICE- work time required to produce a unit of one good, expressed in terms of labor

the time required to produce a unit of another good.

OPPORTUNITY COSTS A l t e r n a t i n e v e r d o r e g -

k and, price of choice - the amount of goods that must be given up in order to obtain another good. Opportunity Cost of any resource, good or service is the cost of the next best alternative.

TAX AMNESTY- release of the person who committed a tax violation from liability for this violation.

DEPRECIATION - a gradual decrease in the value of fixed assets (structures, machinery, equipment) due to their wear and tear, as well as the gradual transfer of the value of fixed assets to manufactured products in order to accumulate funds for their renewal; the gradual repayment of debt by an individual or organization through periodic payments or redemption of obligations; recognition of a debt obligation as invalid due to its loss or theft.

ANALYSIS - 1. dividing the object of study into individual elements, into simpler economic phenomena and processes; 2. highlighting the essential aspects of phenomena and processes.

BALANCE SHEET ANALYSIS - a comprehensive assessment of the balance sheet, profit and loss accounts, as well as the report on the state of the organization (company) and appendices to the report.

ANALYTICAL METHOD- general term, meaning a set of particular methods for studying economics, including analysis and synthesis, abstraction, the assumption “all other things being equal”,

Aval

A bill of exchange guarantee in respect of which bill of exchange law is applied. This guarantee means a guarantee of full or partial payment of the draft if the debtor fails to fulfill his obligations on time. The aval is given on the front side of the bill and is expressed by the words: “Count as aval” or any other similar phrase and is signed by the avalist. Aval is given for any person responsible for the bill, so the avalist must indicate for whom he gives guarantee. In the absence of such an indication, the aval is considered to be issued to the drawer, i.e. not for the debtor, but for the creditor. The avalist and the person for whom he vouches are jointly and severally liable. Having paid the bill, the avalist acquires the right of recourse to the person for whom he issued the guarantee, as well as to those who are obliged to this person.

Prepaid expense

A sum of money issued against upcoming payments for material assets, work performed and services rendered.

Advice

In banking, commercial, accounting practice - a notice sent by one counterparty to another about changes in the state of mutual settlements or about the transfer of funds or the sending of goods. An advice note, as a document, has a legal nature.

Assets

Property of enterprises, which includes fixed assets, other long-term investments (including intangible assets), working capital, financial assets.

Acceptance

The agreement of the obligated person to pay the payment request and thus make settlements with the product supplier as provided for in the contract. The acceptance form of payment involves the presentation for payment for the supplied products of a payment request issued by the supplier of the goods.

Excise tax

An indirect tax included in the price of a product and paid by the buyer. The law of the Russian Federation establishes the procedure for imposing excise taxes on sold wine and vodka products, ethyl alcohol and food raw materials (except for those sold for the production of alcoholic beverages and wine products, beer, tobacco products, tires, passenger cars, trucks with a carrying capacity of up to 1.25 tons, jewelry, diamonds, crystal products, carpets and rugs, fur products, as well as clothing made of genuine leather).

Stock

Securities issued by joint-stock companies and indicating the share of the owner (holder) in the capital of this company, giving their owner the right to receive profit in the form of a dividend, and also, depending on the type, capable of giving voting rights on general meeting shareholders (simple registered). This type of equity securities is not issued by government agencies; they are issued only by industrial, commercial and financial corporations. The price at which a share is sold on the market is called the share price.

Auditing activities

Activities of independent non-departmental financial control. Audit (independent financial control) is carried out by specialized audit firms and services. Audit firms provide control and consulting services to all enterprises and organizations on a paid basis. Audit firms are independent organizations designed to help improve the quality of control and its objectivity.

Correspondent banks

Banks that, on the basis of a correspondent agreement, carry out each other’s orders for payments and settlements through specially opened accounts or through accounts of correspondent banks in a third bank.

Bank guarantee

A written obligation given by a bank or other credit institution, or an insurance organization (guarantor), at the request of another person (principal), to pay the principal's creditor (beneficiary), in accordance with the terms of the obligation given by the guarantor, a sum of money upon presentation by the beneficiary of a written demand for its payment. The bank guarantee ensures the proper fulfillment by the principal of his obligation to the beneficiary (principal obligation). For issuing a bank guarantee, the principal pays a fee to the guarantor. The bank guarantee comes into force from the date of its issue, unless otherwise provided in the guarantee. The obligation of the guarantor to the beneficiary provided for by a bank guarantee does not depend in the relations between them on the main obligation to secure the fulfillment of which it was issued, even if the guarantee contains a reference to this obligation.

Bank transfer

An order from one person (the transferor) to the bank to transfer a certain amount in favor of another person (the transferee). The bank that has accepted the transfer order executes it through its correspondent.

Bankruptcy

The debtor’s inability to satisfy creditors’ demands for payment for goods (works, services), including the inability to ensure mandatory payments to the budget and extra-budgetary funds.

Barter deal

A non-currency, but valued and balanced exchange of goods, formalized by a single agreement (contract).

Cashless payments

Settlements between organizations made by the bank transferring the amount from the account of the debtor organization to the account of the creditor organization according to payment documents in a non-cash manner. Payments can be made with the consent (acceptance) of the payer and on his instructions.

Commodity exchange

A commercial enterprise, a regularly functioning market for homogeneous goods with certain characteristics.

Stock exchange

An organized and regularly functioning market for the purchase and sale of securities. The main functions of the stock exchange are the mobilization of temporarily free funds through the sale of securities and the establishment of the market value of securities.

Budget

The form of formation and expenditure of the fund of funds intended for financial security tasks and functions of the state and local government; an economic category represented by monetary relations that arise between the state and legal entities and individuals regarding the redistribution of national income in connection with the formation and use of the country's budget fund intended to finance the national economy, socio-cultural needs, defense needs and public administration.

Consolidated budget

Consolidation of budgets of all levels budget system Russian Federation on the relevant territory.

Budget deficit

The excess of budget expenditures over its revenues.

Budget revenues

Funds received free of charge and irrevocably in accordance with the law Russian Federation at the disposal of state authorities of the Russian Federation, state authorities of constituent entities of the Russian Federation and local governments.

Budget surplus

The excess of budget revenues over its expenses.

Budget expenses

Funds allocated to financially support the tasks and functions of the state and local government.

Budget list

A document on the quarterly distribution of budget income and expenses and receipts from sources of financing the budget deficit, establishing the distribution of budget allocations between recipients of budget funds and compiled in accordance with the budget classification of the Russian Federation.

Budget system

Based on economic relations and legal norms, the totality of all types of budgets in the country that have relationships established by law with each other. The unity of the budget system is based on the interaction of budgets at all levels, carried out through the use of regulatory revenue sources, the creation of target and regional budget funds, and their partial redistribution. This unity is realized through a unified socio-economic, including tax, policy.

Budget system of the Russian Federation

Based on economic relations and the state structure of the Russian Federation, regulated by the rules of law, the totality of the federal budget, budgets of the constituent entities of the Russian Federation, local budgets and budgets of state extra-budgetary funds.

Budget loan

Budget funds provided to another budget on a repayable, gratuitous or reimbursable basis for a period of no more than six months within a financial year.

Budget structure

Based on economic relations and legal norms, the totality of all types of budgets in the country. The main document in building the budget system is the Constitution of the Russian Federation.

Budget law of the Russian Federation

A set of legal norms (mandatory rules of conduct) delimiting the scope of various budgets (for example, regional, regional, city, district, rural, township), defining the powers of individual government bodies in issuing a budget law, regulating the procedure for the preparation and implementation of this law.

Budget regulation

A system of redistribution of funds, consisting in the transfer of part of the resources of a higher budget to a lower one for the purpose of balance. The regulatory mechanism includes: subsidies; subventions; regulating income sources. Budgetary regulation is integral part budget process.

Budget device

The set of principles on which the organization of the budget system is based.

Budget allocations

Budget funds provided for by the budget schedule to the recipient or manager of budget funds.

Budget loan

A form of financing budget expenditures, which provides for the provision of funds to legal entities on a repayable and reimbursable basis.

Budget process

The activities of state authorities, local self-government bodies and participants in the budget process, regulated by legal norms, in the preparation and consideration of draft budgets, draft budgets of state extra-budgetary funds, approval and execution of budgets and budgets of state extra-budgetary funds, as well as monitoring their implementation.

Currency

A monetary unit used to measure the value of goods, the concept of “currency” is used in the following meanings: the monetary unit of a given country (US dollar, Japanese yen), banknotes of foreign countries, as well as credit and payment instruments used in international payments, and international ( regional) monetary unit of account and means of payment (transferable ruble, EURO).

Freely convertible currency

A currency that can be freely and unrestrictedly exchanged for other foreign currencies.

Currency payments

System for organizing and regulating payments for monetary claims and obligations in foreign currency arising during the implementation of foreign economic activity. Payments can be made in cash or on credit, i.e. with installment payment. Cash payment represents full payment for the goods before the due date or at the moment the goods or documents of title are transferred to the buyer’s disposal. Payment on credit or payment by installments has two forms: commercial credit (loan from the exporter to the importer) and advances from the importer to the exporter.

Exchange rate

The price of a monetary unit of a given national currency, expressed in monetary units of another country's currency.

Bill of exchange

A security certifying the unconditional obligation of the drawer (promissory note) or another payer specified in the bill of exchange (bill of exchange) to repay the borrowed sums of money upon the maturity of the bill of exchange; the relations of the parties to the bill of exchange are regulated by the law on bills of exchange and promissory notes. The Law of the Russian Federation “On the monetary system of the Russian Federation” (Article 13) considers a bill of exchange to be a payment document used in non-cash payments. Russia adheres to the Uniform Bill of Exchange Law, adopted in 1930 in Geneva.

Bill of exchange credit

A loan issued by issuing a bill of exchange to the importer, who accepts it upon receipt of shipping and payment documents.

Off-budget funds

A specific form of redistribution and use of financial resources attracted to finance certain public needs and used comprehensively on the basis of the organizational independence of funds.

Government loans

Credit relations between the state and legal entities and individuals, as a result of which the state receives certain amounts of money for certain period for a certain fee, are carried out in the form of the sale of government securities, loans from extra-budgetary funds and in the procedure of obtaining loans from banks.

Government spending

Part of the financial relations, which is determined by the use of state revenues in connection with the implementation of its functions: security; defense; foreign economic relations; social; managerial.

