DICTIONARY

ECONOMIC TERMS

Automation of production is the replacement of machines and mechanisms not only for manual physical labor, but also for the functions of labor in controlling machines and mechanisms. Workers carry out only the functions of setting up and setting up machines, monitoring work.

Joint stock company - 1) a company that is a legal entity, the capital of which consists of contributions from shareholders-shareholders and founders; 2) a form of organization of production based on raising funds through the sale of shares. There are closed and open joint-stock companies.

A closed joint stock company is a company in which shares are sold only to its employees and cannot be sold to third parties without the consent of other shareholders.

An open joint stock company is a company in which capital is formed at the expense of open sale shares.

Share capital - the fixed capital of a joint-stock company, the amount of which is determined by its charter. It is formed at the expense of borrowed funds and the issue (issue) of shares.

A share is a security issued by a joint-stock company, giving the right to its owner, a member of the joint-stock company, to participate in its management and receive dividends from profits.

There are shares: ordinary, preferred, registered, bearer, labor collective, enterprises, etc.

Share nominal - share with the indication of its owner. Distributed by open subscription. It can be simple and privileged.

Bearer share - a share that does not contain the name of its holder. It can be simple and privileged.

ordinary share - a share with a non-fixed dividend, the amount of which is determined by the general meeting of shareholders after paying a fixed percentage to holders of preferred shares.

Company shares - shares distributed among other enterprises and organizations, cooperatives, banks, voluntary societies.

Preferred share - a share whose dividend is fixed in the form of a fixed percentage paid as a matter of priority, regardless of the size of the company's profit. This share does not give the right to vote, its owner does not participate in the management of the company.

Action of the labor collective- a share, the holders of which can only be employees of this team.

Depreciation funds - financial resources allocated for a special purpose for the preservation and renewal of fixed assets of the enterprise.

sinking fund - cash designed for simple and extended reproduction of fixed assets.

Depreciation - 1) the gradual transfer of the value of fixed assets to the product or service produced with their help; 2) targeted accumulation of funds and their subsequent use to replace depreciated fixed assets.

Rent is a property lease based on an agreement on the provision of property for temporary use for a certain fee.

Product certification is a complex of organizational, technical and economic measures that provide for the systematic conduct of an objective assessment of technical and economic indicators of product quality.

Balance - a system of indicators characterizing a phenomenon by comparing or contrasting its individual aspects. Economic balance sheets are usually drawn up in monetary terms.

Balance sheet profit - total amount profits of the enterprise for all types of activities, reflected in its balance sheet.

Bankruptcy is a concept meaning ruin, the refusal of an enterprise (organization, bank) to pay its debt obligations due to lack of funds. Usually leads to closure or forced liquidation enterprises, the sale of property to pay off all debts.

Unemployment is a socio-economic phenomenon in which part of the able-bodied, willing to work population cannot find work, becoming a reserve army of labor.

Business - economic activity of the subject in the conditions market economy, aimed at making a profit by creating and selling a specific product or service.

A businessman is a merchant, an entrepreneur engaged in any kind of economic activity generating profit or other benefits.

A business plan is a program of an enterprise's activities, a plan of specific measures to achieve specific goals of the company's activities, including an assessment of expected expenses and income. Developed on the basis of marketing research Marketing).

Gross proceeds - the total amount of cash receipts from the sale of marketable products, works, services and material assets.

Gross profit - part gross income enterprise, which remains with him after the deduction of all mandatory expenses.

Gross income - final result activity of the enterprise, which is the difference between gross revenue and all costs of production and sales of products.

A bill of exchange is a type of security, a written promissory note of the established form, which gives its owner (bill holder) the unconditional right to demand from the drawer the unconditional payment of the specified amount of money by a certain date.

Venture firm - a commercial scientific and technical firm engaged in the development and implementation of new technologies and products with an indefinite income in advance (risky capital investment).

Implementation firm - intermediary and consulting self-supporting organization (enterprise), specializing in the dissemination of innovations.

GOST RF - State Standardization System Russian Federation.

Diversification of production - the transition from one-sided, often based only on the manufacture of one product, production structure to diversified production with a wide range of products.

