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Basic terms of the economist. Dictionary of financial terms and economic concepts

Abstraction- a method of scientific research, excluding from the analysis everything accidental (private, secondary) and finding the essential, constant in the object under study.
Accelerator- coefficient opposite to the multiplier; characterizes the impact of the growth of national income on the growth of investment (see Multiplier).
budget deficit- the excess of government spending over its revenues.
State regulation of the economy- state intervention in economic processes by influencing the functioning of market mechanisms by administrative (legislative), economic (currency-financial, monetary, budgetary-tax, etc.) methods and levers.
Demonopolization- elimination of state or other monopoly, dictating its conditions to the market.
"Smith's Dogma"- assessment of the theory of reproduction by A. Marx due to the fact that Smith's "price of the annual product of labor" is reduced entirely to income, i.e. eliminates the accumulation associated with the need to resume the reproduction process and expand its scale.
"Iron Law" wages» - follows from the theory of population of T.R. Malthus and means that due to the natural growth of the population (respectively, the outpacing increase in the supply of labor) and the decreasing fertility of the land, the level of wages in society will supposedly not be able to grow, invariably remaining at a low level.
"Clark's Law"- assessment of the concept of J. B. Clark on the distribution of income based on the principles of marginal analysis of the prices of production factors; according to this "law", the incentive to increase a factor of production is exhausted as the price of this factor begins to exceed possible income entrepreneur.
"Say's Law"- the concept of J.B. Say's message for unhindered and complete realization public product, i.e. crisis-free economic growth; in accordance with this “law”, when society achieves and observes the principles of “laissez faire”, production (supply) will generate adequate consumption (demand), i.e. the production of goods and services necessarily generates income for which these goods and services are freely sold due to flexible and free pricing in the market.
"Gossen's Law"- the main theoretical principles of marginalism, one of the predecessors of which was G. Gossen; There are two "Gossen's laws", of which the first states that with an increase in the availability of a given good, its marginal utility decreases, and in accordance with the second, the optimal structure of consumption (demand) is achieved when the marginal utilities of all consumed goods are equal.
institutionalism- one of the modern directions of economic thought, which was formed in the 20-30s. 20th century as an alternative to the neoclassical direction of economic thought; its main feature is the study of the entire set of socio-economic factors (institutions) considered in interconnection and interdependence and in a historical context, as well as the idea social control society over the economy.
Keynesianism- economic doctrine of the necessity and significance state regulation economy through the widespread use by the state of fiscal, monetary policy and other active measures to influence the market mechanism.
Classical political economy- the direction of economic thought (the period from the end of the 18th to the second half of the 19th century), whose representatives debunked the protectionist ideas of mercantilism and laid the scientific basis for methodological and theoretical studies of market economic relations; the main feature of the direction is the propaganda of the ideas of "pure" economic theory and the expediency of "full laissez faire", i.e. absolute non-interference of the state in business life and the mechanism of a self-regulating economy.
Quantity Theory of Money- a theory that proves:
a) according to the orthodox version of the "classics", the dependence of changes in prices for goods solely on the amount of money in circulation;
b) according to the “neoclassicists”, the possibility of adjusting prices for goods due to the cost of monetary material, the variable level of the velocity of money circulation and the amount of commodity mass, and also taking into account the degree of liquidity of money.
Competition is monopolistic- a market situation in which the degree of increased interchangeability of competing products, i.e. "product differentiation" allows the seller to control the level of supply and price and achieve an absolute monopoly on own product, but at the same time he (the seller) continues to be subjected to competition from other sellers who have more or less imperfect substitutes.
Competition is imperfect- a market situation in which a small number of large producers (sellers) get the opportunity to influence the level of the market price.
perfect competition(free, pure or complete) - a market situation with many sellers and buyers of homogeneous products that cannot influence the price level in the market.
"Marshall's Cross"- a graphic representation of the intersection of the demand curve and the supply curve, at the point of intersection of which an equilibrium is established between them, as well as an equilibrium, i.e. stable price.
"Phillips Curve"- an empirical curve that characterizes the relationship between the annual percentage change in wages in monetary terms and the level (share) of unemployment.
"Indifference Curves"- empirical curves reflecting the conservation of the total utilities of consumed goods in various combinations of their combinations and the preference for some combinations over others.
Liquidity- the ability of material resources, other resources to quickly turn into money; the ability of an enterprise to pay its obligations on time, to turn balance sheet assets into money.
Macroeconomics- the economy as a whole or its most important components; a branch of economic theory that studies the economy as a whole or its main components.
marginalism(marginal economic theory) - a generalization of ideas and concepts, which is based on the study of marginal economic values as interrelated phenomena economic system at the micro and macro levels.
"Margin Revolution"- occurred in the last third of the XIX century. transition from the values of the "classical school" to the values (theoretical and methodological principles) of marginalism.
Mercantilism- the direction of economic thought (the period of the 16th - 18th centuries), whose representatives identified the wealth of the country with money and considered them as the most important means of economic growth, and saw the source of wealth in foreign trade, in ensuring active trade balance; the main feature of the direction is the propaganda of the ideas of the protectionist economic policy of the state, i.e. his participation in the management of the economic system.
metal money theory- a theory that interprets the conditionality of the value of money by the weight of a coin to be minted by the state.
Microeconomics- a branch of economic theory that studies economic units, such as firms, any individual economic objects or phenomena.
Monetarism- an economic theory based on the decisive role of the money supply in circulation in the implementation of the policy of stabilizing the economy, its functioning and development.
Monopoly- an enterprise or group of enterprises that has a dominant position in the market, which allows them to control and determine prices; a form of market controlled by one or more firms.
Monopoly price- the type of price set by the monopoly. Depending on the goals, a monopoly can set monopolistically high and monopolistically low prices.
Monopsony- a situation where there are a lot of small sellers and one single buyer in the market.
Multiplier- multiplier; a category used in economic theory to characterize and define the various relationships where the multiplier effect takes place. In particular, in Keynesianism, a multiplier is a coefficient that characterizes the dependence of a change in income on a change in investment.
"Invisible Hand"- a concept introduced into scientific circulation by A. Smith, according to which such a correlation is assumed in the interaction of economic entities and the state, when the latter, without counteracting objective economic laws, does not interfere in the process of "natural", i.e. free functioning of the market mechanism.
Money neutrality- the theoretical position of the "classics", which simplifies the essence of the monetary commodity to a certain technical means convenient for exchange, and leads to an orthodox version of the quantitative theory of money.
"Neoclassical synthesis"- the term of P. Samuelson, used "to denote ... the synthesis of those truths that were established by classical political economy, and the provisions proven modern theories income generation”; the broader semantic meaning of this term in the economic literature testifies to the formation of a new universal doctrine of modern economic science.
neoclassical theory- one of the modern directions of economic thought, which was formed in the 90s. 19th century on the basis of both the ideas of economic liberalism and "pure theory" and the principles of system analysis of marginal (marginal) indicators and microeconomic research, being an alternative to classical political economy; from the 30s 20th century the theoretical and methodological tasks of the "neoclassics" were supplemented by macroeconomic research and the problems of social orientation and state regulation of the economy.
neoliberalism- the economic concept of state regulation of economic processes on the principles of achieving free (“pure”) competition of entrepreneurs, freedom of markets and other elements of economic liberalism; alternative to Keynesian concept of state regulation of the economy.
nominalist theory of money- a theory that interprets the conditionality of the value of the money to be minted by the denomination of the coin valuation, which is established by the state.
General equilibrium- a stable state of a competitive economy, in which the consumer maximizes the value of the utility function, and competing producers maximize their profits at prices that ensure the equality of supply and demand.
Oligopoly- dominance of a few large firms in the market.
"Pareto Optimum"(public maximum utility) - a concept intended to evaluate such changes that either improve the well-being of all, or do not worsen the well-being of all with an improvement in the well-being of at least one person; a concept that allows you to make the best decision to maximize profits.
Competition policy- a set of laws and government measures aimed at the maximum possible implementation in practice of the ideal of full (free, clean) competition.
Political Economy- a term introduced into scientific circulation by A. Montchretien, who published in 1615 the "Treatise of Political Economy"; the name of economic science designed to solve problems:
a) the state economy (mercantilist version);
b) free private enterprise (a version of classical political economy).
marginal utility- the ability to satisfy the least intense need; additional utility that a consumer receives from an additional unit of a good or service.
Protectionism- a policy aimed at protecting the national economy from foreign competition by directly or indirectly restricting the import of goods.
"Psychological Law"- the position of J. M. Keynes, according to which "as real income increases, society wants to consume its ever-decreasing part."
Equilibrium price- the price of the goods in case of equality of supply and demand.
Propensity for liquidity- the desire to set aside part of the money in the reserve in the form of banking or securities.
Method for determining total utility- a way to assess the marginal utility of consumed goods; the method is called addictive if the marginal utility of homogeneous goods with each subsequent unit is characterized with a decreasing trend, and multiplicative if the marginal utility of homogeneous goods is multiplied by their number.
"Fair price"- the category of economic doctrine of the canonists, "explaining" the legitimacy of administrative (non-market) pricing and the possibility of "selling a thing more expensive" in order to avoid causing damage to both its "owner" and the entire "public life".
"Theory of imputation"- the theory of pricing of the "Austrian school", the essence of which is the process of consistent intervention of the share of the cost (value) of the good of the "first order" with the goods of the "subsequent orders" used in its production.
Production cost theory- one of the costly interpretations of the theory of value, according to which the value of a product is due to the costs in the production process for the factors "labor", "capital", "land".
"Expectation Theory"- the theory of E. Bem - Bawerk about the mechanism of the origin of interest on capital due to the productive essence of the time factor; specific resource "capital" depending on its size and time of operation, i.e. "expectations", provides a greater or lesser interest on capital.
Labor theory of value- one of the costly versions of the theory of value, according to which the value of a product is created by a certain amount of labor expended.
"Phenomena of Excess Power"- position put forward by E. Chamberlin in the theory of monopolistic competition; arises in the process of activity of the seller - a monopolist, seeking to master "known parts of the common market", and is supported by its patents, trade marks, craftsmanship, special talents.
Physiocracy- translated from Greek "the power of nature"; the course of classical political economy (second half of the 18th century) in France, whose representatives proceeded from the decisive role in the economy and consciousness of the national wealth of the land, agricultural production.
Household(economic) system - V. Eucken's concept of two "ideal types" of economic systems: a centrally controlled economy (economic life is regulated by plans emanating from one center) and an exchange economy (each economic entity is guided by its own plans).
"Robinson's Farm"- a term introduced into scientific circulation by K. Menger, used to analyze economic relations and indicators at the level of a separate economic entity (individual), i.e. at the micro level, taking into account the phenomenon of ownership and due to the relative rarity of the benefits of human egoism.
Chrematistics- the term used by Aristotle when referring to the unnatural sphere of human activity; the reckless art of making a fortune through large commercial transactions and usurious transactions.
Pure economic theory- the theoretical and methodological position of the "classics" and "neoclassics", indicating their commitment to "hold on to pure knowledge", "pure theory", i.e. without subjectivist, psychological and other non-economic layers in economic analysis.
Economics- a term introduced into scientific circulation by A. Marshall in his work "Principles of Economics" (1890); the name of economic science, which, according to P. Samuelson, "implies savings or maximization" and is devoted to "the problem of the optimal volume at which profit reaches a maximum."
economic liberalism(policy of laissez faire) - the policy of non-intervention of the state in the economy; a set of economic freedoms; free competition, free enterprise, free prices, free trade, etc.
Supply elasticity- reaction of the offer to price change.
Elasticity of demand is the response of demand to price changes.
"The Veblen Effect"- a description of the situation in which a decrease in the price of a product is perceived by the buyer as a deterioration in its quality or a loss of its “activity” or “prestige” among the population, and then the product ceases to be used consumer demand, and in the opposite situation, on the contrary, the volume of purchases with an increase in price may increase.
Effective Demand- a term from the concept of J. M. Keynes about the potential and stimulated by the state demand for investment and means of production.