Public finance

Monetary relations regarding the distribution and redistribution of the value of the social product and part of the national wealth, associated with the formation of financial resources at the disposal of the state and its enterprises and the use public funds for the costs of expanding production, meeting the socio-cultural needs of society, defense and management needs. State budget revenues consist of many sources and revenues. The totality of all types of state revenues, which is formed by various methods, constitutes the state revenue system.

State extra-budgetary fund

The form of formation and expenditure of funds generated outside the federal budget and the budgets of the constituent entities of the Russian Federation.

State loan

Monetary relations arising between the state and legal entities and individuals in connection with the mobilization of temporarily free funds at the disposal of public authorities and their use to finance public expenditures.

Devaluation

Decrease in the exchange rate of a national or international (regional) currency in relation to the currencies of another country. Very often, devaluation reflects the depreciation of foreign currency as a result of inflation.

Denomination

Enlargement of the national monetary unit by exchanging old banknotes for new ones according to an established ratio in order to streamline monetary circulation, facilitate accounting and settlements in the country with simultaneous recalculation (in the same ratio) of prices, tariffs, wages and etc.

Depository

An organization conducting depository activities.

Depository activities

Providing services for storage (deposit) of securities, as well as “service of securities”, i.e. execution of the depositor's instructions to exercise the rights certified by the securities.

Deport

An exchange transaction for a period concluded on a stock exchange in the expectation of a decrease in the price of securities in order to obtain an exchange rate difference.

Deflation

Withdrawal by the state from circulation of part of the circulating surplus funds in order to reduce inflation.

Bank deposit agreement

An agreement under which one party (the bank), having accepted a sum of money (deposit) received from the other party (depositor) or received for it, undertakes to return the deposit amount and pay interest on it under the conditions and in the manner prescribed by the agreement. A bank deposit agreement in which the depositor is a citizen is recognized as a public contract. The rules on the bank account agreement apply to the relationship between the bank and the depositor on the account to which the deposit is made, unless otherwise provided by the rules of this chapter or follows from the essence of the bank deposit agreement.

Bank account agreement

An agreement under which the bank undertakes to accept and credit funds received to the account opened for the client (account owner), carry out the client’s orders to transfer and withdraw the corresponding amounts from the account and carry out other operations on the account. The bank can use the funds available in the account, guaranteeing the client’s right to freely dispose of these funds. The bank does not have the right to determine and control the direction of use of the client’s funds and establish other restrictions on his right to dispose of funds at his own discretion not provided for by law or the bank account agreement.

State loan agreement

An agreement under which the borrower is the Russian Federation, a subject of the Russian Federation, and the lender is a citizen or legal entity. Government loans are voluntary. A government loan agreement is concluded through the acquisition by the lender of issued government bonds or other government securities, certifying the lender’s right to receive from the borrower the funds loaned to him or, depending on the terms of the loan, other property, established interest or other property rights within the time limits provided for by the conditions issuing a loan into circulation. Changing the terms of a loan issued in circulation is not allowed. The rules on public loan agreements apply accordingly to loans issued by a municipality.

Loan agreement

An agreement under which one party (the lender) transfers into the ownership of the other party (the borrower) money or other things determined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things of the same kind received by him and quality. The loan agreement is considered concluded from the moment the money or other things are transferred. A loan agreement between citizens must be concluded in writing if its amount exceeds at least ten times the minimum wage established by law, and in the case where the lender is a legal entity - regardless of the amount. In confirmation of the loan agreement and its terms, a receipt from the borrower or another document certifying the transfer by the lender of a certain amount of money or a certain number of things to him may be presented.

Surety agreement

An agreement under which the guarantor undertakes to be responsible to the creditor of another person for the latter’s fulfillment of his obligation in whole or in part. A surety agreement can also be concluded to secure an obligation that will arise in the future. The guarantee agreement must be concluded in writing. Failure to comply with the written form entails the invalidity of the guarantee agreement. In case of non-fulfillment or improper fulfillment by the debtor of the obligation secured by the guarantee, the guarantor and the debtor are jointly and severally liable to the creditor, unless the law or the guarantee agreement provides for the subsidiary liability of the guarantor.

Public external debt

Debt obligations of the Government of the Russian Federation to foreign states or international organizations, expressed in foreign currency.

State domestic debt

Debt obligations of the Government of the Russian Federation, expressed in the currency of the Russian Federation, to legal entities and individuals, unless otherwise stated regulations Russian Federation. Legal forms debt obligations are loans received by the government, government loans obtained through the issuance of securities on behalf of the Government of the Russian Federation, other debt obligations guaranteed by the Government of the Russian Federation.

Debtor, debtor enterprise

An enterprise that does not fulfill or in the near future will not be able to fulfill its obligations to creditors. The legislation of the Russian Federation introduced the concept of an insolvent debtor (bankrupt).

Subsidies

Budget funds provided to the budget of another level of the budget system of the Russian Federation on a gratuitous and irrevocable basis to cover current expenses.

Secured income

Revenues that are transferred in whole or in part to a certain type of budget.

Pledge

A civil action that gives the right to the creditor under the obligation secured by the pledge (pledgee), in the event of failure of the debtor to fulfill this obligation, to receive satisfaction from the value of the pledged property preferentially before other creditors. The pledgee has the right to receive, on the same basis, satisfaction from the insurance compensation for loss or damage to the pledged property, regardless of whose benefit it is insured, unless the loss or damage occurred for reasons for which the pledgee is responsible. The pledge of land, enterprises, buildings, structures, apartments and other real estate (mortgage) is regulated by the mortgage law. A pledge arises by virtue of a contract. A pledge also arises on the basis of law upon the occurrence of the circumstances specified therein.

Investment fund

An intermediary who, by issuing securities, attracts privatization certificates and funds from citizens for their subsequent investment in privatization objects, real estate and securities of other joint-stock companies. There are open and closed types of investment funds. Open-ended investment funds sell their securities with the obligation to buy them back at the first request of investors. Closed-end investment funds issue their securities with the obligation to redeem them at the end of the period for which the fund was established.

Investors

Business entities (government bodies that direct funds to cover urgent and long-term needs), persons who own securities by right of ownership (owners) or other property rights (owners).

Endorsement

Its essence is that on the reverse side of the bill or additional sheet (allonge) an endorsement is made, through which the right to receive payment is transferred to another person along with the bill. The person who transfers the bill by endorsement is called the endorser, and the person who receives it is called the endorser. The act of transferring a bill of exchange is called endorsing or indorsing. Endorsement can be made in favor of any person, including even in favor of the payer or drawer. It should be simple and unconditional. Partial endorsement, i.e. transfer of only part of the bill amount is not permitted. The endorser is responsible for acceptance and payment. He can relieve himself of responsibility by writing “No recourse to me.”

Collection

A form of payment in which the bank (issuing bank) undertakes, on behalf of the client, to carry out actions at the client’s expense to receive payment and (or) acceptance of payment from the payer. The issuing bank that has received the client’s order has the right to attract another bank (executing bank) to carry it out. The procedure for making collection payments is regulated by law, the banking rules established in accordance with it and the business customs used in banking practice.

Limitation of actions

Time limit for protecting the right to a person’s claim. whose right has been violated. The general limitation period is set at three years. For certain types of claims, the law may establish special limitation periods, shorter or longer than the general period. The limitation period, in particular, does not apply to depositors’ claims to the bank for the issuance of deposits.

Commercial banks

Private and public banks that carry out universal lending operations to industrial, commercial and other enterprises, mainly at the expense of the monetary capital that they receive in the form of deposits.

Commercial loan

Loan provided in commodity form sellers to buyers in the form of deferred payment for goods sold. It is provided against the obligation of the debtor (buyer) to repay both the principal amount and the accrued interest within a certain period of time. There are five main ways to provide a commercial loan: bill method; open account; discount provided payment is made within a certain period of time; seasonal loan; consignment.

Bankruptcy estate

The property of the debtor, which may be foreclosed upon during bankruptcy proceedings.

Bankruptcy proceedings

A procedure aimed at the forced or voluntary liquidation of an insolvent enterprise (i.e. bankrupt).

Bankruptcy creditor

An individual or legal entity that has property claims against the debtor and is not a holder of security rights.

Consignment

A method of lending in which a retailer can simply obtain inventory without obligation. If the goods are sold, then payment will be made to the manufacturer, and if not, the retailer can return the goods to the manufacturer without paying a penalty. Consignment is usually used when selling new, atypical goods, the demand for which is difficult to predict. An example is the practice of producing and selling new textbooks for institutions. Book publishers send their books to bookstores at institutions with the condition of their return if they are not sold.

Loan agreement

An agreement under which a bank or other credit organisation(lender) undertake to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it. The loan agreement must be concluded in writing. Failure to comply with the written form entails the invalidity of the loan agreement. Such an agreement is considered void. The lender has the right to refuse to provide the borrower with the loan provided for in the loan agreement in whole or in part if there are circumstances clearly indicating that the amount provided to the borrower will not be repaid on time. The borrower has the right to refuse to receive a loan in whole or in part by notifying the lender before the deadline established by the agreement for its provision, unless otherwise provided by law, other legal acts or the loan agreement. If the borrower violates the obligation for the intended use of the loan provided for in the loan agreement, the lender also has the right to refuse further lending to the borrower under the agreement.

Leasing

It is a special form of financial investment for the purchase of equipment, durable goods or real estate. Participants in leasing operations are, as a rule, three parties: the enterprise - the manufacturer of the leased object; leasing company- lessor; as well as the enterprise - the tenant (lessee).

Broker

An intermediary in concluding transactions on stock and commodity exchanges, who acts on behalf of clients and at their expense.

Minimum budgetary provision

The minimum acceptable cost of state or municipal services in monetary terms provided by state authorities or local governments per capita at the expense of the relevant budgets.

Minimum state social standards

Public services, the provision of which to citizens on a gratuitous and irrevocable basis through funding from the budgets of all levels of the budget system of the Russian Federation and the budgets of state extra-budgetary funds, are guaranteed by the state at a certain minimum acceptable level throughout the Russian Federation.

Tax

A mandatory, individually gratuitous payment levied on organizations and individuals in the form of alienation of funds belonging to them by right of ownership, economic management or operational management, for the purpose of financial support for the activities of the state and (or) municipalities. Signs of a tax: compulsory nature; gratuitousness; non-equivalence.