Dividend - part of the profit of a joint-stock company, annually distributed among shareholders after payment of taxes, deductions for the expansion of production, replenishment of reserves, payment of interest on bonds and remuneration to directors.

The life cycle of a product is a period of alternation of five different life phases products: development, production, market entry, market saturation and obsolescence.

Costs of production and sales of products - valuation of products used in the production process natural resources, raw materials, materials, fuel, energy, fixed assets, labor resources, as well as other costs for the production and sale of products.

Depreciation of fixed assets - the gradual loss of fixed assets (buildings, machines and other means of labor) of their useful properties. Physical and moral depreciation of fixed production assets differ. Physical deterioration - material wear and tear of the means of labor as a result of their use and the influence of the forces of nature. Obsolescence means of labor can come to complete physical wear and tear due to the fact that more productive, accurate and economical machines and equipment appear.

Inventions are new and significantly different technical solutions to problems in any area of ​​the economy, social and cultural construction, which have a positive effect.

Investments - long-term investments of funds both within the country and abroad in order to create new and modernize old enterprises, develop the latest technologies and technology, increase production and profit.

Investment policy - determination of the most priority areas of capital investments, on which the increase in the efficiency of the economy depends, ensuring the greatest increase in production and national income for each ruble of costs.

Investor - self employed, an organization or a state that makes a long-term investment in a business, an enterprise for the purpose of making a profit.

Engineering - provision on a commercial basis (in the form of a contract) of various engineering and consulting services.

Innovation is an innovation, a complex process of creating, distributing and using innovations (a new practical tool) to meet human needs that change under the influence of the development of society.

Infrastructure - a complex of sectors of the economy that serve industrial (or any other) production, as well as the population. Includes transport, communications, trade, logistics, science, education, health care.

Capital intensity is an indicator that characterizes the ratio of fixed capital to the production or part of it produced in the corresponding period - national income, net income, arrived.

Capital construction is the process of creating and improving fixed assets through the construction of new ones, reconstruction, expansion, technical re-equipment and modernization of existing ones.

Capital investments are the costs of material, labor and monetary resources aimed at restoring and increasing fixed assets.

Product quality is a set of useful consumer properties of a product of labor that determine its ability to satisfy certain needs of a person and society.

Combination - one of the forms of socialization of production, which consists in the technological combination of interconnected heterogeneous industries in one or different industries within the framework of one enterprise - a combine.

Commercial secret of the enterprise - information that is not state secrets and is related to production, technological information, financial management and other activities of the enterprise, the disclosure of which may harm its interests.

Company - an association of entrepreneurs formed on the basis of share capital and being a legal entity: a joint-stock company, a company with limited liability and etc.

Integrated mechanization and automation of production - mechanization and automation of not only the main, but also auxiliary production processes.

Conversion is the reorientation of an enterprise to the production of products of a fundamentally different type.

Competitiveness - the ability of an enterprise to carry out its activities in a market economy and at the same time receive a profit sufficient for the scientific and technical improvement of production, stimulating employees and maintaining products at a high quality level.

Competition is an element of the market mechanism associated with the formation of economic proportions based on the rivalry of enterprises, firms for the best and more profitable terms capital investment, sales of products and services.

contract - see Employment contract.

Contract wage system - conclusion employment contract between the employer and the contractor, which stipulates the working conditions, the rights and obligations of the parties, the mode of operation and the level of remuneration, the duration of the contract.

A controlling stake is a share of the total value (number) of shares that allows their owners to control the activities of the entire joint stock company. Theoretically, this share is determined in the amount of 51% of the total amount of shares, in practice - much less.

The concentration of production is the concentration of output at large enterprises.

The concern is an association of independent enterprises of various industries related to joint developments through a system of participation, patent and license agreements, financing, and close industrial cooperation.

Cooperation is the process of establishing direct long-term economic ties for the joint production of the final product.

The coefficient of use of materials is an indicator characterizing the rationality of spending raw materials and materials. It is calculated as the ratio of the amount of materials included in finished product, to the total amount processed.