Eeconomics as a science

"Economics is the science that studies human behavior in terms of the relationship between its ends and limited means that allow for alternative uses." Economic theory is closely related to many other sciences: philosophy, psychology, history, demography, statistics, mathematics, jurisprudence, etc. From the point of view of the object of study, sections of economic theory can be conditionally designated as “microeconomics” and “macroeconomics”. Microeconomics is the analysis of the causes, patterns and consequences of the functioning of individual entities in a market economy (for example, an industrial firm, a family farm, etc.). Macroeconomics considers the aggregate indicators of income, employment, price dynamics, determines the patterns of state economic policy.

Eeconomicswhat needs, resources and benefits

In turn, the economic good is tangible and intangible objects, or rather the property of these objects, capable of satisfying economic needs.

Resource means that allow, with the help of certain transformations, to obtain the desired result.

Resources are divided into: - economic (functioning) - potential (not involved in economic turnover)

Economic resources include: - natural resources - labor (working-age population) - material (all man-made means of production that are the result of production) - financial ( cash that society is able to allocate for the organization of production) - informational (scientific, scientific and technical, design, statistical, technological, informational information, as well as other types of intellectual values necessary to create an economic product)

Eelasticity of demand

Elasticity of demand allows you to measure the degree of reaction buyer to change prices, income level or other factors. Calculated via elasticity coefficient.

Distinguish elasticity demand price and income elasticity of demand.

Price elasticity of demand shows how much the quantity demanded will change if the price changes by 1%. The price elasticity of demand is influenced by the following factors:

· Availability of competitors' products or substitute products (the more there are, the greater the opportunity to find a replacement for a product that has risen in price, i.e. the higher the elasticity);

· Imperceptible to the buyer change in the price level;

· Conservatism of buyers in tastes;

Time factor (the more time a consumer has to choose a product and think about it, the higher the elasticity);

· Specific gravity goods in the income of the consumer (the greater the share of the price of the goods in the income of the consumer, the higher the elasticity).

Depending on these indicators, there are:

Inelastic demand (Ep(D)< 1) - рыночная ситуация, при которой изменение цены на 1 % вызывает незначительное изменение объема (QD).

· Elastic demand (Ep(D) > 1) - a market situation in which a change in P by 1% (Dp=1%) causes a significant change in QD.

Unit elasticity demand (Ep(D) = 1) is a market situation in which a 1% change in price causes a 1% change in QD.

· Absolutely inelastic demand, meaning the absolute insensitivity of the volume of demand to price changes Ep(D) = 0): a change in P by 1% or more does not affect the change in QD.

Income elasticity of demand measures the percentage change in demand for a 1% change in income. It depends on the following factors:

· Importance of goods for the family budget.

Whether the product is a luxury item or a necessity item.

· Conservatism in tastes.

By measuring the income elasticity of demand, it is possible to determine whether a given product belongs to the category of normal or low-value goods. The bulk of the consumed goods belong to the category of normal. As incomes rise, we buy more clothes, shoes, high-quality food, durable goods. There are goods, the demand for which is inversely proportional to the income of consumers. These include all secondhand products and some types of food (cheap sausage, rotten apples).

Rmarket, system market and their variety

A market is a collection of transactions for the purchase and sale of goods. The market in its development has come a long way, the duration of which is more than 30 thousand years. The very first definition of a market is an area, a public place for the sale of goods, i.e. goods and services. The market is a system of relations between sellers and buyers, i.e. it is a system of relations between supply and demand. Conditions for the emergence of the market: 1 The needs of people in goods. 2 The limited nature of all production resources - labor, land and other material means of production. 3. Social division of labor, which increases the efficiency of production and creates material basis for trade exchange. 4. Economic isolation of commodity producers within the framework of property - initially communal, and then private. 5. Independence of commodity producers, his freedom as entrepreneurs. Market functions: 1 Informational. Its essence lies in the fact that the market, like a computer, collects, processes and transmits and issues information within the economic territory that it covers. 2. Intermediary. The market connects economically isolated commodity producers and consumers into a single system. As a result, sellers and buyers find each other. 3. Regulatory. The market provides answers to the questions: What to produce? How to produce? For whom pro-Th? 4. pricing function. The market recognizes only publicly necessary costs and, accordingly, public prices, which reflect the needs of the buyer.5. Stimulating. Orientation of market prices to the social level of costs, to take into account the demand of consumers, encourages the commodity producer to save his individual costs and present the goods that the buyer needs to the market.6. Creative-destructive. The market provides a change in all economic proportions between industries and regions. A vivid and illustrative example of this is the restructuring of the economy in Russia.7. Improving function (clearing the market from non-competitive producers) 8. Differentiating. The market enriches some commodity producers and ruins others.

There are 2 kinds of connections between market agents: A market transaction can be viewed from the economic side, in the form of an act of commodity-money circulation. The economic interest of the seller is to exchange the goods for the appropriate amount of money, and the buyer is to purchase the useful thing he needs for money. And from the legal side, a market transaction means the action of citizens and legal entities that take the form of a contract of sale. There are markets: local (market within the village, city), national, world. From the point of view of economists, there is a market for resources and consumer goods. In turn, they are subdivided into the consumer market, the market for means of production, the market for land, real estate, labor, services, foreign exchange, insurance, and information.

Dengi, money functions

Essence and functions of money. In modern economic theory, the following 4 functions of money are distinguished: 1. Medium of exchange when money is used to buy goods and services. Money here acts like technical means through which goods and services are exchanged. As a means of circulation, money is absolutely liquid; quickly implemented in economic life.2. A measure of value, when money is used as a unit or measure of the relative prices of dissimilar goods and services. Money is used as a unit of account for the evaluation of goods, services, assets. The value of goods is expressed in prices, and prices are measured by means of money.3. means of savings. As the most liquid property, money is a very convenient form of storing wealth; money is withdrawn from circulation and acts as a store of value. At the early stages of the development of a commodity economy, such withdrawal of money from circulation turned it into a treasure, a treasure. Instrument of payment. In this function, money primarily serves credit relations and acts as a medium of exchange, as well as a measure of value. Money as a means of payment functions in the sale of goods on credit and outside the sphere of commodity circulation.

Pentrepreneurship

Entrepreneurship, business- independent, carried out at one's own risk, activity aimed at systematic obtaining arrived from using property, sales goods, run works or providing services persons registered as such in the prescribed law okay. The effectiveness of entrepreneurial activity can be assessed not only by the amount of profit received, but also by the change in the value of the business (the market value of the enterprise). Entrepreneurship, business is the most important attribute market economy permeating all its institutions.