Tax inspections

Bodies of operational financial control. Heads the system tax authorities Ministry of Taxes and Duties of the Russian Federation. The tasks of tax services are: a) monitoring compliance with tax legislation, ensuring completeness and timeliness of contributions to the budget tax payments; b) carrying out inspections financial condition enterprises and organizations, regardless of departmental subordination and their organizational - legal form; c) control over the correct determination of taxable profit (income) in order to prevent its understatement; d) registration of all subjects, as well as real and potential objects of taxation; e) accounting, evaluation and sale of confiscated, ownerless property, property transferred to the state, treasures. Tax inspectors have the right to: receive information from organizations of various forms of ownership Required documents and information, with the exception of those that constitute a trade secret determined by law; monitor compliance with legislation on citizen entrepreneurship; inspect all premises used for generating income; suspend all operations of enterprises and citizens in case of failure to provide documents; seize documents indicating concealment of income; apply sanctions and fines; bring claims to court and arbitration for the liquidation of enterprises and recognition of transactions as invalid.

Immovable things (real estate, real estate)

Land plots, subsoil plots, other objects and everything that is firmly connected to the land, that is, objects whose movement without disproportionate damage to their purpose is impossible, including forests, perennial plantings, buildings, structures. Immovable things also include subjects state registration air and sea ​​vessels, inland navigation vessels, space objects. The law may classify other property as immovable property.

Penalty (fine, penalty)

The amount of money determined by law or contract that the debtor is obliged to pay to the creditor in the event of non-fulfillment or improper fulfillment of an obligation, in particular in case of delay in performance. Upon a claim for payment of a penalty, the creditor is not required to prove that he suffered losses. The creditor has no right to demand payment of a penalty if the debtor is not responsible for non-fulfillment or improper fulfillment of obligations.

Government bonds

Securities issued by the state in order to attract part of borrowed funds to the state budget. Income received from government securities, unlike corporate securities, has preferential taxation. Currently, the Ministry of Finance of the Russian Federation, on behalf of the Government of the Russian Federation, is attracting short-term borrowed funds from legal entities and the population under bond issues. The most common short-term loan is a loan against the issue of government short-term zero-coupon bonds (GKOs).

Corporate bonds

Mortgage bonds (backed by physical assets) unmortgaged bonds (direct debt obligations that do not create a property claim against the corporation) bonds secured by other securities of the company (backed by shares or debentures of the company) convertible bonds (give the investor the right to purchase common shares of the same company at a certain price for a certain period) income bonds (they earn interest only when income is earned).

Municipal bonds

Issued for the purpose of raising funds for the construction or repair of public facilities: roads, bridges, water supply systems, etc. They are divided into the following types of general obligation bonds (backed by the good faith of the issuer) bonds for project income (repaid from income from projects for financing of which they are issued).

Bond

A security certifying the right of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent. The bond also provides its holder with the right to receive a fixed percentage of the nominal value of the bond or other property rights.

Cash liabilities

Must be expressed in rubles. A monetary obligation may stipulate that it is payable in rubles in an amount equivalent to a certain amount in foreign currency or in conventional monetary units (ecus, for example). In this case, the amount payable in rubles is determined at the official exchange rate of the relevant currency or conventional monetary units on the day of payment, unless a different rate or another date for its determination is established by law or by agreement of the parties.

Overdraft

A negative balance on the client’s current account, which sometimes acquires the status of a loan, i.e. a form of short-term loan, the provision of which is carried out by debiting funds from the client’s account by the bank in excess of the balance in the account, resulting in the formation of a debit balance. With an overdraft, all amounts credited to the client’s current account are used to repay the debt; therefore, the volume of the loan changes as funds are received, which distinguishes an overdraft from regular loans. Interest will be charged at existing or agreed rates.

Option

The right to choose the method of fulfilling an obligation granted by one of the parties to the contract, its terms, or the right to refuse to fulfill an obligation under certain conditions.

Option loan

A loan with an option is a form of loan or debt obligation in which the lender, within certain limits, is given the right to choose repayment.

Offeror

The person making the offer.

Offer

A formal proposal to a specific person to enter into a transaction, indicating all the conditions necessary for its conclusion.

Liabilities

Liabilities (except for subventions, subsidies of own funds and other sources) of an enterprise consisting of borrowed and raised funds, including accounts payable.

Bill of exchange (draft)

Issued and signed by the creditor (drawer). It contains an order to the debtor (drawee) to pay within the specified period the amount indicated in the bill of exchange to a third party (remitee).

Payment order

The payer's order to the bank to transfer a certain amount of money to the account of the person specified by the payer in this or another bank within the period provided for by law or established in accordance with it, if more short term is not provided for by the bank account agreement or is not determined by the customs of business transactions applied in banking practice at the expense of the funds in his account.

Policy

A document from the insurance authority confirming the existence of a concluded insurance transaction.

Fees

Amounts of money collected by specially authorized institutions for actions performed in favor of an enterprise or individuals.

Company

A property complex used for business activities. In general, an enterprise as a property complex is recognized as real estate. The composition of the enterprise as property complex includes all types of property intended for its activities, including land plots, buildings, equipment, inventory, raw materials, products, claims, debts, as well as rights to designations that individualize the enterprise its products, works and services (company name, trademarks, service marks) and other exclusive rights, unless otherwise provided by law or agreement.

Profit (loss) from sales of products and goods

Defined as the difference between revenue from the sale of products (works, services) in current prices without value added tax and excise taxes, as well as for its production and sale

Promissory note (solo bill)

It is written and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at a specified time and in a certain place.

Regulatory revenues

Revenues that are intended to support the lower budget, respecting the chain of command. The list of assigned and regulating income is fixed by special tax laws and codes.

Reserves

Part of the financial resources that is intended to finance needs that arise unexpectedly and are aimed at both simple and expanded reproduction and consumption. Insurance reserves are part of the financial resources aimed at compensating for damages in insured events. Insurance financial reserves are the financial reserves of insurance companies. These reserves are needed when current funds are not enough to pay.

Decision to issue securities

A written document registered with the state registration authority and containing data sufficient to establish the scope of rights certified by the security.

Ruble

Currency of the Russian Federation, legal tender mandatory for acceptance at face value throughout the Russian Federation.

Stocks and bods market

Part of the loan capital market where the issue and purchase and sale of securities takes place. Through the securities market (banks, special credit institutions and the stock exchange), monetary savings of legal entities, individuals and the state are accumulated and directed to productive and non-productive investment of capital. There is a distinction between the primary securities market, where the issue and initial placement of securities takes place, and the secondary market, where the purchase and sale (circulation) of previously issued securities is carried out.

Savers

Legal entities and individuals accumulating funds due to the fact that expenses are less than the accumulated funds concentrated in the hands of individuals or in bank accounts (population, enterprises and the state).

Savings (deposit) certificate

A security certifying the amount of the deposit made to the bank and the right of the depositor (certificate holder) to receive, upon expiration of the established period, the amount of the deposit and the interest stipulated in the certificate from the bank that issued the certificate or from any branch of this bank. Deposits can be on demand (they give the right to withdraw certain amounts upon presentation of a certificate) and time deposits (which indicate the period for withdrawal of the deposit and the amount of interest due).

Collection

A mandatory contribution levied on organizations and individuals, the payment of which is one of the conditions for the execution in the interests of payers of fees by state bodies, local governments, other authorized bodies and official types of securities. Financial market participants: savers, investors, issuers.

Financial plan

A systemic set of measures to materially mediate the functioning of the state. It is drawn up for a period of 1 to 5 years and is included in the budget. In form, a financial plan is a statement of goals, figures and organizational proposals for the planned period. In an enterprise, planning is based on taking into account the law of value, and planning acts as an economic category. Financial plans have all the links financial system enterprises and organizations operating on a commercial basis draw up balance sheets of income and expenses, institutions carrying out non-commercial activities - estimates, cooperative organizations, public associations and Insurance companies- financial plans, government bodies - budgets of different levels. The object of financial planning is the financial activities of business entities and the state, and the final result is the preparation of financial plans, ranging from the estimate of an individual institution to the consolidated financial balance of the state. Each plan defines income and expenses for a certain period, connections with parts of the financial and credit systems (contributions to social insurance, payments to the budget, bank loan fees, etc.). Financial plans are available at all levels of the financial system; enterprises and organizations operating on a commercial basis draw up a “balance of income and expenses”, enterprises and organizations operating on a non-commercial basis draw up an “estimate”, a plan for public associations - a “financial plan”, government bodies make up the “budget” (at different levels: central, local, subjects of the Federation).

Financial return

The amount of profit received from invested resources. The main task is to reduce financial intensity and increase financial productivity in social production. It must be remembered that an important reserve for the growth of financial resources is the improved reproductive structure of financial resources and the value of the social product.

Finance

A set of objectively determined economic relations that have a distributive nature, a monetary form of expression and are materialized in cash income and savings, formed in the hands of the state and business entities for the purposes of expanded reproduction, material incentives for workers, and satisfaction of social and other needs. The condition for the functioning of finance is the availability of money, and the reason for the emergence of finance is the need of business entities and the state for resources that support their activities.

Stock Exchange

A specialized organization that brings together professional participants in the securities market, creating conditions for the concentration of supply and demand, as well as for increasing the liquidity of the market as a whole. An exchange is a specific trading organization that is subject to special rules and procedures. During the process of exchange trading meetings, the market price (rate) of the Central Bank is established using special methods, information about which, along with information about the volumes of completed transactions, becomes available to a wide range of investors. In this regard, the stock exchange can be likened to a sensitive device that signals the state of the stock market, and through it, the state of affairs in the economy as a whole.

Forfaiting

This is a credit operation in which the exporter, having received drafts (bills of exchange) accepted by the importer from the importer, sells them at a discount to a bank or specialized financial firm. When the draft payment becomes due, the importer usually repays his debt in semi-annual payments. Traditionally, large banks are usually involved in lending to foreign trade companies on the basis of forfeiting. By resorting to forfeiting, the exporter has the opportunity to additionally mobilize funds and reduce receivables. An exporter turns to the forfeiting market if he is unable to obtain a guarantee from a government institution, or his foreign trade contract is not creditworthy enough, or his own financial situation does not allow him to divert funds for a long time.

Futures, or futures contract

A standard agreement for the supply of goods in the future at a price determined by the parties when making a transaction.

Security

A document certifying, in compliance with the established form and required details, property rights, the exercise or transfer of which is possible only upon presentation. With the transfer of a security, all rights certified by it are transferred in the aggregate. In cases provided for by law, or in the manner established by it, for the exercise and transfer of rights certified by a security, it is sufficient evidence of their recording in a special register (regular or computerized). Securities include government bonds, bonds, bills of exchange, checks, deposits and savings certificates, bearer bank savings book, bill of lading, shares, privatization securities and other documents that are classified as securities by securities laws or in the manner established by them. When purchasing a security, an investor can count on at least two types income: investment and exchange rate.