Shift coefficient - an indicator of the degree of loading of equipment over time. It is defined as the ratio of machine shifts worked per day to all installed equipment.

Leasing - 1) a method of financing investments based on a long-term lease of property while maintaining ownership of the lessor; 2) medium and long-term lease of machinery, equipment and vehicles.

Marketing is a complex system for managing the activities of an enterprise for the development, production and marketing of products or the provision of services based on market research and active influence on consumer demand.

Material consumption of products - the cost of raw materials, materials and other material resources per unit of output. Reducing the material consumption allows you to get more finished products from the same material resources, reduces its cost and the cost of developing raw materials industries.

Modernization of equipment - the introduction of existing changes into the design of existing equipment that increase its technological level and improve technical and economic characteristics.

A monopolist is the only manufacturer of a particular product who assigns a monopoly for that product. high price resulting in higher costs for consumers and society.

Overhead costs - expenses for the economic maintenance of production and enterprise management, which are additional to the main costs and, along with them, are included in production costs.

Scientific and technical potential - a generalized characteristic of the level of development of science, engineering, technology in the country, the opportunities and resources that society has to solve scientific and technical problems.

Scientific and technological progress is a process of continuous development of science, technology, technology, improvement of objects of labor, forms and methods of organizing production and labor.

Scientific and technological preparation of production - a set of regulatory and technological measures that regulate the design, technological preparation of production and the system for putting products into production.

Turnover of working capital - the movement of working capital of an enterprise, a consistent transition from one form to another. The faster they turn working capital at the enterprise, the more products it can produce with the same amount of working capital. The acceleration of the turnover of working capital is achieved with strict observance of the norms of inventories, reduction production cycle, faster implementation of finished products.

Circulating production assets - objects of labor used in production (raw materials, materials, fuel, containers, spare parts for repairs, etc.). They are completely consumed in each production cycle and are purchased at the expense of the company's working capital.

Working capital - funds of the enterprise, expressed in cash, invested in inventories, work in progress, finished products, the cost of developing new products, deferred expenses.

An additional liability company is a company established by one or more persons. Its participants jointly and severally bear subsidiary liability for the obligations of the company with their property in the same multiple for all of the value of their contributions, determined by founding documents.

A limited liability company is a company established by one or more persons. Its authorized capital is divided into shares of sizes determined by the founding documents. Participants are not liable for the obligations of the company and bear the risk of losses associated with its activities, within the value of their contributions.

General cycle capital construction object - the time from the beginning of the design of the object to its commissioning.

Payback of capital investments - an indicator of the effectiveness of capital investments, defined as the ratio of capital investments to economic effect obtained from their use in the production process.

The optimal size of an enterprise is the size of an enterprise that ensures the fulfillment of concluded contracts and obligations for the production of products (performance of work) on time with a minimum of reduced costs and the maximum possible efficiency.

Fixed non-productive assets are durable items that serve non-productive consumption in society. These include residential buildings, clinics, clubs, sanatoriums, stadiums, etc., which are on the balance sheet of the enterprise.

The main production assets are the means of labor (buildings, structures, machinery and equipment, vehicles etc.), with the help of which products are manufactured. They serve a long time, retain their natural form during the production process and transfer their value to the finished product in parts as they wear out. Replenished through capital investments.

An indicator is a generalized quantitative parameter of socio-economic phenomena and processes in unity with their qualitative characteristics.

A general partnership is an association of two or more persons for the purpose of entrepreneurial activity in order to make a profit, whose members participate in the affairs of the partnership personally and bear the full liability not only with the invested capital, but also with all its property.

The marginal productivity of labor is the increase in the volume of output caused by the use of an additional unit of labor under fixed other conditions.

Enterprise - independent economic entity, which is a legal entity and created for the production of products, performance of work and provision of services in order to meet public needs and make a profit.

Profit - final financial results enterprise activities. It is defined as the difference between revenue and costs.

Privatization is the process of changing property relations when a state enterprise is transferred to other forms of ownership, including collective, joint-stock and private.

Forecasting is a scientifically based prediction of the probabilistic development of events or phenomena for the future based on statistical, social, economic and other studies.