Can be carried out legal entity or directly individual. In Russia, as in many countries, in order to conduct business activities, an individual is required to register as individual entrepreneur.

Entrepreneurship can be done in different areas. In addition to general entrepreneurship, there are social And technological entrepreneurship. Sources start-up capital to start a business can be: loans (debt financing - in a bank or from friends), gratuitous assistance (grants or subsidies), investments (venture funds or business angels - equity financing). In addition, to help start-up entrepreneurs, there are government and public organizations , technology parks and business incubators. However, entrepreneurship is not easy, and most new businesses fail.

General partnership and limited partnership

Among the types of business partnerships, a general partnership and a limited partnership are distinguished. Under general partnership means a commercial organization created as a result of the association of persons and their property on the basis of an agreement concluded between them on joint entrepreneurial activity, the participants of which are liable for its obligations with all their property. Faith partnership is a commercial organization created as a result of the association of persons and their property on the basis of an agreement on joint entrepreneurial activity, in which some participants (general partners) are liable for its obligations with their property, while others (contributors) are not liable for the obligations of this organization. In practice, both types of partnerships are extremely rare. Most entrepreneurs prefer to create companies with limited liability and joint-stock companies.

Limited Liability Company

Among business companies, the most common are limited liability companies (LLC). A limited liability company is a commercial organization created as a result of a combination of property by several persons who are not liable for the obligations of this organization and have shares in its authorized capital.

Additional Liability Company(ODO), which has the same features as LLC, with some exceptions. ALC participants are liable for the obligations of the company, but not with all their property, but only with some part of it, while in the same multiple for all of the amount of the contribution made. For example, the charter states that ALC participants are liable twice. This means that if a participant has made a contribution in the amount of 100 thousand rubles, then if the property of the ALC is not enough for settlements with creditors, he bears a maximum liability of 200 thousand rubles. In fact, ALC is a transitional form from a full partnership to a society as an economic organization.

There are two types of AO - public corporation(JSC) and closed joint stock company(COMPANY).

public corporation

JSC is characterized by:

· Its participants can alienate their shares without the consent of other shareholders, that is, this company is open to any participant in civil transactions. Any participant in the civil turnover can purchase shares in a joint-stock company, there are no restrictions here. At the same time, any shareholder can sell his shares to any subject of civil law at any time;

· An open joint-stock company can make an open subscription for shares according to the following algorithm: a joint-stock company is formed, an issue of shares is announced and registered, and anyone can purchase them on the stock exchange;

· The number of JSC shareholders is not limited.

Closed Joint Stock Company

JSC is characterized by:

· Alienation of shares to CJSC shareholders is limited by the pre-emptive right to purchase by other shareholders. Similar to the procedure for alienating shares in an LLC, you must first offer shares to other shareholders, and only if they refuse, you can sell the shares to a third party;

· Shares in a CJSC are distributed among a limited number of participants, between specific persons, and are not sold on the stock exchange;

· The number of shareholders in a CJSC should not exceed 50.

Mmanagement

Management- this is the ability to achieve goals, use labor, intelligence, motives for the behavior of other people.

Management- this is not so much the ability to analytically solve tasks, but the ability to work with people, to get the maximum result from them

Management- is the effective and productive achievement of the goals of the organization through planning, organization, leadership (management) and control over organizational resources.

Mmarketing

“Marketing is a type of human activity aimed at meeting the needs and requirements through exchange” (the founder of the theory of marketing Philip Kotler)

“Marketing is art And the science choose the right target market, attract, retain and increase the number of customers by creating the confidence of the buyer that he represents the highest value for the company”, as well as “an orderly and purposeful process of understanding consumer problems and regulating market activities” (Philip Kotler) .

“Marketing is the implementation of business processes in the direction of the flow of goods and services from the producer to the consumer.” ( American Marketing Association(AMA))

«Marketing - system planning, pricing, promoting and disseminating ideas, goods and services to meet the needs, wants and desires of individuals and organizations; advertising is just one of factors process marketing."

WITHproperty

Relations regarding the ownership of factors of production (means, objects of labor, information and intellectual resources, land and labor) have always played an important role in the organization and socio-economic nature of production. When considering property relations, it is necessary to single out: 1) legal (legal) property relations; 2) economic relations of ownership. Legal property relations characterize the attitude of subjects - citizens and the state to objects of property (property). The legal powers of the owner are defined as the right to own (actually possess), use (extract useful properties for themselves) and dispose of property at their own discretion, i.e. determine its legal fate, for example, sell, exchange, donate, leave by inheritance, pledge, rent, etc. Types of legal relations of ownership depend on who is the subject of ownership: a) subjects of ownership - citizens. Among citizens, as subjects of ownership, property relations are predominant, which are regulated by civil (private) law. Hence the property of citizens was called private property. Due to the fact that citizens exercise their powers as owners in various forms, for example, entrepreneurial, socio-political, religious associations of citizens, all these forms are regulated by private or civil law. b) the subject of ownership is the state. Property in respect of which the powers of the owner are exercised by state bodies (for example, the State Property Committee of the Russian Federation) is defined as state property, if local government bodies - then property is defined as municipal (in cities, regions of the Russian Federation). Economic property relations characterize the relations between the participants in production regarding the use of its factors. The nature of economic relations of ownership is determined by the direction of use of income from property. If production is carried out in the interests of private individuals, then the form of economic relations of private property is formed with regard to the production of goods and private appropriation is represented. If production is carried out in the interests of the group, then we are talking on economic relations of group (collective) appropriation. If production functions in the interests of society, then the economic relations of public ownership and public appropriation are represented. In turn, the economic relations of collective property in relation to private property act as a form of public property, and in relation to public appropriation - as private. The economic relations of property occupy the main place in the entire system of production relations, thus determining their nature and essential content. Legal relations of ownership and economic relations of ownership are closely interconnected, the former coexist - in laws and other regulations, the second - are added up between the participants in the production. At the same time, the legal and economic relations of ownership also have an independent movement, so it is unacceptable to directly derive the first from the second.

Fform of ownership

Forms of ownership. There are 2 main subjects of ownership (citizens and the state) and, accordingly, two main forms of ownership: 1) private; 2) state. Private property is subdivided into: individual capitalist property, collective property of organizationally united capitalists. Individual private property was characteristic of the pre-monopoly era, and collective capitalist property is characteristic of the modern financial capitalist economy, which represents financial capital as a new education. These forms of capitalist property are characterized by the division of capital into real (money, means of production, finished goods) and fictitious (securities - shares, bonds). The individual capitalist is directly the private owner of only the fictitious capital, while the real capital functions as the property of the corporation. As the productive forces develop, the forms of private capitalist property also undergo further evolution: the individual form of private property is increasingly being supplanted by group and state property. The economic importance of state property has especially increased. In the developed capitalist countries, an ever-increasing part of money and productive capital is concentrated in state ownership.

Rstatehood, privatization

Denationalization is the transformation of state property into other forms of ownership. The transition to a market economy in Russia required the introduction of real competition, which is possible under the conditions of denationalization and is feasible with the expansion of the share of private property. To this end, Russia carried out the privatization of part state enterprises. Privatization is the process of acquiring the ownership of citizens or their associations of all or part of the shares of joint-stock companies, partnerships and enterprises. In Russia, privatization began in October 1992 and took place in two stages. Voucher privatization took place at the first stage. From July 1, 1994 - the second stage of privatization, during this stage the property of state and municipal enterprises sold for money. The sale and purchase procedure includes three methods of privatization: a commercial tender, a non-commercial tender and an auction. Privatization, as previously thought, did not lead to a turning point in the course of production processes. When considering property relations, it is necessary to single out: 1) legal (legal) property relations; 2) economic relations of ownership. Legal property relations characterize the attitude of subjects - citizens and the state to objects of property (property). Economic property relations characterize the relations between the participants in production regarding the use of its factors. Forms of ownership. There are 2 main subjects of ownership (citizens and the state) and, accordingly, two main forms of ownership: 1) private; 2) state. Private ownership is divided into: individual capitalist, collective ownership of organizationally united capitalists. Individual private property was characteristic of the pre-monopoly era, and collective capitalist property is characteristic of the modern financial capitalist economy, which represents financial capital as a new formation. These forms of capitalist property are characterized by the division of capital into real (money, means of production, finished goods) and fictitious (securities - shares, bonds). The individual capitalist is directly the private owner of only the fictitious capital, while the real capital functions as the property of the corporation. As the productive forces develop, the forms of private capitalist property also undergo further evolution: the individual form of private property is increasingly being supplanted by group and state property. The economic importance of state property has especially increased. In the developed capitalist countries, an ever-increasing part of money and productive capital is concentrated in state ownership.

ANDproduction costs and profits. Wlaw of diminishing returns

Under production costs understand the costs of manufacturing products. From the point of view of society, the costs of producing goods are equal to full cost labor (living and materialized, necessary and surplus). From the point of view of the enterprise, due to its economic isolation, only its own expenses are included in the cost structure. Moreover, these costs are divided into external and internal. External (explicit) costs are direct cash payments to resource providers. Explicit costs include wages of workers and salaries of managers, payments to trading firms, banks, wages transport services and much more. Internal (implicit) costs (imputed): costs for own and self-used resource, opportunity costs that are not provided for by contracts, mandatory for explicit payments, and therefore remain in monetary form under-received (use of premises or transport belonging to the company, own labor of the owner of the company, etc.)