Registered securities

Securities for which investor information must be available to the issuer at the security registry firm.

Bearer securities

Securities, the transfer of rights to which and the exercise of rights certified by them do not require mandatory identification of the name of the investor.

Securities circulation

Concluding civil transactions involving the transfer of ownership of securities.

Securities release form

A form of securities issue in which the investor is identified on the basis of presentation of a properly executed security certificate or, in the case of deposit of such, this certificate and an entry in the securities account.

Central banks

Banks that issue banknotes and are centers of the credit system. They occupy a special place in it and are, as a rule, government institutions.

Check

A security containing an unconditional order from the drawer to the bank to pay the amount specified in it. Only a bank where the drawer has funds that he has the right to dispose of by issuing checks can be indicated as the payer of a check. Cancellation of a check before the expiration of the period for its presentation is not permitted. The issuance of a check does not extinguish the monetary obligation for which it was issued. The form of the check and the procedure for filling it out are determined by law and the banking rules established in accordance with it.

Emission rights

A set of legal rules governing the release of money into circulation.

Emission

Issue of banknotes into circulation. On the territory of the Russian Federation, the monopoly right to issue banknotes into circulation belongs to the Central Bank of the Russian Federation.

Issuers

Legal entities that can issue securities. With the help of the financial market, the cash savings of savers are attracted to invest costs for the development of production, the implementation of state and regional target programs and other needs. An objective prerequisite is the mismatch of needs in financial resources business entities with available sources of financial resources.

Entity

An organization that has separate property in ownership, economic management or operational management and is liable for its obligations with this property can, on its own behalf, acquire and exercise property and other non-property rights, bear responsibilities, and be a plaintiff and defendant in court. Legal entities must have an independent balance sheet or estimate and be registered as legal entity. Legal entities can be organizations that pursue profit-making as the main goal of their activities (commercial organizations) or do not set profit-making as such a goal and do not distribute the profits between participants (non-profit organizations).

ADVANCE - a sum of money issued against upcoming payments for material assets, work performed and services rendered.
EXCISE TAXES - indirect taxes included in the price of goods and paid by the buyer.
SHAREHOLDER is a co-owner of an enterprise or organization created in the form of a joint-stock company, owning shares confirming the amount of his contribution to the authorized capital of the joint-stock company and giving the right to receive a dividend.
JOINT STOCK COMPANY - an enterprise or organization whose authorized capital is divided into a certain number of shares distributed among shareholders.
SHARE is a security that certifies the participation of its owner in the formation of funds of a joint-stock company and gives the right to receive a corresponding share of its profit-dividend. Shares are bought and sold, incl. on the stock exchange.
AUDIT is a control function of the correctness of financial documents.
AUCTION - alternate sale of real goods based on a buyer competition.
BANK - according to the legislation of the Russian Federation, a commercial institution that is a legal entity, which, in accordance with the law and on the basis of a license issued by the Central Bank of the Russian Federation, is granted the right to attract funds from legal entities and individuals and place them on its own behalf on the terms of repayment, payment and urgency, as well as carry out other banking operations.
BANKRUPTCY - the ruin of an economic entity, individual or legal entity in the event of its recognition as an insolvent debtor in accordance with the procedure established by law.
BARTER is a direct non-monetary exchange of goods or services.
EXCHANGE - organizational form of wholesale, incl. international trade in bulk goods that have stable and clear quality parameters (commodity exchange), or systematic transactions for the purchase and sale of securities, gold, and currency (stock exchange).

BROKER - an individual or firm engaged in intermediary in concluding transactions on the stock, commodity and currency exchanges.
EXCHANGE RATE - the price of a monetary unit of one country expressed in the monetary unit of another country.
DEVALUATION is an official decrease in the exchange rate of the national currency in relation to foreign currencies.
Dumping is the sale of goods in the markets of other countries at prices below the normal level for these countries.
MONEY SUPPLY - the total money supply that determines the national economy and is in circulation.
MONEY is a special commodity that plays the role of a universal equivalent in the exchange of goods, a product of spontaneous exchange and a form of value for all other goods.
DEPOSIT - funds or securities deposited with financial, credit, customs, judicial or administrative institutions.
PRODUCT DEFICIT - a discrepancy between product supply and demand.
DIVERSIFICATION - an increase in the number of production facilities and the range of goods (services) produced by individual enterprises in areas new to them.
DIVIDEND - part of the profit of a joint stock company, annually distributed among shareholders in accordance with the number (amount) and type of shares in their possession.
DEALER - a person (or company) carrying out exchange or trade intermediation at his own expense.
DONATION - budget allocations intended to cover planned losses or balance lower budgets.
INFLATION is an overflow of circulation channels with paper money, accompanied by their depreciation and rising prices.
CREDIT - a loan provided in cash or in kind on the terms of repayment and, as a rule, with the payment of a percentage determined by agreement between the creditor and the debtor for using the loan.
LIQUIDITY - mobility of assets of enterprises, firms, banks, suggesting the possibility of uninterrupted payment on time of credit and financial obligations and legal monetary claims.
BROKER - an intermediary between parties when concluding transactions on stock and commodity exchanges.
MARKETING - analysis and forecasting of the market situation in order to orient production and provide the best economic conditions for the sale of manufactured products.
MANAGER - manager of a company, bank, financial institution, their structural divisions; a professional in his field, vested with executive power.
MONOPOLY - the exclusive right of production, trade, etc., owned by one person, a certain group of persons or the state; generally an exclusive right to something.
MONOPSONY - a market situation in which one buyer is opposed by a large number of sellers.
STATE TAXES - mandatory payments established and collected by the state from citizens, as well as from legal entities.
PENALTY - the amount that the debtor is obliged to pay to the creditor in the event of non-fulfillment or poor performance of the obligation.
FEATURES - the officially declared value of a banknote or security, which, as a rule, does not correspond to the actual value.
OLIGOPOLY is a market situation in which a small number of fairly large sellers oppose a mass of relatively small buyers and each seller accounts for a significant part of the total supply in the market.
OLIGOPSONY is a market situation in which a fairly limited number of buyers are opposed by a large number of sellers (producers). GROSS PROFIT- the entire amount of enterprise profit before deductions and deductions.
PROLOGATION - extension of the validity period of a document. RENTIER- the owner of capital who lives on interest from lending it or on income from securities.
REVALUATION - an increase in the official exchange rate of the national currency in relation to foreign currencies. REIMPORT- purchase and import from abroad of domestic goods that have not been processed there.
MARKET is a set of socio-economic relations in the sphere of exchange, through which the sale of marketable products is carried out and the social nature of the labor contained in it is finally recognized.
SANATION is a system of measures to improve the financial position of enterprises in order to prevent their bankruptcy or to increase competitiveness. STAGFLATION- a state of the economy when stagnation or a decline in production (stagnation) is combined with increasing unemployment and a continuous rise in prices - inflation. HOLDING- a type of entrepreneurship, the essence of which is the acquisition of controlling stakes in various companies in order to establish control over their activities and receive income in the form of dividends. SECURITIES - documents containing property rights that give the right to receive a certain part of the income.

Absolute advantage in the production of product A - the presence of a certain country’s ability to produce this product with the least expenditure of resources.

Prepaid expense - the amount of funds issued in advance for upcoming payments.

Authoritarian capitalism - an economic system in which the main resources are privately owned, and the government broadly directs and regulates the economic process.

Aggregation - combining individual units or data into a single indicator.

Letter of Credit - an order from the bank to one or more banks to make, by order or at the expense of the client, payments to an individual or legal entity within the specified amount, on the terms specified in the order.

Assets - 1 . Part of the balance sheet (left side), reflecting in monetary terms the composition, placement and use of funds, grouped by their economic content2 . A set of property rights owned by an individual or legal entity.

Active operations of banks - operations of banks to place their funds (purchase of securities, issuance of loans).

Active balance of payments - balance of payments, in which the sum of a country's foreign receipts exceeds the sum of its foreign expenses and payments. The amount of this excess is called the active balance of the balance of payments.

Active trade balance - trade balance, characterized by the excess of exports of goods from a country over imports into it.

Excise tax - tax on expenses associated with the purchase of a specific product or the quantity of goods purchased.

Bearer share - a share whose forms do not contain the name of its holder. The book of registration of shares of a joint stock company records only the total number of issued bearer shares.

Shareholder - co-owner joint stock company; owner of shares giving the right to receive a certain income and to participate in business management.

Joint-Stock Company - an enterprise whose capital is divided into shares called shares. Participants in a joint stock company (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the shares they own. Joint-stock companies are open and closed.

Promotion - a security certifying the participation of its owner in the formation of funds of a joint-stock company and giving the right to receive a corresponding share of its profit - a dividend.

Preferred shares - shares that give their owner the primary right to receive income in the form of a fixed, predetermined percentage. In the event of liquidation of a joint stock company, the owners of preferred shares are returned the funds invested in the shares at their nominal price. Preferred shares do not have voting rights when making management decisions.

Ordinary shares - shares that give their holders the right to participate in the general meeting of shareholders and receive income, the amount of which depends on the actual profit of the joint-stock company.

Opportunity Cost - benefits from possible other uses of a limited resource.

Depreciation - 1. The gradual wear and tear of fixed assets and the transfer of their value as they wear out to the finished product.2 . Gradual repayment of debt through periodic payments.

Arbitrator, Arbitrator - a mediator in non-judicial disputes, disinterested in the conflict between the parties, elected by mutual agreement of the disputing parties.

Arbitration - resolution of controversial issues that are not subject to judicial review by arbitrators, as well as the state body involved in such resolution.

Rent - property rental; an agreement under which the lessor provides property to the lessee for temporary use for a certain (rent) fee.

Range - composition of products by types, types, grades, sizes, brands.

Association - association of organizations or persons to achieve an economic or other goal.

Auditor - a person (specialized organization) inspecting the financial and economic activities of an enterprise, on the basis of a contract concluded with the management of the inspected enterprise. Also performs advisory functions.

Auction - a method of sale at public auction, in which the assets being sold are acquired by the buyer who offers the highest price for them.

Base year- the year taken when constructing the price index as a basis for comparison with prices in force in other years.

Balance sheet - document accounting, which in general monetary terms gives an idea of ​​the state of affairs of firms on a certain date by comparing the funds used in the process of entrepreneurial activity on the one hand and their sources on the other.

Balance sheet profit - .