Labor productivity - the productivity of people's production activities. It is measured by the amount of output produced by an employee in the field of material production per unit of working time, or the amount of time spent on the production of a unit of output. The social productivity of labor is expressed in the amount of national income produced per one employed worker in the branches of material production.

Production capacity - the maximum possible output of products with the most complete and rational use of fixed production and working capital, as well as financial resources.

Production structure - a set of connections between the production units of an enterprise - workshops, sites, service facilities and services directly or indirectly involved in the production process.

Production is the process of creating material goods necessary for the existence and development of society.

Reconstruction is a process of radical reorganization of existing production on the basis of technical and organizational improvement, comprehensive renewal and modernization of fixed assets.

Product profitability is an indicator of production efficiency, defined as the ratio of the total (balance) profit to the average annual cost of fixed production assets and normalized working capital.

Free economic zone - a part of the territory of the state, which has a free regime for investing foreign capital and simplified customs rules.

Piece rate - the amount of wages per unit of output or work.

Certificate - a document certifying the quality of the goods, issued by the competent authorities on the basis of an examination of the goods.

A certificate of conformity is a document issued by a third party proving that a duly identified product, process or service conforms to a particular standard or other normative document.

Product certification is a procedure for the adoption and implementation of international standards for assessing and controlling product quality. Osu-

It is carried out through the creation of special centers independent of manufacturers, equipped with equipment and instruments to control products for compliance with international standards.

Product quality management system - organizational structure that clearly allocates the responsibilities, procedures, processes and resources needed to manage product quality.

Joint entrepreneurship is a form of production activity of enterprises of two or more countries, focused on cooperation in the sphere of production and circulation.

Specialization of production - the concentration of production of structurally and technologically homogeneous products of mass consumption at large enterprises.

Standard - a normative and technical document that establishes norms, rules and requirements for the development, manufacture and operation of products (see. GOST RF).

Standardization - the establishment and application of rules in order to streamline activities in a certain area for the benefit and with the participation of all interested parties. Is reflected in normative documents, standards, instructions, methods, requirements for product development.

The technical level of products is a relative characteristic of product quality, based on a comparison of the values ​​of indicators that determine the technical excellence of the product being evaluated, with the values ​​of the corresponding basic indicators.

Technical re-equipment - the process of raising the technical level of individual production sites to the modern level.

The type of organization of production is a complex characteristic of the features of the organization and the technical level of production.

A limited partnership is an association of two or more persons for carrying out entrepreneurial activities, in which some participants (general partners) are liable for the affairs of the partnership both with their contribution and with all their property, while others (limited partners) are liable only with their contribution .

A limited liability partnership is an association of citizens and / or legal entities for a joint economic activity, the authorized capital of which is formed at the expense of the contributions of the founders, who are liable for obligations only with their contribution.

An employment contract is an agreement between an entrepreneur and a person entering a job, which stipulates his labor functions, place of work, official duties wages, start time, etc.

The labor intensity of production is a value inversely proportional to the indicator of the productivity of living labor. It is defined as the ratio of the amount of labor expended in the sphere of material production to the volume of output.

Unification in industry - bringing the variety of products to a structurally and technically improved uniformity.

Charter - an official document confirming the legality of the establishment of the company, containing the nature and rules of its activities, the basis of relations between members, etc.

Constituent documents - documents that serve as the basis for the establishment of a newly created enterprise, company, joint-stock company and their registration in the prescribed manner.

Firm - an enterprise or a set of specialized organizations of any form of ownership, which are legal entities and unite under one management (and a common company name) for the production and sale of goods.

Capital-labor ratio is an indicator of the equipment of fixed production assets (the size of fixed production assets per employee or worker of an enterprise).

Capital intensity is an indicator that is inversely proportional to the return on assets. Calculated as a ratio average cost fixed production assets to the volume of manufactured products.

Return on assets is an indicator that characterizes the amount of production per 1 ruble. fixed production assets. The growth of capital productivity is the most important direction for the better use of fixed production assets.

Photography of the working day - a method of studying working time by observing and measuring its duration during the whole or part of the working day.