Profit- excess in monetary terms income from the sale of goods and services over costs for the production and sale of these goods and services.

Law of diminishing returns consists in the fact that in the short period, when the value of production capacity is fixed, the marginal productivity of a variable factor will decrease, starting from a certain level of costs of this variable factor.

16. market economy in conditions of perfect and not perfect competition

Imperfect competition (Monopolistic competition). widespread market structure, is monopolistic competition (MC), which combines the features of competition and monopoly. MK is a structure with little monopoly power, but a very high degree of competition. It has the following features: there are many firms producing differentiated goods, and a large number of buyers; firms-monopolistic competitors can freely enter the industry and leave it; a monopolistic competitor has some control over price; There is significant non-price competition in the industry. A slightly negative slope of the demand curve under MC means that the firm will produce less output than under perfect competition.

Perfect, free or clean competition - economic model, idealized state market when individual buyers and sellers cannot influence the price, but form it with their own contribution demand And offers.

Features of perfect competition:

An infinite number of equal sellers and buyers

Homogeneity and divisibility of products sold

no barriers to entry or exit from the market

high mobility factors of production

Equal and full access of all participants to information (prices of goods)

Mmonopoly, oligopoly

Monopomliya(from Greek ???? (mono)- one and????? (poleo)- I sell) - a firm (a situation in the market where such a firm operates) operating in the absence of significant competitors (producing goods (s) and / or providing services that do not have close substitutes).

Types of monopolies

· natural monopoly- a type of monopoly that occupies a privileged position in the market due to the technological features of production (due to the exclusive possession of the resources necessary for production, the extremely high cost or exclusivity of the material and technical base). Most often, natural monopolies are firms that operate labor-intensive infrastructures, the re-creation of which by other firms is not economically justified or technically impossible (eg water supply systems, electricity supply systems, railways).

· Conglomerate (Concern) (in legal practice - a group of persons) - several heterogeneous, but financially mutually integrated entities (for example, in Russia CJSC " Gazmetal").

Oligopoly - a market structure in which a few large firms control the production and marketing of the bulk of products

Rmarket relations in the agricultural sector of the economy

The specificity of agricultural production determines the features of reproduction in the agrarian sector of the economy in the entire system of the agro-industrial complex (AIC) in a market economy, the totality of relationships and connections of the agro-industrial complex constitutes the agribusiness system. It is important to determine the sectoral aspects of the structure of the agro-industrial complex, i.e. to find out the range of industries that are included in the agro-industrial complex in the agribusiness system, their border and social economy functions.

AIC includes 4 areas:

Branches of the industry producing means of production for agriculture and other industries included in the complex

CX production (livestock and crop production

· the industry will carry out the processing of storage and transportation of products from agricultural raw materials to bring them to consumption.

· Industrial and social infrastructure

Ffinances and state financial system

Finamnsy(from lat. finance- cash, income) is a system of economic relations for the formation and use of cash funds based on the distribution and redistribution of GNP and national income

Financial system any country is determined by the economic system of society. It is a combination of various spheres (links) of financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in social reproduction. The financial system of the Russian Federation includes the following areas of financial relations: - public finance (state budget, off-budget funds, state credit, territorial budgets, finances of state enterprises, financial reserves); - finances of enterprises, institutions and organizations consist of finances of enterprises operating on a commercial basis, finances of institutions and organizations that carry out non-commercial activity, finance of public associations; - insurance finances include social, personal and property insurance funds; - lending finance covers the banking and parabanking systems. The financial system finds its expression in the financial policy, and the latter is implemented through the financial mechanism. Financial mechanism - system of action financial methods and levers in organizing, planning and stimulating the use of financial resources.

The state budget

The state budget- these are monetary relations arising from the state with legal and individuals about the redistribution of national income. in other words, it is a list of state revenues and expenditures.

IN budget system Russian Federation includes budgets of the following levels:

· Federal budget

Budgets of subjects of the Russian Federation (regional budgets)

budgets municipalities(local budgets)

budgets of state off-budget funds

INoff-budget funds

Statemrelated extrabudgetarymfund- a fund of funds formed outside federal budget and budgets subjects of the Russian Federation and designed to implement the constitutional rights of citizens to pensions, social insurance, social Security in case of unemployment, health care and medical assistance. Expenses and incomes of the state non-budgetary fund are formed in the manner established Budget Code Russia, as well as other legislative acts, including laws on the budget of the Russian Federation for the corresponding year.

The following state non-budgetary funds operate in Russia:

· Pension Fund of the Russian Federation

· Social Insurance Fund of the Russian Federation

· Federal Compulsory Medical Insurance Fund.

Ffunctions of the principle of the tax system

Taxes are mandatory fees and payments levied by the state from individuals and legal entities to the budgets of the appropriate level or to extra-budgetary funds at a rate established by law. Functions of the tax system.

*fixed - associated with the dominance of the revenue side of the budget. In countries with a traditional market economy, 90% of state budget revenues are formed from taxes, payments and customs duties.

*regulatory - promotes the redistribution of income through the differentiation of tax rates

*social-implemented through the state budget and by financing social programs of the state.

* stimulating - associated with stimulating the investment process of agricultural production, small business

* protectionist - designed to temporarily protect the domestic manufacturer from the foreign trade expansion of foreign firms.

Principles of the tax system-

* the obligatory payment of taxes by all subjects of a market economy that receive income or profit

*Flexibility of the tax system.

*progressive nature of taxation.

Ffederal taxes

Federal taxes and fees- obligatory and gratuitous contributions that are fully or partially credited to the federal budget or federal off-budget funds and are sources of income for the federal budget (off-budget fund). In accordance with the Tax Code of the Russian Federation to F.N. and s. include: VAT; excises on certain types goods (services) and certain types of mineral raw materials; tax on profit (income) of organizations; capital income tax; personal income tax; unified social tax (contribution); National tax; customs duty and customs fees; subsoil use tax; tax on the reproduction of the mineral resource base; tax on additional income from hydrocarbon production; fee for the right to use objects of the animal world and aquatic biological resources; forest tax; water tax; environmental tax and federal license fees. F.s. and s., are established by the Tax Code of the Russian Federation, and the change or abolition of federal taxes is carried out exclusively by the adoption federal law on amendments to the Tax Code of the Russian Federation. F.s. and s. are obligatory for payment throughout the territory of the Russian Federation.

Rregional taxes

Regional taxes

o Property tax organizations

o Gambling business tax

o Transport tax

Regional taxes and fees- obligatory and gratuitous contributions to the budget of the respective subjects of the Russian Federation, established by the laws of the subjects of the Russian Federation in accordance with the Tax Code of the Russian Federation and obligatory for payment on the territory of the respective subjects of the Russian Federation. K R.n. and s. include: corporate property tax; property tax; road tax; transport tax; sales tax; gambling business tax; regional license fees. R.n. and s. are credited to the relevant regional budgets (off-budget funds) and are sources of income for these budgets (off-budget funds).

Mlocal taxes

1. Local taxes include the following:

a) personal property tax. The amount of tax payments is credited to the local budget at the location (registration) of the object of taxation;

b) land tax. The procedure for crediting tax revenues to the relevant budget is determined by land legislation;

c) registration fee from individuals engaged in entrepreneurial activities. The amount of the fee is credited to the budget at the place of their registration;

d) tax on the construction of industrial facilities in the resort area;

e) resort fee;

e) fee for the right to trade. The fee is established by district, city (without district division), district (in the city), settlement, rural representative authorities - local councils people's deputies. The fee is paid by purchasing a one-time coupon or a temporary patent and is fully credited to the relevant budget; (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)

g) targeted fees from citizens and enterprises, institutions, organizations, regardless of their organizational and legal forms, for the maintenance of the police, for the improvement of territories, for the needs of education and other purposes. (as amended by Law of the Russian Federation No. 4178-1 dated December 22, 1992) h) advertising tax. The tax is paid by legal entities and individuals who advertise their products at a rate not exceeding 5 percent of the cost of advertising services;

i) tax on the resale of cars, computers and personal computers. The tax is paid by legal entities and individuals reselling these goods at a rate not exceeding 10 percent of the transaction amount;

j) collection from dog owners. The fee is paid by individuals who have dogs in the cities (except service dogs), in an amount not exceeding 1/7 of the minimum monthly wage per year established by law;

k) license fee for the right to trade in wine and vodka products. The fee is paid by legal entities and individuals selling wine and vodka products to the population in the amount of: from legal entities - 50 minimum monthly wages established by law per year, individuals - 25 minimum monthly wages established by law per year. When trading these persons with temporary outlets those serving evenings, balls, festivities and other events - half of the minimum monthly wage established by law for each day of trade;

l) license fee for the right to conduct local auctions and lotteries. The fee is paid by their organizers in an amount not exceeding 10 percent of the value of the goods declared for the auction or the amount for which lottery tickets are issued;

m) the fee for issuing an order for an apartment. The fee is paid by individuals upon obtaining the right to occupy a separate apartment in an amount not exceeding 3/4 of the statutory minimum monthly wage, depending on total area and quality of housing;

n) fee for parking vehicles. The fee is paid by legal entities and individuals for parking cars in places specially equipped for this purpose in the amount established by the representative authorities - local Councils of People's Deputies; (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)