Bank - a financial intermediary whose main functions are accepting deposits and issuing loans.

Issuing bank - a bank that issues banknotes, securities, payment and settlement documents.

Correspondent banks - banks that, on the basis of a correspondent agreement, carry out instructions to each other for payments and settlements through specially opened accounts.

Banknotes - bank notes, paper notes of various denominations issued in the country.

Bank account -

Bankruptcy - insolvency of the debtor - the enterprise, a company, bank, or other organization to pay its debt obligations.

Bank account -

Bankruptcy - the insolvency of the debtor - an enterprise, home, bank, or other organization - to pay its debt obligations.

Barter deal - a commodity exchange transaction with the transfer of ownership of goods without payment in money.

Exit barriers - factors preventing a company from moving production to another industry, for example, the availability of specialized fixed capital.

Unemployment - a socio-economic situation in which part of the active, working-age population cannot find work that these people are capable of performing. Unemployment due to an excess of the number of people wanting to find work over the number of available jobs that correspond to the profile and qualifications of applicants for these places. Unemployed are considered able-bodied citizens looking for work, registered at the labor exchange and who do not have a real opportunity to get a job in accordance with their education, profile, and work skills. It is customary to highlight frictional unemployment, due to the fact that at any given time in the economy there are people in the process of changing jobs; structural unemployment caused by structural changes in the economy; cyclical unemployment, which is caused by a general reduction in job vacancies due to the economic downturn.

Business - economic activity for the purpose of making profit.

Burma - a state or joint-stock organization that provides premises, certain guarantees, settlement and information Services for transactions with securities, goods, receiving commissions from transactions for this and imposing certain restrictions on trading. Organizes wholesale, including international, trade in mass goods that have stable and clear quality parameters (commodity exchange), or systematic transactions for the purchase and sale of securities (stock exchange), currency (currency exchange).

Labor exchange - a government agency that acts as an intermediary between employers and employees.

Exchange Bulletin - a periodical body of the exchange, which publishes (usually daily): on stock exchanges- rates of securities, for commodities - prices of goods and information about concluded transactions. It uses a set of special abbreviations.

Benefits - any means that bring benefit, that is, satisfying any needs. There are free and economic benefits.

Welfare - the measure, the degree of provision of people with vital goods and means of subsistence. Welfare characterizes people's standard of living.

Bretton Woods system - international monetary system created after II World War II, within the framework of which measures were taken to regulate exchange rates, the International Monetary Fund contributed to the stabilization of foreign exchange rates, and gold and the dollar were used as international foreign exchange reserves.

Broker - an official intermediary in concluding transactions between buyers and sellers of goods, securities, currencies and other valuables on stock and commodity exchanges, foreign exchange markets. Has a place on the exchange, enters into transactions on its own behalf on behalf and at the expense of the client, receiving remuneration for its services (brokerage commission), the amount of which is regulated by the exchange committee.

Accounting costs -

Accounting - a system for accounting for resources and results of financial and economic activities of enterprises, carried out according to accepted rules using established document forms.

Budget - monetary value a balanced estimate of income and expenses for a certain period. If expenditures exceed revenues, then the budget runs a deficit. The excess of income over expenses forms a positive budget balance.

Fiscal policy - use of state budget revenues and expenses for regulatory influence on the economy.

Budget period - the period during which the approved budget is valid. It is usually equal to 12 months and coincides with the calendar year. In cases where the budget year does not begin on January 1 (and this is not uncommon), the term “fiscal year” can be used. For example: 23.03. Afghanistan, Iran; 04. Great Britain, Israel, India, Canada, Lebanon. Singapore, South Africa, Japan; 1. 06. Jordan: 1. 0 7. Australia, Egypt, Laos, Pakistan, Saudi Arabia, USA (in most states), Sweden; 8.07. Ethiopia; 16.07. Nepal; 25.09. Sudan; 1. 10. Haiti, USA (federal budget).

Gross profit - the entire amount of the enterprise’s profit before deductions and deductions.

Gross Domestic Product (GDP) - the total market value of final goods and services produced on the territory of a country by its citizens and foreigners over a certain period of time (usually a year).

Gross National Product (GNP) - the total market value of final goods and services produced by residents (citizens) of a country in the country itself and outside it during a certain period of time (usually a year).

Currency - the monetary unit of a country participating in international economic exchange and other international relations entailing monetary settlements. As a currency, a national currency has an international “price” expressed in its exchange rate.

Currency basket - a set of national currencies that is used when quoting a national currency or an international collective currency, which makes it possible to more reasonably take into account the purchasing power of currencies and the influence of general economic exchange conditions.

Currency dumping - export of goods at prices below world prices from a country with a depreciated currency to countries with a stronger or less depreciated currency.

Currency clearing - mutual offset of counterclaims and obligations arising from the balance of international trade transactions.

Currency market - a system of socio-economic and organizational relations for the purchase and sale of foreign currencies and payment documents in foreign currencies.

Bill of exchange - a security that is a written promissory note of a strictly established form, according to which the drawer must unconditionally pay upon maturity the designated amount of money to the owner of the bill (bill holder).

Complementary Products - , the joint consumption of which is necessary to satisfy one need.

Interchangeable goods - that serve to satisfy one need.

Investor – .

Opportunity costs of production of good A - the number of other goods that must be sacrificed in order to produce an additional unit of good A.

Foreign trade turnover - a general indicator of the development of foreign trade, the total volume of exports and imports.

Guarantee- a person, organization, state that provides certain guarantees and monitors their implementation.

General Agreement on Tariffs and Trade, GATT - concluded in 1947 an agreement between nations in which each agreed to provide the other with equal and non-discriminatory trade treatment, to reduce tariffs through multilateral agreement, and to eliminate import quotas over time.

Hyperinflation - an increase in the general price level, when prices increase several times over the year as a whole.

Hypothesis about rational consumer behavior - the assumption that the consumer seeks to obtain maximum total utility when consuming a set of goods and services within a limited income.

State and municipal unitary enterprises - enterprises whose property is respectively in state or municipal ownership, and belongs to such enterprises on the basis of the right of economic management or operational management.

Public finance - attraction, management, use of public funds.

The state budget - an estimate of state revenues and expenses for a certain period, most often for a year, compiled with an indication of the sources of government revenue and directions for spending funds.

State debt - the total amount of debt of the federal government, equal to the sum of past budget deficits (minus budget surpluses).

Government sector - part of the country's economy that is completely controlled by the state.

The state as an economic entity - a set of bodies and persons who have concentrated economic power in their hands, make economic decisions on a state scale, and manage state or public property.

Debtor- a debtor, a legal entity or an individual who has a monetary debt to an enterprise, organization, or institution.

Devaluation - a decrease in the official gold content of the country’s monetary unit or a decrease in its exchange rate relative to the currencies of other countries, carried out by law.

Mottos - means of payment in foreign currency intended for international payments,

Currency unit - a monetary sign established by law, one of the elements of the monetary system, which serves to measure and express the prices of all goods.

Money supply - the total volume of purchasing and payment means serving economic turnover and owned by individuals, enterprises and the state.

Monetary instability - a situation where the flow of money in the economy does not correspond to the flow of goods; as a result, the purchasing power of money changes.

Money turnover -continuous movement of money in the process of paying for labor, selling goods, paying for services and making other payments.

Monetary balance - equality of the flow of money to the flow of goods in the economy. This situation is characterized by stability of prices, interest rates, and behavior of financial market agents.

Monetary aggregates - types of money and funds that differ from each other in the degree of liquidity. Indicators of the structure of money supply. The composition of monetary aggregates varies across countries. The most commonly used units are MO (cash), M1 (MO + checks, demand deposits, M2 (M1 + small time deposits), MZ (M2 + all other types of deposits), (MZ + securities).

Money - funds that can be accepted as payment for any goods and services.

Deposit -funds or securities deposited with financial, credit, customs, judicial or administrative institutions.

Deposit - give for safekeeping, make a contribution, contribution.

Depression - the state of the economy when the production of goods exceeded the money supply corresponding to the products produced; the consequence is a reduction in production.

Shortage - insufficiency of funds, resources, goods in relation to the previously planned, planned or required level.

State budget deficit - the excess of state budget expenditures over its revenues.

Deflator - a coefficient used to recalculate economic indicators calculated in monetary terms to bring them to the price level of the previous period. For example, the GNP deflator.

Deflation - 1. Removal from circulation of excess paper money and irredeemable banknotes issued during periods of inflation.2. An increase in the purchasing power of money, expressed in a decrease in the general price level in the economy.

Dividend - part of the profit of a joint-stock company, annually distributed among shareholders in the form of income on the shares they own in accordance with the number and type of shares in their possession.

Dealer - a person (firm) carrying out exchange or trade intermediation at its own expense and on its own behalf. It has a place on the stock exchange and quotes any securities. The dealer's income is generated from the difference between the purchase and sale prices of currencies and securities, as well as from changes in their rates.

Discount - 1. Discount interest in banking practice, charged by the bank when discounting bills.2 . In the practice of currency and commodity markets -

discount on the exchange rate for urgent cash transactions.

Bill discounting, bill accounting - Purchase by the bank of bills from bill holders before their expiration.

Distributor - a company that carries out sales on the basis of wholesale purchases from large industrial firms producing finished products. This is a relatively large company that has its own warehouses and establishes active contractual relations with industrialists.

Household - an economic entity that has consumption as a target and owns different types of resources.

All other things being equal assumption - the assumption that factors other than those under study are constant.

Income - V in a broad sense The word means any receipt of funds or receipt of material assets with monetary value. See also Enterprise income.

European Common Market, European Economic Community - an association of European countries formed in early 1958. with the aim of gradually eliminating customs tariffs and import quotas in trade between its members, establishing common tariffs for the import of goods from third countries, and ensuring further free movement within the association work force and capital, the development of other principles of coordinated economic policy and the formation of a single economic space.

Sole proprietorship - a private company owned and managed by one person.

Natural monopoly - an industry in which economies of scale are so great that a product can be produced by one firm at a lower average cost than if it were produced by more than one firm.

Natural rate of unemployment - unemployment rate at full employment.

Product life cycle - the period of time from the conception of a product to its removal from production and sale. Marketing considers the following stages of the cycle:

1. origin (development, construction, experiments);

2. growth (product appearance on the market, demand formation);

3. maturity (mass production, wide sales);

4. market saturation;

5. decline in sales and production of the product.

Loan- an agreement under which one party (the lender) transfers into ownership or operational management to the other party (borrower) money or things defined by general characteristics, and the borrower undertakes to return the received amount of money or things of the same kind and quality.