A franchisor is a large enterprise (corporation, firm, etc.) that concludes a franchising agreement with a franchisee.

A franchisee is a small enterprise that enters into transactions with a large enterprise - a franchisor.

Chemicalization of production is a process of widespread use of chemical products and synthetic materials, as well as chemical methods in the production of products.

A holding company is a joint-stock company that uses its capital to acquire controlling stakes in other companies for the purpose of managing, managing them and receiving dividends.

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- government intervention 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 reproduction production process and expanding its scope.
"The Iron Law of 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 about the unhindered and complete implementation of the social 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 of ​​social control of 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 scientific base 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 of the 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 an 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 section 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", simplifying the essence of the monetary product to a certain technical means, convenient for exchange, and leading to an orthodox version of the quantity 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 operations.
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.

Absolute Advantage in the production of goods A - the ability of a certain country to produce this product with the least expenditure of resources.

Prepaid expense - the amount of funds issued in advance against future payments.

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

Aggregation - connection of separate units or data into a single indicator.

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

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

Active operations of banks - operations of banks for the placement of their funds (purchase of securities, issuance of loans).

active balance of payments - the balance of payments, in which the amount of foreign receipts of the country exceeds the amount of its foreign expenses and payments. The value of this excess is called the active balance of payments.

Active trade balance - trade balance, characterized by the excess of the export of goods from the country over the import into it.

excise tax - tax on expenses associated with the acquisition of a particular product or the quantity of goods purchased.

Bearer share - a share, the forms of which do not contain the name of its holder. Only the total number of issued bearer shares is recorded in the book of registration of shares of a joint-stock company.

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

Joint-Stock Company An enterprise whose capital is divided into shares called shares. Members of a joint-stock company (shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, to the extent of the value of their shares. Joint-stock companies are open and closed.

Promotion - a security that certifies the participation of its owner in the formation of the funds of a joint-stock company and gives the right to receive an appropriate share of its profit - a dividend.

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

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

Opportunity cost - benefits from the possible other use of a limited resource.

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

Arbitrator, Arbitrator - a mediator in disputes of a non-judicial nature, not interested in the conflict between the parties, elected by mutual agreement of the disputing parties.

Arbitration - resolution of disputes that are not subject to the jurisdiction of the court, arbitrators, as well as the state body involved in such resolution.

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

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

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

Auditor - face ( specialized organization), which checks the financial and economic activities of the enterprise, on the basis of a contract concluded with the management of the audited enterprise. It also performs advisory functions.

Auction - a method of sale at public auction, in which the valuables being sold are purchased by the buyer, “who offered the highest price for them.

Base year- the year used in the construction of the price index as a basis for comparison with prices in other years.

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

balance sheet profit - .

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

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

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

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

Bank account -

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

Bank account -

Bankruptcy - the insolvency of a debtor - an enterprise, a bank, another organization - to pay its debt obligations.

barter deal - a barter transaction with the transfer of ownership of goods without payment in cash.

exit barriers - factors that prevent a company from moving production to another industry, for example, the presence of specialized fixed capital.

Unemployment - a socio-economic situation in which part of the active, able-bodied population cannot find work that these people are able to perform. Unemployment conditioned the excess of the number of people who want to find a job over the number of available jobs that correspond to the profile and qualifications of applicants for these places. Unemployed are considered able-bodied citizens looking for work, registered at the labor exchange and having no real opportunity to get a job in accordance with their education, profile, work skills. It is customary to allocate frictional unemployment due to the fact that at any moment in the economy there are people who are in the process of changing jobs; structural unemployment due to structural changes in economics; cyclical unemployment, the cause of which is the overall reduction in vacancies due to the economic downturn.

Business - economic activity for the purpose of making a profit.

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

Labor exchange - government agency acting as an intermediary between employers and employees.

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

boons - any means that bring benefits, that is, satisfy any needs. Goods are free and economic.

welfare - a measure, the degree of provision of people with the blessings of life, the means of subsistence. Welfare characterizes the standard of living of people.

Bretton Woods system - the international monetary system created after II world war, in which exchange rates were regulated, the International Monetary Fund helped stabilize foreign exchange rates, and gold and the dollar were used as international foreign exchange reserves.