o) fee for the right to use local symbols. The fee is paid by manufacturers of products that use local symbols (coats of arms; types of cities, localities, historical monuments, etc.), in an amount not exceeding 0.5 percent of the cost of products sold;

p) fee for participation in races at hippodromes. The fee is paid by legal entities and individuals exhibiting their horses for competitions of a commercial nature, in the amount established by local government bodies on whose territory the hippodrome is located;

c) fee for winning on the races. The fee is paid by persons who won the game on the tote at the hippodrome, in an amount not exceeding 5 percent of the winnings;

r) collection from persons participating in the game on the totalizator at the hippodrome. The fee is paid in the form of a percentage surcharge to the fee established for participation in the game, in an amount not exceeding 5 percent of this fee;

s) collection from transactions made on stock exchanges, with the exception of transactions provided for by legislative acts on the taxation of transactions with securities. The fee is paid by the participants in the transaction in an amount not exceeding 0.1 percent of the transaction amount;

t) fee for the right to film and television filming. The fee is paid by commercial film and television organizations that produce filming requiring local authorities public administration implementation organizational measures(allocation of a police squad, cordoning off the filming area, etc.), in the amount established by the representative authorities - the local Councils of People's Deputies; (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)

u) cleaning fee settlements. The fee is paid by legal entities and individuals (owners of buildings) in the amount established by the representative authorities - local Councils of People's Deputies. (As amended by the Law of the Russian Federation dated 16.07.92 No. 3317-1)

v) fee for opening a gambling business (installation of slot machines and other equipment with clothing or cash prizes, card tables, roulette and other means for playing). Payers of the fee are legal entities and individuals - owners of the said facilities and equipment, regardless of the place of their installation. The rates of the fee and the procedure for its collection are established by the representative bodies of power - the local Soviets of People's Deputies. (clause "c" was introduced by the Law of the Russian Federation of July 16, 1992 No. 3317-1)

w) tax on the maintenance of housing stock and social and cultural facilities in the amount not exceeding 1.5 percent of the volume of sales of products (works, services) produced by legal entities located in the relevant territory.

State debt

Public debt - another important issue of public finance - is the sum of the positive balance of budgets minus all deficits. Distinguish between external and internal public debt. External public debt - debt of the state to foreign states, organizations and individuals. Domestic public debt is the debt of the state to its population. It may take the form of loans received by the government; government loans made through the issuance of securities on behalf of the government; other debt obligations guaranteed by the government - the need to service external debt, which, given its volume, means a significant reduction in consumption opportunities for the population of a given country; - debt leads to the crowding out of private capital, which may limit further economic growth; - an increase in taxes to pay for the public debt acts as a disincentive to economic activity; - the growth of external debt, of course, reduces the international authority of the country; - with the growth of public debt, the uncertainty of the country's population in the future increases. There is a need for debt management.

Eeconomic cycle and crisis

Business cycles - term, denoting regular fluctuations in the level of business activity from economic boom to economic recession. IN cycle There are four clearly distinguishable phases of business activity: peak, recession, bottom (or “lowest point”) and rise. Climb occurs after reaching the lowest point of the cycle (bottom). Characterized by gradual growth employment and production. Many economists believe that low inflation rates are inherent in this stage. There is an introduction of innovations in the economy with a short payback period. Demand deferred during the previous recession is realized.

The peak, or top of the business cycle, is the "high point" of an economic expansion. In this phase unemployment usually reaches the lowest level or disappears completely, production capacities operate at maximum or close to it load, that is, almost all material and material resources available in the country are involved in production. labor resources . Usually, though not always, there is an increase during peaks inflation. The gradual saturation of markets increases competition, which reduces the rate of return and increases the average payback period. The need for long-term lending is growing with a gradual decrease in the ability to repay loans.

recession ( depression) is characterized by a reduction in production volumes and a decrease in business and investment activity. Due to the fall conjuncture recession is usually accompanied by rising unemployment and falling capacity utilization. Officially a recessionary phase, or recession, I consider the situation of falling business activity, which continues for more than three months in a row.

bottom ( economic crisis) business cycle is the "trough" of production and employment. It is believed that this phase of the cycle is usually not long. However, history knows exceptions to this rule. The Great Depression The 1930s, despite periodic fluctuations in business activity, lasted almost ten years.

Economic crisis (other Greek Krisis - turning point) - imbalance between demand And offer on goods And services.

Main types - underproduction crisis And overproduction crisis.

The crisis of underproduction, as a rule, is caused by non-economic causes and is associated with a violation of the normal course of (economic) reproduction under the influence of natural Disasters or political actions (various prohibitions, wars and so on.)

The crisis of overproduction, also known as the "cyclical" crisis, appears in the market industrial economy, initially in England in the 18th century.

The crisis of overproduction is a phase business cycle. It leads to a recession and the subsequent depressive process in the economic environment.

result economic crisis is a decrease in the real gross national product, massive bankruptcies and unemployment, a decline in the living standards of the population.

Atlevel and quality life, income of the population

Standard of living(welfare level) - the level of material well-being, characterized by the volume of real per capita income and corresponding consumption.

Personal income (cash) is used to pay expenses. Income depends on what production factors the person owns. If these are labor resources, then for your work he gets wages, If capital, then for its investment the owner of the capital receives a part of the profit ( dividends, percent), if Natural resources(for example, land), then the income of the owner is rent. Income provides current consumption and is also set aside as savings. At the same time, the analysis of the structure of expenditures serves as a source of extremely important data for assessing the state of affairs in the economy of any country.

"Kamquality of lifemzni"- an indicator of general well-being human, which is broader than purely material security (cf. standard of living).

The quality of life may depend, for example, on the condition health, content problems to be solved, freedom from stress and excessive concern, organization leisure, level education, access to cultural heritage.

Eeconomic growth: essence, types, factors

Economic growth and its problems. Economy types growth. There are two types of economic growth: extensive and intensive. With the extensive type, economic growth is achieved through a quantitative increase in the factors of production while maintaining its former technical basis. With an intensive type of economic growth, an increase in the scale of output is achieved through a qualitative improvement in the factors of production: the use of more progressive means of labor and more economical objects of labor, the improvement of the skills of the labor force, and also by improving the use of existing resources. production potential. In real life, extensive and intensive factors...........

Economics as a science

Economic Needs, Resources and Benefits

In turn, the economic good is tangible and intangible objects, or rather the property of these objects, capable of satisfying economic needs.

A resource is a means that allows, with the help of certain transformations, to obtain the desired result.

Resources are divided into: - economic (functioning) - potential (not involved in economic turnover)

Economic resources include: - natural resources - labor (working-age population) - material (all man-made means of production that are the result of production) - financial (money resources that society is able to allocate for the organization of production) - information (scientific, scientific and technical, design, statistical, technological, informational information, as well as other types of intellectual values necessary to create an economic product)

Elasticity of demand

Elasticity of demand measures how shopper reacts to changes in prices, income levels, or other factors. Calculated through the coefficient of elasticity.

Distinguish between price elasticity of demand and income elasticity of demand.

Price elasticity of demand shows how much the quantity demanded will change if the price changes by 1%. The price elasticity of demand is influenced by the following factors:

· Imperceptible to the buyer change in the price level;

· Conservatism of buyers in tastes;

Time factor (the more time a consumer has to choose a product and think about it, the higher the elasticity);

· The share of goods in the income of the consumer (the greater the share of the price of goods in the income of the consumer, the higher the elasticity).

Depending on these indicators, there are:

Inelastic demand (Ep(D)< 1) – рыночная ситуация, при которой изменение цены на 1 % вызывает незначительное изменение объема (QD).

· Elastic demand (Ep(D) > 1) is a market situation in which a change in P by 1% (Dp=1%) causes a significant change in QD.

Unit elasticity demand (Ep(D) = 1) is a market situation in which a 1% change in price causes a 1% change in QD.

· Absolutely inelastic demand, meaning the absolute insensitivity of the volume of demand to price changes Ep(D) = 0): a change in P by 1% or more does not affect the change in QD.

Income elasticity of demand shows by how much the quantity demanded will change when income changes by 1%. It depends on the following factors:

· Importance of goods for the family budget.

Whether the product is a luxury item or a necessity item.

· Conservatism in tastes.

Market, market system and their variety

A market is a collection of transactions for the purchase and sale of goods. The market in its development has come a long way, the duration of which is more than 30 thousand years. The very first definition of a market is an area, a public place for the sale of goods, i.e. goods and services. The market is a system of relations between sellers and buyers, i.e. it is a system of relations between supply and demand. Conditions for the emergence of the market: 1 The needs of people in goods. 2 The limited nature of all production resources - labor, land and other material means of production. 3. Social division of labor, which increases the efficiency of production and creates a material basis for commodity exchange. 4. Economic isolation of commodity producers within the framework of property - initially communal, and then private. 5. Independence of commodity producers, his freedom as entrepreneurs. Market functions: 1 Informational. Its essence lies in the fact that the market, like a computer, collects, processes and transmits and issues information within the economic territory that it covers. 2. Intermediary. The market connects economically isolated commodity producers and consumers into a single system. As a result, sellers and buyers find each other. 3. Regulatory. The market provides answers to the questions: What to produce? How to produce? For whom pro-Th? 4. pricing function. The market recognizes only socially necessary costs and, accordingly, social prices, which also reflect the needs of the buyer.5. Stimulating. Orientation of market prices to the social level of costs, to take into account the demand of consumers, encourages the commodity producer to save his individual costs and present the goods that the buyer needs to the market.6. Creative-destructive. The market provides a change in all economic proportions between industries and regions. A vivid and illustrative example of this is the restructuring of the economy in Russia.7. Improving function (clearing the market from non-competitive producers) 8. Differentiating. The market enriches some commodity producers and ruins others.