Oeken's Law (Ouken) - a pattern derived empirically; suggests that, as a rule, an excess of unemployment by one percent above its natural level leads to a lag of real GNP from the potential one by 2.5 percent.

Law of supply - in any market, at any time, other things being equal, there is a positive relationship between the price of a product and the quantity of its supply.

Law of Demand - in any market, at any time, other things being equal, there is a negative relationship between the price of a product and the amount of demand for it.

Closed joint stock company - a joint-stock company, the shares of which are distributed only among its founders or other predetermined circle of persons. Such a company does not have the right to conduct an open subscription for the shares it issues or otherwise offer them for acquisition to an unlimited number of persons.

Pledge - property, documents that guarantee the fulfillment of contractual obligations. If the debtor fails to fulfill the obligation secured by the pledge, the creditor has the right to receive satisfaction from the value of the pledged property.

Wage - monetary remuneration for work; part of the value of a good created by labor, income from its sale, given to a worker by the enterprise, institution in which he works, or another employer. The amount of wages is established either in the form of an official salary, or according to a tariff schedule (rate), or in accordance with a contract, but cannot be lower than the minimum wage established by law. Upper limit wages in economic conditions market type usually not limited. The above applies to nominal wages.

Gold content of a monetary unit – the weight content of pure gold assigned to the national monetary unit. Currently, the gold content is conditional.

Joint Enterprise Zone - area (part) of the national-state territory in which joint entrepreneurship is carried out in various forms, according to the adopted legislation. In these joint venture zones, special preferential regimes are introduced, which create attractive conditions for investing foreign capital.

Free trade Area - an area within which a group of countries maintains free, duty-free trade.

Distribution costs - expenses of producers and consumers associated with the sale and purchase of goods.

Import - purchase and import of foreign goods, technologies and services into the country from abroad for their sale in the domestic market of the importing country.

Imported inflation - inflation caused by the impact external factors- an extraordinary influx of foreign currency into the country and an increase in import prices.

Capital- “everything that can generate income,” or a working source of income invested in a business. Capital is divided into real (capital resources) And financial, on basic And negotiable

Capital investments - cm. .

Capital intensity - fixed capital costs per unit of production. Capital intensity is determined by dividing fixed assets by the volume of products in monetary terms produced in one year.

Capital resources (real capital) - all means of production created by people, including tools, industrial equipment and infrastructure.

Cartel - a form of monopoly in which its participants, while maintaining production and commercial independence, agree among themselves on prices, division of the market, and exchange of patents.

Quality goods - a product the volume of purchases of which does not decrease with increasing consumer income.

Quota -1.The tax rate per unit of taxation.2. The share of each of the cartel participants in the total

production and sales.

TO export-import voting - establishing maximum permissible quantities of goods for import into or export from the country.

Clearing - a system of non-cash payments based on the offset of mutual monetary claims. The goal is to ensure equality of commodity supplies and payments between the two countries and their annual balancing. The clearing account balance revealed as a result of an imbalance in trade turnover is covered by the debtor country in the manner and within the time frame stipulated by the relevant intergovernmental agreement.

Command economy - a type of economic system in which the dominant method of decision-making is centralized management.

Commercial Bank - a bank engaged in lending to industry and trade using monetary capital raised in the form of deposits and by issuing its own shares and bonds.

Convertible currency - a currency that can be freely and unrestrictedly exchanged for other foreign currencies. Currency conversion can be complete, when the exchange is made for any foreign currency, and private, when the currency of a given country is exchanged only for some currencies and not for all international payment transactions.

Conglomerate - a type of monopoly, which is an association of enterprises belonging to various sectors of the economy and not connected by direct economic cooperation. A conglomerate is typically managed through a holding company.

Competitiveness - the ability of products to meet the prevailing requirements of a given market during the period under review.

Competition - competition between producers (sellers) of goods for markets in order to obtain higher incomes, and in the general case between any economic entities for better results.

Consensus - general agreement, characterized by the absence of serious objections on significant issues among the majority of interested parties. Does not necessarily imply complete unanimity.

Contract - a contract, an agreement (usually written) that defines the mutual rights and obligations of the contracting parties.

Controlling stake - a share of shares concentrated in the hands of one owner and giving the opportunity to exercise actual control over the joint-stock company.

Production concentration - concentration of most of the industry's output on several large enterprises in the industry.

Concern - the unification of industrial, commercial and other enterprises of various industries, banks, insurance companies and other financial and credit institutions under unified financial control.

Concession - contract for commissioning by the state to private entrepreneurs and foreign companies industrial enterprises or plots of land with the right to extract minerals and build various structures.

Conjuncture - a set of characteristics characterizing the current state of the economy in a certain period.

Leasing- long-term rental of equipment, machinery, and production facilities.

Liquidity - 1. The ability to convert asset items into money to pay liability obligations.2. Ease of sale, sale, transformation of material assets into cash.

License - 1) providing organizations and individuals with the right to use patented inventions, technologies, technical and commercial information;2) permission to carry out various types of activities within certain limits, issued by government authorities in relation to those species that need to be restricted, or to collect fees for the permit issued.

Export-import licensing - granting an exclusive right to import into or export from the country a certain product.

Personal income - the amount of income actually received by the population after deducting from the national income the contributions of workers, employees and employers in social system insurance, deduction of income taxes and retained earnings, but with the addition of transfer payments, i.e. those payments that are received by the population, but not earned.

Broker- broker on the stock exchange.

Macroeconomics - branch of economic theory that studies the economy as a whole or its elements combined into large groups.

Low value goods - a product whose volume of purchases decreases with increasing consumer income.

Marketing - system of organization and management of activities company aimed at ensuring maximum sales of its products, achievement high efficiency export products, expanding market share.

Price scale - 1. The amount of gold or silver accepted in country for a monetary unit and its multiples. 2. Technical function money; means expressing value in monetary units.

Material consumption - indicator of consumption of raw materials and materials for the production of a unit of any product. Expressed in natural units, in monetary terms or as a percentage, which make up the cost of materials in the total output products.

International division of labor - specialization of countries on production of certain types of goods, for the manufacture whose country has preferable conditions for compared to other countries.

International Bank for Reconstruction and Development (IBRD) - a bank based on the membership of states that provides (and guarantees) loans to developing countries to secure their Development [World Bank].

International Monetary Fund (IMF) – international association of states formed after World War II to provide loans in foreign currency to countries with temporary balance of payments deficit and to implement measures to maintain exchange rates.

International gold standard - active in the 19th century - beginning of the 20th century international monetary system, in accordance with in which each country expressed the value of its money units in a certain amount of gold, provided exchange banknotes for gold, maintained a constant ratio between with its gold reserves and the mass of money in circulation and allowed free import and export of gold.

Manager - a hired manager who has - professional knowledge of organization and management production.

Management - a set of principles, methods, means and forms of production management in order to increase production efficiency and increased profits.

Best Enterprise Size - size of the enterprise, with where long-run average costs are at a minimum.

Cash - a form of presenting money, as a rule. IN in the form of banknotes. In Russia, banknotes are presented in in the form of banknotes and coins.

Tax - mandatory fee established by the state, paid by enterprises, institutions and the population, levied by the state by virtue of its right to a part of the income without response services.

Value added tax - tax on the difference between the cost of goods sold by the company and the cost of goods, purchased from other companies.

Tax benefits, tax incentives - partial or complete exemption from taxes for individuals and legal entities.

National monetary system - form of organization monetary circulation in the country, which has developed historically and enshrined in law.

National income - newly created (added) the value of final goods produced in the economy during certain period.

Unfinished production - partially finished products, requiring additional processing before implementation.

Independent Products - goods that do not detect relationships of interchangeability and complementarity between yourself.

Intangible (intangible) assets - assets, not having a physical natural firm, but endowed "intangible value" and therefore bringing the company additional income. This includes: trade marks and signs, trade secrets, publishing rights, patents, good company reputation, etc.

Insolvency - the financial position of the company or state in which they cannot fulfill in a timely manner their financial obligations.

Non-production sphere - a set of industries and types activities to serve the population and the national economy.

Imperfect competition - the situation on the market of any of a product or service when individual sellers and (or) buyers their actions can influence the market price benefits.

Penalty - determined by agreement or monetary law the amount that the debtor is obliged to pay to the creditor in the event of non-fulfillment or improper fulfillment of obligations.

Implicit costs - costs of internal resources of the company, not accounted for in monetary terms.

New international economic order - plastic bag proposals put forward by developing countries on fundamental changes in their relations with industrial developed countries; these proposals are intended accelerating economic growth in developing countries and redistribution of world income in their favor.

Denomination Nominal price - the price indicated on valuables papers, paper money, banknotes, coins.

Nominal GNP (GDP) - GNP (GDP), expressed in prices current year.

Know-how - a set of different knowledge, scientific, technical, financial, production, commercial or other administrative, character, experience, practically used in the activities of the enterprise or in professional activities, but who have not yet become public domain.

Bond- a security reflecting a loan relationship and giving its holder (owner) income in the form of a fixed percent of its face value.

Exchange - an economic transaction involving the transfer of goods by one economic entity to another, receiving money in return or other product.

Working capital - capital participating and fully consumed during one production cycle

Total (total) utility - degree of satisfaction from consumption of all goods and services over a certain period time.

Overall profitability production - attitude book profit to average annual cost production fixed assets and standardized working capital funds.

Public and religious organizations (associations) - voluntary associations of citizens who, in accordance with the procedure established by law, united on the basis of their common interests to satisfy spiritual or other non-material needs. Public and religious organizations are non-profit organizations, that is, they have the right to carry out entrepreneurial activity only to achieve the purposes for which they are created, and consistent with these purposes. Participants (members) of public and religious organizations do not retain rights to the property transferred by them to these organizations, including membership fees. They are not liable for the obligations of these organizations, and the organizations are not liable for the obligations of their members.

Public Good - a good or service to which the principle of exclusion does not apply and the production of which is ensured by the state, provided that it brings significant benefits to society.

Additional liability company - a company whose authorized capital is divided into shares of sizes determined by the constituent documents; Participants of such a company bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions.

Society with limited liability - a company whose authorized capital is divided into shares of sizes determined by the constituent documents; Participants in a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the contributions they made.

Total firm income -

Common Market - removal of restrictions on the free movement of goods, capital, and labor for a group of countries, for example, the European Community, which includes a number of developed Western European countries.

Limited resources - insufficient resources to satisfy everyone’s desires.