Money, functions of money

Essence and functions of money. In modern economic theory, the following 4 functions of money are distinguished: 1. Medium of exchange when money is used to buy goods and services. Money here acts as a technical means through which the exchange of goods and services is carried out. As a means of circulation, money is absolutely liquid; quickly implemented in economic life.2. A measure of value, when money is used as a unit or measure of the relative prices of dissimilar goods and services. Money is used as a unit of account for the evaluation of goods, services, assets. The value of goods is expressed in prices, and prices are measured by means of money.3. means of savings. As the most liquid property, money is a very convenient form of storing wealth; money is withdrawn from circulation and acts as a store of value. At the early stages of the development of a commodity economy, such withdrawal of money from circulation turned it into a treasure, a treasure. Instrument of payment. In this function, money primarily serves credit relations and acts as a medium of exchange, as well as a measure of value. Money as a means of payment functions in the sale of goods on credit and outside the sphere of commodity circulation.

Entrepreneurship

Entrepreneurship, business- an independent activity carried out at one's own risk, aimed at the systematic receipt of profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law. The effectiveness of entrepreneurial activity can be assessed not only by the amount of profit received, but also by the change in the value of the business (the market value of the enterprise). Entrepreneurship, business is the most important attribute of a market economy, penetrating all its institutions.

It can be carried out by a legal entity or directly by an individual. In Russia, as in many countries, in order to conduct business, an individual is required to register as an individual entrepreneur.

Entrepreneurship can be done in different areas. In addition to general entrepreneurship, social and technological entrepreneurship are distinguished. Sources of start-up capital for starting a business can be: loans (debt financing - in a bank or from friends), gratuitous assistance (grants or subsidies), investments (venture funds or business angels - equity financing). In addition, there are government and public organizations, technology parks and business incubators to help start-up entrepreneurs. However, entrepreneurship is not easy, and most new businesses fail.

Agrarian price parity - the ratio between the value of agricultural and industrial products, in which the exchange between the city and the countryside is mutually beneficial.

An administrative monopoly is a monopoly that arises in a command economy due to the concentration, at the direction of the planning authorities of the state, of the production of certain products at one or a small number of enterprises.

Assets are everything of value that a person, company or government owns.

Excise - a tax levied on the buyer when purchasing certain types of goods and is usually set as a percentage of the price of this product.

A joint-stock company (JSC) is an economic organization, the co-owners of which can be a large number of owners of funds, each of which receives the right to part of its property and profits, while at the same time answering for its obligations only within the amounts once spent on the purchase of shares.

A share is a security sold to an investor in exchange for funds received from him for the development of the company and confirming his rights as a co-owner of the company's property and its future income.

Barter is the direct exchange of one good or service for another without the use of money.

Poverty is the standard of living of a family at which its incomes allow it to acquire only a small part of the set of goods and services standard for a given country, which forms the basis for determining the cost of living in a given country.

Non-cash funds - amounts kept on the accounts of citizens, firms and organizations in banks and used for settlements by changing information in documents confirming to whom what amount of such funds belongs.

Unemployment is the presence in the country of people who are able and willing to work for hire, but cannot find a job in their specialty or find a job at all.

Benefits - everything that is valued by people as a means of satisfying their needs.

The wealth of the family is the property of the family, free from debt.

Accounting profit is the difference between the sales revenue and the firm's accounting costs.

Accounting costs - the costs associated with the use of resources for the needs of the firm, acquired by it from other firms or citizens.

Budget - a consolidated plan for collecting revenues and using the funds received to cover the costs of federal or local government bodies.

Gross national product - cumulative market price all final goods and services produced in a country in a year.

Currency (exchange) rate - the price of one national monetary unit, expressed in monetary units of other countries.

The supply value is the volume of goods of a certain type (in natural terms), which sellers are ready (want and able) to put on the market within a certain period of time at a certain level of the market price for this product.

External (side) effects - damage (or benefit) from the production of any good that people or firms that are not directly involved in the sale of this good have to bear (or can receive).

External public debt - the debt of public authorities to governments, international banks And financial institutions who provided money on a loan based on government agreements.

Domestic public debt - the debt of government authorities to citizens, banks and firms of their country, as well as to foreigners who have bought securities of domestic loans.

Sales proceeds - the amount of money received from the sale and is equal to the product of the number of goods sold and the price at which they were bought.

Hyperinflation is a situation in the economy when the growth of the general price level in the country during the month exceeds 50% and this continues for more than three months in a row.

Government securities - obligations of the state to return the borrowed amount plus interest for the use of this money.

The public debt is the amount of loans taken government bodies and not yet returned to creditors.

The production possibilities frontier is the amount of output that can be achieved by a country at the most full use its available production resources.

Free goods - goods, the available volume of which is greater than the needs of people, and their consumption by some people does not lead to a shortage of these goods for others.

Money capital - part of the savings of families, which is transferred on a paid basis to firms for the purchase of production capital by them.

Money is a special commodity that: 1) is accepted by everyone in exchange for any other goods and services, 2) allows you to uniformly measure all goods for the needs of exchange and accounting, and 3) makes it possible to save and accumulate part of current income in the form of savings.

Deposits - all types of funds transferred by their owners for temporary storage to the bank with the right to use this money for lending.

Defects (weaknesses) of the market - the inability of market mechanisms to solve some economic problems in general or in the best way.

Scarcity - a situation in the market when buyers current level prices are willing to buy more goods than sellers at that price are willing to offer for sale.

The state budget deficit is a financial situation that occurs when the state plans to spend more than it can actually receive income from all types of taxes and payments.

Dividends - part of the net profit of a joint-stock company, which is paid to its shareholders in proportion to the value of their shares.

A directive national economic plan is a way of distributing limited resources on the basis of government assignments that are mandatory for all enterprises in the country to fulfill.

The natural rate of unemployment is a situation where only frictional and structural unemployment exists in a country.

Natural monopolies are firms that control the entire market for a particular product or service by virtue of having a unique

A will is a legally executed gift of wealth that comes into force after the death of its owner.

Borrowed funds(credit) - funds that are provided to the company for use for a strictly fixed time and under the fee established in the loan agreement.

The law of exchange is the relationship between the average amount of money that a country needs to ensure normal monetary circulation, and: 1) the average prices of goods and services; 2) the quantity of these goods and services; 3) the speed of circulation of money.

The law of supply - an increase in prices usually leads to an increase in the quantity supplied, and a decrease in prices - to its decrease.

The law of demand - an increase in prices usually leads to a decrease in the quantity demanded, and a decrease in prices - to its increase (ceteris paribus).

Engel's law - as household income increases, the share of spending on food usually decreases, on goods daily demand stabilizes, and for education, medicine, recreation and entertainment - increases.

Earth - all kinds natural resources available on the planet and suitable for use in the production of economic goods.

Excess (overstocking) - a situation that occurs in the market when, at the existing price level, sellers offer for sale a larger volume of goods than buyers are willing to buy at that price.

Import - the purchase by residents of one country of goods manufactured in other states.

Investing - the transfer by the owners of savings of their funds for use commercial firms or the state for the purpose of generating income.

An individual offer is an offer with which an individual seller enters the market.

Individual demand - the volume of purchases that an individual buyer is ready to make in the market at a given price level.

Inflation - the process of raising the general level of prices in the country, leading to the depreciation of money.

Information - all the information that people need for conscious activity in the world of the economy.

Capital is all that production and technical apparatus that people have created from the substance of nature to increase their strength and expand the possibilities of producing the goods they need.

Cartel - a method of monopolizing the market, consisting in the conclusion of an agreement between manufacturers of a homogeneous product on the division of the market between them and the coordination of sales volumes and prices of each of the cartel members.

The command system (socialism) is a way of organizing economic life, in which capital and land are actually owned by the state, which also distributes all limited resources.

Commercial Bank- a financial intermediary engaged in: 1) accepting deposits; 2) granting loans; 3) organization of settlements; 4) purchase and sale of securities.

Competition - economic rivalry for the right to obtain a larger share of a certain type of limited resources.

Indirect tax - a fee in favor of the state, which is taken from citizens or economic organizations only when they carry out certain actions.

Credit emission - an increase by a bank of the country's money supply by creating new deposits for those customers who received loans from it.

A loan agreement is an agreement between a bank and the one who borrows money from it (the borrower) that defines the obligations and rights of each of the parties, and above all: the term for granting a loan, a fee for using it and a guarantee of a refund to the bank.

Creditworthiness - the availability of the borrower's readiness and ability to fulfill their obligations under the loan agreement on time, that is, to return the borrowed amount and pay interest for its use.

Liquidity - the degree of ease with which any assets can be turned into money by the owner.

Lobby - a form of legal advocacy of interests certain group firms or citizens of the country by forming factions of deputies in the legislature.

Manager - hired manager of the company, accountable to its owner.

The price mechanism is the formation and change of market prices under the influence of a clash of interests between buyers and sellers who make their decisions without outside coercion.