Oligopoly - market type imperfect competition, which is dominated by several large producers (sellers) of goods, who through their actions can influence the market price of the goods.

Oligopsony - a type of market of imperfect competition, which is dominated by several large buyers of a product, who through their actions can influence the market price of the product.

Optimal production volume - the amount of output at which total profit reaches its maximum value.

Organization of countries - oil exporters (OPEC) - an international cartel formed in 1970. thirteen oil producing countries in order to control prices and impose quotas on oil exports by cartel members.

Main capital - a set of means of labor that function in the sphere of production in an unchanged physical form over many production cycles and transfer their value to the newly created product in parts, as they wear out.

Public corporation - a joint stock company, the participants of which can alienate their shares without the consent of other shareholders. Such a joint stock company has the right to carry out an open subscription for the shares it issues and their free sale under the conditions established by law and other legal acts. An open joint stock company is obliged to annually publish for public information an annual report, balance sheet, and profit and loss account.

Branch of the economy - a group of enterprises producing identical or similar products.

Diseconomies of scale - a situation where, with the growth of the enterprise, the level of average long-term costs.

Partnership- a joint venture of several persons (individuals, legal entities), each of whom participates in it not only with their capital, but also with their personal labor.

Passive - part of the balance sheet that reflects the sources of funds of an enterprise or institution and their purpose (own funds, loans from other institutions).

Passive balance of the balance of payments - the amount of excess of payments made by the country abroad over the receipts of funds into the country from abroad.

Patent - 1) a document, a certificate issued to the inventor and certifying his authorship and exclusive right to the invention;

2) a document containing permission to engage in any craft or trade, subject to compliance with the fixed conditions and payment (patent fee).

Transition economy - the state of society between different ways of regulating economic activity.

Floating (free) exchange rate - the price of a currency, which is established as a result of the interaction of supply and demand in free foreign exchange markets.

Solvency - the ability of a state, legal entity or individual to timely and fully fulfill its payment obligations arising from trade, credit or other transactions of a monetary nature.

Payment balance - the ratio of payments received by a given country from abroad (the active part of the balance of payments) and payments made abroad (the passive part of the balance of payments) during a certain period of time.

Purchasing power of money - the ability of a monetary unit to be exchanged for a certain amount of goods.

Utility - the degree of satisfaction from the consumption of a product or service; a distinction is made between total (total) and marginal utility.

Creeping inflation - slow, imperceptible price increases.

Full employment - 1. The economy uses all available resources for the production of goods and services;

2. This level of employment when there is only frictional and structural unemployment, but no cyclical unemployment.

General partnership - a partnership whose participants (general partners) form the authorized capital on a shared basis, also manage and distribute profits, bear full property liability for the obligations of the company, that is, they are liable for the obligations with all their property.

Full production volume - a situation where the resources needed in production are used in the best way for them.

Positive economies of scale - a situation where as the enterprise grows, the level of average long-term costs decreases.

Constant economies of scale - situation. When the level of average long-term costs does not change with the growth of the enterprise.

Consumer goods - goods and services intended for final consumption, for personal, family or household use.

Consumer equilibrium - a state in which the structure of consumer budget expenditures provides him with the greatest overall utility from the entire set of consumer goods purchased by him.

Price ceiling - legally established maximum price for goods and services.

Consumption - use, consumption, application of goods in order to satisfy needs. A distinction is made between production consumption - expenditure, the use of resources in the production process, and non-productive, final consumption of goods by people and the population to satisfy social and personal needs.

Needs - all physical, social and spiritual human feelings of need (lack). Economic theory examines the needs that motivate economic activity, that is, specific desires satisfied with the help of goods or services.

Product - a material or intangible result of human labor (object, scientific discovery).

Products - the entire amount of economic goods produced over a certain period of time (in the world, in the country, in a sector of the economy, in an enterprise, by an individual worker).

Manufacturing sector - a set of sectors of the national economy and activities that create material goods in the form of products, energy, in the form of moving goods, storing products, sorting, packaging and other functions that are a continuation of production in the sphere of circulation.

Production - the process of creating economic benefits.

Proportional tax - a tax whose average rate remains unchanged as the taxpayer's income increases or decreases.

Protectionism - economic policy of the state, aimed at protecting the national economy from foreign competition by introducing high duties on goods imported into the country, restricting or completely banning imports

individual goods.

Trade union - a group of hired personnel united in an organization to protect their interests and improve their position.

Percent - a fee that the borrower must reimburse the lender for the use of a loan, loaned money or material assets.

Direct financing - a type of financial market transaction in which borrowed funds are directly transferred from the lender to the borrower.

Direct taxes - taxes levied on the results of economic activity: directly on the income and property of the taxpayer.

Equilibrium (market) price - the price of a product at which the quantity demanded for it is equal to the quantity supplied.

Division of labor -Breakdown of the production process into a large number of specialized tasks (operations).

Rentier - a person who lives on interest from capital lent or income from securities.

Small coin -

Distribution - division of the produced economic product, income, profit into separate parts that have a targeted purpose, intended for transfer to separate funds, to individuals.

Regressive tax - a tax whose rate decreases as taxable income increases.

Rent - certain income from capital, property or land plot, which do not require their recipients to engage in entrepreneurial activity.

Real wage - the amount of goods and services that a worker can buy with his cash wages; purchasing power of wages.

Real GNP (GDP) - GNP (GDP), expressed in prices of the year taken as the base year.

Regulatory function of prices - the ability of changes in prices to entail changes in the magnitude of demand for products and resources, the volume of their supply and the distribution of economic benefits between market entities.

Most favored nation treatment - an agreement providing for the reduction of import duties on goods of a certain country.

Reserve norm (reserve norm) - an established minimum percentage of deposit liabilities that a bank is required to hold at the central bank or in its own vault.

Self-sufficiency - the principle of functioning of a self-supporting enterprise, in which it reimburses all its expenses from the proceeds from the sale of products.

Self-financing - a management system in which an association or enterprise covers all costs for both simple and expanded reproduction from its own sources.

freedom of choice - usage material resources and money by their owners as they please, the free right of the workmen to engage in any kind of labor of which they are capable, and the use by the consumers of their income for the purposes which they shall judge preferable.

Freedom of enterprise - the use of economic resources by private firms to produce goods of their own choice and sell the produced goods in markets of their own choosing.

Freedom of trade - absence of artificial (government-imposed) barriers to trade between individuals and firms from different countries.

Free economic zone - a free trade zone in which there are especially preferential economic conditions for foreign and national entrepreneurs.

Free benefits - means that satisfy any needs and are in excess of these needs. Free goods are not the subject of economic activity.

Product cost - the current costs of the enterprise for the production and sale of products expressed in monetary form.

Seasonal variations - an increase or decrease within one year in the level of economic activity due to changing seasons.

Syndicate - a type of monopoly, which is an association of entrepreneurs that undertakes the implementation of all commercial activities while maintaining the production and legal independence of its member enterprises.

Velocity of money - the number of purchase and sale transactions that a monetary unit in circulation services during the year.

Mixed economy - a type of economic system in which it is impossible to identify a dominant method of making economic decisions.

Own - ownership of material and spiritual values ​​by certain persons, legal right to such ownership and economic relations between people regarding ownership, division and redistribution of property; includes the rights of ownership, disposal, and use. In property relations, the type of ownership of the means of production is decisive: private or public.

Perfect competition - a situation on the market of any product or service when neither seller nor buyer can influence the market price of the good by their actions.

Specialization - concentration of production on relatively narrow areas, individual technological operations or types of products.

Demand - the quantity of a good that buyers are willing and able to buy at a certain price in a certain market at a certain point in time.

Comparative advantage in the production of goods A - the ability of a particular country to produce good A at a lower cost opportunity cost than another country.

Average costs - costs per unit of output. Average costs are obtained by dividing total costs on the quantity of products produced. Since total costs consist of total fixed and total variable costs, when dividing total costs by quantity, it turns out that average costs are also the sum of average fixed and average variable costs.

Average firm income - revenue per unit of output.

Urgent account - a type of bank account from which funds can be withdrawn after a certain period of time from the moment of its opening.

Loan - transfer of material assets or money by one participants loan agreement others on the terms of return and, as a rule, with the payment of interest.

Refinancing rate - the percentage at which the Central Bank lends to commercial banks.

Stagnation - stagnation in production, trade and other sectors of the economy.

Stagflation - the state of the country's economy, characterized by stagnation with the development of inflationary trends, i.e. combination of economic crisis and inflation.

Loan cost - the amount that the borrower pays to the lender for using the loan. The main components of the cost of a loan are the interest rate, commissions and fees, and insurance premium.

Strategic goods - goods (equipment, know-how technology), the export of which is prohibited, limited or controlled in order to prevent damage to the national security of the country that owns the goods.

Insurance - creation, at the expense of the funds of enterprises, organizations, citizens, of special insurance funds intended for compensation of damage. Insurance is carried out by government agencies, insurance companies, and companies. Insurance is a form of financial intermediation.

Vicarious liability - unlimited liability for obligations, divided between the founders of a legal entity in the proportions of their equity participation.

Consumer sovereignty - the ability of the consumer to influence the manufacturer by buying the product or service he wants to buy at the price he agrees to pay.

Customs Union - a common customs territory of two or more countries with a single customs tariff in relation to third countries and a complete abolition of duties in mutual relations.

Customs duties -

Customs - a government agency through which all imported and exported goods are required to be imported into and exported from the territory of the country for the purpose of their customs, control and collection of established customs duties and fees.

Rate - a rate system that determines the amount of payment for retail services; wage rate system.

Hard currency - a currency that is stable in relation to its own denomination, as well as to the rates of other currencies.

Technology - the amount of knowledge that can be used to produce goods and services from economic resources.

Unitary enterprise -a commercial organization that is not vested with the right of ownership to the property assigned to it by the owner. In the form of unitary enterprises, only state and municipal enterprises. A unitary enterprise is liable for its obligations with all the property it owns and is not liable for the obligations of the property owner.

Unemployment rate -share of the labor force not employed in each this moment time.

Standard of living -an indicator characterizing the average quantity and quality of goods and services consumed in the country.

Price level -weighted average of prices paid for finished goods and services produced in the country.

Service -a type of good whose production and consumption occur simultaneously. Unlike a product, a service cannot be inherited and cannot be stored.

Charter -a set of rules that defines the organization, the procedure for the activities of any persons or organizations.

Authorized capital -the initial amount of capital of a company, determined by its charter and formed mainly from proceeds from the sale of shares or through the contribution of shares by the founders.