Market monopolization is a situation when one of the sellers or buyers accounts for such a large share of the total volume of sales or purchases in a particular commodity market that it can influence the formation of prices and terms of transactions to a greater extent than other participants in this market.

A monopolist is a firm that is the only seller in the market and therefore its individual demand curve coincides with the market one.

"Price scissors" - the degree of violation of price parity, that is, the difference in the growth rate of product prices Agriculture and industrial products for the village.

Cash - paper money and small change.

Taxation is a mechanism for withdrawing part of the income of citizens and firms in favor of the state to solve national problems.

Wealth inequality - differences in the amount of regularly received nominal income (per family member) and the market value of property owned by families.

Nominal income - the amount of money received by a citizen or family as a whole for a certain period of time.

Normal profit - income that could actually be received by the owner of the capital when investing not in his own business, but in other commercial and financial projects with the same level of risk.

Normal goods are goods for which the quantity demanded increases with an increase in the income of buyers.

Loan collateral (pledge) is the property of the borrower, which can be seized from him by the bank and sold to cover those debts of the borrower that he himself cannot cope with.

The total utility of a good is the total benefit (benefit) received by a person, firm or country from the use of the entire volume of goods of a certain type.

Public goods are goods or services that people share and that cannot be the exclusive property of anyone.

Total costs - the cost of acquiring the entire volume of resources that the company has already used to organize the production of a certain volume of products.

The volume of need is the amount of goods of a certain type that a person would like to receive to satisfy his needs, if these goods were available free of charge and without restrictions.

Limited (economic) goods are the means of satisfying human needs that can be created only by spending factors of production and are obtained, as a rule, only on the basis of exchange.

Oligopoly is a market in which competition occurs only between a small number of firms that have forced out other rivals.

An industry is a group of firms producing similar or identical products.

variable costs- these are the costs that grow (decrease) with any increase (decrease) in production volumes.

Absorption - a method of monopolizing the market, which consists in buying up competing firms and including them in the firm striving to become a monopolist.

The purchasing power of money is the amount of goods and services that can be purchased with a given amount of money. this moment time.

fixed costs- these are those costs that remain the same with small changes in the volume of production of goods or services.

Needs - a specific form of manifestation of human needs, depending on living conditions, skills, traditions, culture, level of development of production and other factors.

Duty - a fee levied by the state from citizens and business organizations for providing them with a certain type of service or issuing a permit to carry out certain activities.

The right of private property is the recognized and legally protected right of an individual to own, use and dispose of a certain type and amount of limited resources (for example, a piece of land, a coal deposit or a factory).

The marginal (marginal) utility of a good is the benefit (benefit) received from an additionally used unit of a good.

Marginal (marginal) costs - the real amount of costs, which costs the production of each additional unit of output.

Supply - the dependence of supply quantities on the market of a certain product during a certain period of time (month, year) on the price levels at which this product can be sold that has developed in a certain period of time.

An entrepreneur is a person who, at his own peril and risk and to a large extent on his own own funds creates a company.

Entrepreneurship is a special kind of service rendered to society, consisting in the creation of new commercial organizations called firms for the production and distribution of vital goods.

Profit - the difference between the proceeds from the sale of goods or services and the costs necessary for the production and organization of the sale of these goods and services.

A preferred share is a security whose owner has the right to a fixed dividend regardless of how much net profit the company actually received, but does not have the right to participate in its management.

The principle of absolute advantage - countries benefit from trade with each other if each of them specializes in the production of goods that it can produce with absolutely less of its resources than its trading partners.

The principle of relative advantage - it is more profitable for each country to export those goods for which its selection prices are relatively lower than in other countries.

Progressive taxation of income is a financial mechanism used to solve two problems: to raise funds for the needs of the country and to smooth out differences in the levels of well-being of families.

Living wage- the amount of money necessary for a person to purchase the amount of food that allows him to survive, as well as to satisfy the minimum

Productivity - the amount of benefits that can be obtained from the use of a unit of a certain type of resource for a fixed period of time.

Derived demand - the demand for factors of production, predetermined by the demand for goods and services for the creation of which these resources are used.

Production is the process of using labor and material resources to create goods or services.

Protectionism is a state economic policy, the essence of which is the protection of domestic producers of goods from competition from firms in other countries by establishing various kinds of restrictions on imports.

Trade union (trade union) - an organization representing common interests employees certain professions or a certain industry in negotiations with entrepreneurs.

Direct tax - a fee in favor of the state, levied on each citizen or business organization.

Labor force - the total number of working-age citizens of the country who have a job, and citizens who cannot find work for themselves.

The equilibrium price is the price at which the volume of goods that manufacturers (sellers) agree to offer for sale at this price and the volume of goods that buyers agree to buy at this price coincide.

Distribution - the provision of resources between firms, and produced goods - between people in accordance with some criteria by which these people are entitled to receive such benefits.

Real income - the amount of goods and services that a citizen or family can purchase in a certain period of time with their nominal income.

Reserve requirements - the mandatory proportion of fractional reserves established by the central bank of the country.

Rent is the general name for the income of land owners and owners of other factors of production, the supply of which is rigidly fixed.

Market - all activities associated with the sale and purchase of goods of a certain type in a certain region or different regions, where goods can be delivered in the usual way.

Market of monopolistic competition - a situation characterized by the fact that, in order to satisfy the same need, sellers begin to offer buyers many varieties of substitute goods with significant differences, but each variety is offered to the market by only one seller.

The labor market is a set of economic and legal procedures allowing people to exchange their labor services for wages and other benefits that firms agree to provide them in exchange for labor services.

The market of pure (perfect) competition is a situation characterized by a clash in the competition for the money of buyers of many manufacturers of the same type of goods, none of which has control over such a market share in order to be able to influence sales volumes and market price in their own interests.

A pure monopoly market is a situation where there is only one seller in the market.

Market supply - the total supply of goods on the market by all sellers.

market demand- the total volume of purchases that all buyers are ready to make in the market at a given price level.

Savings - the balance of income after payment of all expenses associated with current consumption.

Velocity of money is the number of times each monetary unit participates during the year in securing any transactions.

Weaknesses (imperfections) of the market - the inability of market mechanisms to solve some economic problems in general or in the best way.

A mixed economic system is a way of organizing economic life in which land and capital are predominantly privately owned, and the distribution of limited resources is carried out both by markets and with significant state participation.

Equity- funds that are provided to the company in exchange for the right to co-ownership of its property and income, and therefore, as a rule, are non-refundable and generate income that depends on the results of the company's work.

Aggregate supply - the total amount of final goods and services that firms in the country can and are ready to offer to the market for a certain period of time at: 1) the price level prevailing in the country; 2) existing technology; and 3) available resources of all kinds.

Aggregate demand - the total amount of final goods and services of all kinds that all buyers of the country are willing to purchase during a certain period of time at the prevailing price level.

Specialization is the concentration of a certain type of activity in the hands of a certain person or economic organization.

Demand - the dependence of the quantities of demand in a given commodity market on the prices at which goods can be offered for sale that has developed over a certain period of time.

Wage rate - the amount of money paid to an employee for labor services provided to them during a certain period of time (hour, shift or month) or necessary to perform a certain amount of work (for example, the manufacture of one part).

The cost of living is the amount of money that it costs to acquire a standard set of goods and services for most families in a given country over a certain period of time (usually a month).

"Shadow economy" - economic activity carried out in such a way as not to pay taxes to the state.

Customs duty - a tax levied in favor of the state treasury from the owner of the goods foreign production when importing this product into the country for sale.

Current (perpetual) deposits - funds transferred by their owners for temporary storage to the bank with the right to use this money for lending and the owner of the funds retaining the right to withdraw this money from the bank at any time without prior notice.

A commodity is a material object useful to people and therefore valued by them as a blessing.

Trade margin - a markup set by a trade organization to the price at which the goods are sold by the manufacturer.

Trade is a voluntary and mutually beneficial exchange of the results of the specialized production of goods.

The traditional economic system is a way of organizing economic life in which the land is in common ownership of the tribe, and limited resources are distributed in accordance with long-standing traditions.

Transactional (organizational-contractual) costs - the time, effort and money spent on finding a supplier of resources or services, concluding an agreement with him on prices and other terms of the transaction and monitoring that it is completed.

Transfer - a sum of money transferred by the state to the poorest citizens to improve their standard of living and formed from funds seized with the help of taxes from wealthier citizens.

Labor is the use of the mental and physical abilities of people to carry out work related to the production of economic goods.

The burden of labor is a measure of the physical and nervous complexity and tediousness of performing professional duties.

A service is an intangible good that has the form of an activity that is useful to people.

Factors of production - the resources used by people to create the benefits of life.

Physical capital - buildings, structures, machines, ameliorative systems used to transform the substance of nature into benefits useful to people with the help of technology.

A financial intermediary is an organization that provides services to citizens and firms, helping the former to place their savings with the greatest benefit, and the latter to receive additional funds with minimal effort.

The financial market is the market in which the money needed to acquire the physical capital of firms is bought and sold.

A firm's finances are the ratio between the firm's cash outflows and cash inflows.

A firm is an economic organization created specifically to produce goods and sell them on the market for profit to their owners.

The price of choice (opportunity costs) is the value of the most preferred of the benefits, the receipt of which becomes impossible with the chosen method of using limited resources.

The price of money capital is the amount of income (percentage) that the firm must provide to the owners of savings so that they agree to provide it with these savings for implementation. commercial projects.

A security is a document that can be bought or sold in connection with the fact that it certifies the rights of its owner to a part of the property and income of the organization that issued this security.

Fractional reserve - the proportion of deposits made to the bank, which he must and can constantly have at his disposal in order to be able to fulfill his obligations to depositors in normal business conditions.

Human needs - the range and volume of goods that people would like to receive to meet their needs, if these goods were available free of charge and without restrictions.

Human capital - knowledge and skills accumulated by a person as a result of training and previous labor activity and affecting the possibility of his employment and the level of salary received.

Net profit- part of the profit remaining at the disposal of an economic organization after paying taxes and other mandatory payments.

Economy - 1) the activities of people aimed at creating the benefits they need; 2) a science that studies the behavior of people in the process of creating, exchanging and consuming the goods they need.

Economic profit is the difference between sales revenue and economic costs.

Economic efficiency - a way of organizing production, in which the cost of producing a certain amount of products is minimal.

Economic systems - forms of organization of the economic life of society, differing in: 1) the method of coordinating the economic activities of people, firms and the state, and 2) the type of ownership of economic resources.

Economic growth is a steady increase in a country's productive capacity.

The economic cycle is a period of time during which the country's economy goes through two main phases: boom and bust.

Export - sale to residents of other countries of goods produced by sectors of the domestic economy.

Price elasticity of supply - the scale of change in the quantity supplied (in%) when the price changes by one percent.

Price elasticity of demand - the scale of change in the quantity demanded (in%) when the price changes by one percent.

An issuing bank is a bank that has the right to issue (issue) national monetary units and regulate the money circulation in the country.

Issue of money - issuance by the state into circulation of an additional amount of banknotes.

Income effect - with a decrease in price (or an increase in income), the product becomes cheaper in relation to the total income of a person, and therefore the buyer is able to purchase this product in larger quantities without abandoning his other usual purchases. And vice versa.

Economies of scale - a situation where the firm has the ability to increase the volume of its output to a greater extent than the increase in the volume of all resources used by it.

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

GLOSSARY OF MODERN ECONOMIC TERMS

R e e n s e n t s:

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

Dictionary of modern economic terms/ comp. C48 A.I. Bazyleva [i dr.]. - Minsk: Intern. University "MITSO", 2012. -

ISBN 978-985-497-155-1.

The dictionary contains the terms and concepts of a market economy used in modern economic theory and practice. Terminology covers general economic, budgetary, financial, trade, currency, 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, tests, course and state exams, as well as all those interested in economic problems.

UDC 33 BBK 65ya2

INTRODUCTION

IN conditions for the transition of the Republic of Belarus to a market economy, the development of entrepreneurship and the business sector, the formation of a socially oriented society, it is required to create conditions for a qualitative new system 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 implementation 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" is preparing 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 the new content of known concepts. Help students to master the modern economic terminology will be able to Dictionary of modern economic terms, compiled by teachers of the Department of World Economy and Finance of the UO FPB of the International University "MITSO".

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

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

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

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

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

IN in the modern world, globalization is especially relevant

And regionalization of international economic relations. Dominant role in establishing a global economic order owned by transnational capital and international institutions, among which the World Bank and the International Monetary Fund (IMF) are of economic interest. As a result of the international division of labor, the world poles of economic and technological development (North American, Western European and Asia-Pacific). The Dictionary reflects topical problems of international economic relations: the creation of free economic zones and international transport corridors; Internet economy; private and foreign investments, which are of great importance in the development of the economy. Also included are the most common terms and economic concepts associated with market relations.

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

receive from him the full sum insured.

ABSOLUTELY NONELASTIC DEMAND - the value of demand

sa, which does not change with price.

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

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

ABSOLUTE AND COMPARATIVE ADVANTAGE IN INTERNATIONAL TRADE THEORY - the teachings of the classics of English political and economic thought Adam Smith and David Ricardo. According to Smith, absolute advantages in international trade created by the country's ability to produce any the product is more efficient (per unit cost) than in another country. Advantages are determined by the difference in the absolute cost of production (the number of people required to produce a unit of goods) in each country. Ricardo considered Smith's position to be true, but a special case. Having an absolute advantage does not necessarily mean the efficiency of exporting that good to another country that may have a comparative advantage in production. The 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. As a result, the structure of foreign trade should be determined by comparative rather than absolute advantages.

ABSTRAGING- distraction from the unimportant, highlighting the most important facts and relationships in the economy.

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

ADVANCE - an amount of money or other value issued in advance against future payments for property, work performed and services rendered.

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

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

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

AUTOMATIC ADJUSTMENT - macroeconomics

cal adjustment as a result of the operation 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.

AUTO EFFECTS- changes in income not directly controlled by the government due to changes in the taxable base. For example, an increase in the cost of imports leads to an increase in income from import duties.

AUTONOMOUS INVESTMENT- planned owl-

large investment spending, independent of the level of income in the economy.

ASSETS - 1. assets (cash, checks, bills of exchange, transfers, letters of credit), at the expense of 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, kept in foreign banks.

TAX AGENT - a person who is responsible for the calculation and payment of taxes to the budget.

TRADING AGENT - a legal or natural person performing legal actions (concluding transactions) at the expense and in the interests of another person (principal).

EMPLOYMENT AGENCY - enterprise, dei-

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

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

AGGREGATION - enlargement economic indicators by combining them into single group. It is carried out by summing up, grouping or in other ways reducing particular indicators to generalized ones.

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

AD VALORORE - value, calculated as a fixed percentage of the total cost of goods, transactions (tax, commission, customs duty, etc.).

ADMINISTRATIVE-COMMAND SYSTEM - the system of managing the country's economy, in which the dominant role belongs to the distribution, command methods and power is concentrated in the central government, in the bureaucracy. It is characterized by purposeful directive planning. Contradicts the democratic principles of governance, hinders the development of a free market, competition, and entrepreneurship.

ADMINISTRATIVE AND TERRITORIAL DIVISION -

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

ADMINISTRATIVE MANAGEMENT METHODS - spo-

Soby and forms of management, which are based on bare administration, management, based on orders, orders, descended from above the installation.

ASIAN-PACIFIC ECONOMIC CO-

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

greatly differing in the level of socio-economic development. In 1995, a Program was adopted providing for the creation of a free trade and investment zone until 2010 for industrial developed countries and by 2020 for developing countries.

ACQUISITOR - an insurance employee involved in the conclusion of new and renewal of prematurely terminated contracts.

AKVITENS - a document exempting from financial responsibility.

LETTER OF CREDIT - an instruction from a bank to one or more banks to make 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. REVISION ACT - an official document that draws up

the results of a survey of the financial and economic activities of the organization, firm by the body conducting the audit.

ACTIVE OPERATIONS OF BANKS - operations by 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, inventories, cash, financial investments; the left side of the company's balance sheet.

COMPANY ASSETS- property of the enterprise, consisting of tangible, financial, non-property assets. The tangible assets of the enterprise include land plots (both owned and used), buildings and structures for industrial and non-industrial purposes, other buildings and structures that are on the balance sheet of the enterprise, equipment, inventory, raw materials, products, etc. Financial assets of the enterprise include cash on hand, 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 - the rights to designations that individualize the enterprise, its products, works and services (company name, trademarks, service marks, other exclusive rights).

FINANCIAL ASSETS- aggregate financial instruments accumulated on 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. They 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. based on determining the probability of an insured event

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

ACCEPTANCE - one of the forms of obligations for the implementation of cashless payments between business entities for the delivered products, services rendered or work performed, which provides for obtaining the consent of the buyer to pay for the products.

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

EXCISE - 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 transferred to the state budget.

SHAREHOLDER - participant commercial organization created

V the form of a joint-stock company that owns shares of this company, which confirm the size of its contribution to the 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 charter of the company.

JOINT-STOCK COMPANY- commercial organization

V form economic society, the authorized capital of which is divided into a certain number of shares having the same nominal value. Members of a joint-stock company (shareholders) are not liable for the obligations of the company and bear the risk of losses associated with the activities of the company, to the extent of the value of their shares. Shareholders who have not fully paid for the shares shall be jointly and severally liable for the obligations of the joint stock company within the limits of the unpaid part of the value of their shares.

SHARE - a perpetual issuance 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, receive part of its profit in the form of dividends and part of the property

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

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

SIMPLE SHARE, ordinary share - 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 share the ownership of the joint-stock company in case of its liquidation.

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

the time it takes to produce a unit of another good.

OPPORTUNITY COSTS, a lt e r n a t e c o s s -

k and, price of choice - the number of goods that must be abandoned in order to receive another good. opportunity cost the use of any resource, product or service is the cost of the next best alternative.

TAX AMNESTY- exemption of a person who has committed a tax violation from liability for this violation.

AMORTIZATION - a gradual decrease in the value of fixed assets (structures, machinery, equipment) due to their wear and tear, as well as a 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 contributions or redemption of obligations; recognition of a debt obligation as invalid due to its loss, theft.

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

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

ANALYTICAL METHOD- a general term meaning a set of private methods for studying the economy, including analysis and synthesis, abstraction, assumption "ceteris paribus",

Basic terms of the economist. Dictionary of financial terms and economic concepts

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