Accounting for bills -purchase by a bank or specialized credit institution of bills before the expiration of their liquidation period. When accounting, the bank pays the holder ahead of schedule the amount for which the bill was issued, minus interest, the amount of which is determined taking into account the existing interest on loan capital, depending on the quality and term of the bill.

Discount interest, discount rate -a fee charged by banks for advancing money by purchasing (discounting) bills, securities, stocks and bonds, and other debt obligations before their due date.

Factors of production -

Individual -a person as a bearer of civil rights and responsibilities.

Fixed exchange rate -the price of a currency, which is set by the decision of some government agency. At the same time, as a rule, the purchase and sale of currency is limited and is carried out only at this price.

Financial intermediaries - financial institutions engaged in the accumulation of funds from individuals and legal entities with their subsequent lending and placement on the securities market.

Financial capital -capital in cash.

Finance -a set of economic relations in the process of creating and using centralized and decentralized funds of funds.

Firm -economic, industrial or trading enterprise enjoying the rights of a legal entity.

Funds (charitable and other) -a non-profit organization that does not have membership, established by citizens and (or) legal entities on the basis of voluntary property contributions, pursuing social, charitable, cultural, educational or other socially beneficial goals. The property transferred to the foundation by the founders is the property of the foundation. The founders are not liable for the obligations of the fund, and the fund is not liable for the obligations of the founders. The Foundation is required to publish annual reports on the use of its assets.

Freidchasing -a license issued by firm A to firm B, giving it the right to act on behalf of firm A. In this case, firm B is obliged to carry on its business only in the form prescribed by firm A, during a certain time and in a certain place. In turn, company A undertakes to supply company B with goods, technology, and provide all possible assistance in business.

Capital productivity -an indicator characterizing the efficiency of using fixed capital for production. It is calculated by dividing the output by the cost of the fixed assets expended (fixed capital).

Business partnerships and societies -commercial organizations with authorized capital divided into shares of founders.

Highlight:

General partnership

Limited partnership

Limited Liability Company

Additional liability company

Joint-stock companies of closed and open type .

Holding, holding company - company, parent enterprise that manages or controls the activities of other enterprises or companies. In foreign practice, a holding company occupies a leading position due to its ownership of a block of shares in enterprises and firms controlled by it. At the same time, the holding company itself may not be engaged in actual production activities.

Price -monetary expression of the value of a product, an indicator of its value.

Securities -documents containing property rights giving the right to receive a certain part of the income. Represented by shares, bonds, bills.

Central bank -the main state bank of the country, endowed with special functions: the right to issue banknotes and regulate the activities of commercial banks.

Private property -the right of individuals and firms to acquire, own, control, use, sell and bequeath land, capital and other assets.

Check -a monetary document of the established form containing an unconditional order from the drawer to the credit institution to issue the holder of the check the amount specified in it.

Economy -social economy, which is the unity of production, distribution, exchange and consumption.

Economic integration -the unification of countries pursuing common economic goals while maintaining political independence.

The following stages of integration are distinguished:

Free trading zone,

Customs Union,

Common Market,

economic union.

Economic freedom -the right of individuals to make economic decisions.

Economic system -a set of laws, institutions, types human activity and the values ​​that determine it, and the motivating factors underlying economic decision-making. The following types are distinguished: economic systems: traditional, command, market and mixed economies.

Economic theory -a social science that studies the choices people make to use scarce resources to satisfy their needs.

Economic efficiency -an indicator characterizing the effectiveness of using limited resources to meet needs.

Economic benefits -goods that are limited in relation to the needs for them, the production of which is associated with costs, and which therefore have a price in the market. Economic benefits are divided into goods and services.

Economic costs - “lost opportunity costs” , the benefits that could be obtained from the best alternative use of a resource.

Economic costs add up from And implicit costs

Depending on production volume costs (total) are divided into permanent(do not depend on the size of output) and variables(increases with increasing output).

The economic growth -an increase in the scale of total production and consumption in the country, characterized by such macroeconomic indicators as gross national product, gross domestic product, national income.

The economic growth measured the rate of growth or increase of these indicators over a certain period of time (the ratio of indicators at the end and at the beginning of the period or the ratio of the increase of an indicator to its initial value).

Depending on the sources of economic growth differentiate extensive And intensive the economic growth.

Economic Union -stage of economic integration, implying the removal of restrictions on the free movement of goods, capital, and labor between the participating countries, a single currency system, and coordination of the economic policies of the participating countries.

Economic cycle -ups and downs in the level of economic activity repeated over a number of years.

Export -sale or export of goods, technologies and services abroad for sale on the foreign market.

Extensive economic growth -increasing total output by attracting additional resources without increasing the efficiency of their use.

Price Elasticity of Demand -indicator characterizing the degree of change in the quantity of demand when certain change prices.

Elastic demand -demand that tends to vary significantly with minor price fluctuations.

Embargo -prohibition by government authorities of the import into or export from the country of currency, gold, goods, and securities.

Emission -issuance of banknotes in all forms. The issue of securities can be private (issue of shares and bonds by joint-stock companies) and public (issue of government bonds).

Issuer -institution or enterprise producing the emission.

Efficiency in production -a situation in which it is impossible to increase the production of one product without decreasing the production of another.Conditions for achieving efficiency in production -full employment of resources and full output.

Efficiency in distribution -a situation where a change in the distribution of goods cannot increase the pleasure from their consumption of one person without reducing the pleasure of another.

Entity -organization, firm that meets the following criteria established by the legislation of the relevant country:

A) independence of the existence of a legal entity from its constituent individuals, who may change;

b) the presence of its own, separate from its participants;

V) the right to acquire, use and dispose of property;

G) the right to be a plaintiff and defendant in court and arbitration on one’s own behalf;

d) independent property liability.

Explicit (accounting) costs -direct cash costs for the firm's purchase of external resources.

In everyday life modern man Anyone who wants to be financially literate has to know and use economic terms. What is it for? For example, you come to a bank where you sign a loan agreement - knowing the basic concepts will help you avoid deception and misunderstandings, allow you to know in advance all the aspects of the upcoming cooperation and save your budget. Economic terms and concepts and their definitions are presented not as in textbooks, but in a form accessible to every person.

Financial terms and definitions that are useful in everyday life

If you work, go shopping, save money, rent a house, these terms will be useful:

• Advance is part of the salary that is provided to the employee, usually at the end of the month. It is used taking into account the fact that according to the law in the Russian Federation, salaries are paid twice a month;
• Excise tax is a tax paid indirectly. For example, with tobacco, alcoholic products, fuel prices. Most of the cost is due to excise taxes;
• - tax paid on income individual. The rate is 13%; wages, benefits from the sale of property and any funds received by the citizen are taxed;
• – an indirect tax that the consumer pays in stores and when purchasing goods. So, buying a chocolate bar for 100 rubles, you contribute 18 of them to the budget. Depending on the policy point of sale the rate may be different;
• Net – weight without packaging material;
• Inflation is a depreciation of the currency; in Russia in 2017 the ruble fell by almost 3%, but the real rate is many times higher.

Financial terms and definitions, of course, do not need to be taught verbatim, you just need to understand their essence.

Terms and definitions for a novice businessman

If you decide to open your own company or are just looking at the business area, these terms will be useful:

• – a security that allows you to receive part of the enterprise’s income and take part in management;
• Depreciation is a recalculation of the cost of worn-out property. For example, you are using a machine whose service life is 10 years. During this time, you need to deduct its cost in equal payments to the depreciation fund, so that if it breaks down, you can buy a new one;
• Product range – a list of products manufactured by the company;
• Bankruptcy - the ruin of a company, the procedure for recognizing a company unable to pay its bills is carried out through the court;
• Accounts receivable is the debt of counterparties to you. Imagine you deliver meat products to stores on deferred payment terms - payment occurs within a week from the date of shipment. All this time, accounts receivable will remain;
• Personnel of the company - the staff of workers employed at the enterprise;
• Crowdfunding is the collective financing of a project, mainly through the Internet. The author comes up with a proposal, a unique idea, all interested parties can invest and make a profit in the future;
• Bidding is a form of procurement in which a competition is announced and, based on the results, a selection is made best company. For example, the state organizes tenders to find a contractor for the construction of a federal highway;
• Net profit is the company’s income after deducting taxes, wages, rent, and other expenses.

It is not necessary for an entrepreneur to know the terms, fortunately today accounting and Financial services are provided in every city. Beginners can turn to the pros for help.

Terms used by banks and credit institutions

Concepts that are used when lending, opening deposits, and collaborating with banks will help every person understand this industry:

• Annuity payment – ​​the debt amount is paid evenly over the loan term. Used more often for loans, mortgages;
• BKI is a bureau where credit histories are stored. You can go here and get your own loan history;
• Differentiated payment - interest is charged only on the balance of the debt, the amount will decrease monthly. Used more often for credit cards;
• with state support - provided at a reduced rate for the military, teachers, young families and other categories of borrowers. Part of the interest is financed by the state;
• Credit history is a list of all loans taken and the payment history of a particular borrower. Based on the CI, the bank decides whether to satisfy the application or not;
• – bonus program when part of the card spending is returned in the form of bonuses;
• – rental of property, for example, a car. At the end of the contract, the property can be purchased at its residual value.
• – obtaining a loan for a loan in order to reduce/increase the payment period, reduce the amount of payment, overpayment.

However, there are other terms that may be useful. Before you sign a contract with unclear words, you need to find out what they mean.

Macroeconomic terms - learn about the country's finances

It would seem, why do we need to know about the processes taking place in the country? In fact, they also concern us – ordinary citizens, so the terms will not be superfluous:

• Government revenues are funds received by the budget. Sources include taxes, loans, issue of currency and securities;
• – depreciation of the currency against gold;
• – the country’s failure to fulfill its obligations, for example, non-payment of debt, refusal to pay on bonds;
• Subsidies are funds provided to the budget of constituent entities of the Russian Federation or municipalities to finance current expenses. For example, a region plans to build a bridge, and the state issues money for this purpose;
• The discount rate is the interest rate at which the Central Bank issues loans to other banks in the country.

The number of definitions used at the state level is, of course, wider; processes related to finance, both external and internal, take place here. Taxes, the credit system, business, and the main aspects of human activity are regulated.

Studying economic terms and their definitions is an opportunity to improve financial literacy and better understand many processes. However, their number is so impressive that it is not possible to consider all the concepts in one article. For the purpose of self-education, it is recommended to find out the meaning of terms that you come across in everyday life.