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

Accounting costs -

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

Budget - monetary expression of a balanced estimate of income and expenses for a certain period. If the expenditure side exceeds the revenue side, then the budget is reduced to a deficit. The excess of income over expenditure forms a positive balance of the budget.

budget policy - the use of revenues and expenditures of the state budget for the regulatory impact on the economy.

budget period - the period during which the approved budget is valid. Usually it is equal to 12 months and coincides with the calendar year. In cases where the fiscal year does not begin on January 1 (and this is not uncommon), then the term "fiscal year" can be used. For example: 23. 03. Afghanistan, Iran; 04. UK, Israel, India, Canada, Lebanon. Singapore, South Africa, Japan; 1.06. Jordan: 1.0 7. Australia, Egypt, Laos, Pakistan, Saudi Arabia, USA (in most states), Sweden; 8.07. Ethiopia; 16.07. Nepal; 25.09. Sudan; 1. 10. Haiti, USA (federal budget).

Gross profit- the entire amount of the company's profit before deductions and deductions.

Gross domestic product (GDP) - the total market value of final goods and services produced in the territory of the country by its citizens and foreigners for a certain period of time (usually a year).

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

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

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

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

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

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

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

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

Interchangeable goods - that serve to satisfy a single need.

Contributor – .

The opportunity cost of producing good A is the amount of other goods that must be sacrificed in order to produce an additional unit of good A.

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

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

General Agreement on Tariffs and Trade, GATT - concluded in 1947. an agreement between states in which each of them agreed to give others equal and non-discriminatory trade treatment, reduce tariffs on the basis of a multilateral agreement, and eliminate import quotas over time.

Hyperinflation - an increase in the general level of prices, when, in general, prices increase several times over the year.

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

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

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

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

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

Government sector - part of the country's economy, fully controlled by the state.

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

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

Devaluation - a decrease in the official gold content of the country's currency or a decrease in its exchange rate against the currencies of other countries, carried out by law.

mottos - means of payment in foreign currency intended for international settlements,

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

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

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

Money turnover -continuous movement of money in the process of remuneration, sale of goods, payments for services and other payments.

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

Monetary Aggregates - types of money and cash, differing from each other in the degree of liquidity. Indicators of the money supply structure. The composition of monetary aggregates varies by country. The most commonly used aggregates are MO (cash), M1 (MO + checks, demand deposits, M2 (M1 + small term deposits), MZ (M2 + all other types of deposits), (MZ + securities).

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

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

Deposit - to deposit, to make a contribution, contribution.

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

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

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

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

Deflation - 1. Withdrawal from circulation of surplus paper money and fiat banknotes issued during the period of inflation.2. An increase in the purchasing power of money, expressed in a decrease in the general price level in the economy.

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

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

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

discount from the exchange rate for urgent cash transactions.

Discounting bills, discounting bills - Purchase by the bank of bills of exchange from the holders of the bills before the expiration of their term.

Distributor - a company that sells on the basis of bulk purchases from large industrial firms producing finished products. This is a relatively large firm, which has its own warehouses and establishes active contractual relations with industrialists.

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

Assumption "ceteris paribus" - the assumption that factors other than those under study are constant.

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

European Common Market, European Economic Community - an association of European countries, formed in early 1958. with the aim of gradually eliminating customs tariffs and import quotas in trade between its members, establishing common tariffs on imports of goods from third countries, ensuring free movement in the future within the framework of the association of labor and capital, developing other principles of a coordinated economic policy and forming a single economic space.

sole proprietorship - a private company owned and operated by one person.

natural monopoly - an industry in which economies of scale are so great that a product can be produced by one firm at a lower average cost than if several firms were involved in its production.

Natural rate of unemployment is the unemployment rate at full employment.

Product life cycle - the period of time from the concept of a product to its removal from production and sale. In marketing, the following stages of the cycle are considered:

1. origin (development, design, experiments);

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

3. maturity ( mass production, wide sale);

4. market saturation;

5. fading the sale and production of the product.

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

Oyken's (Oaken's) Law - regularity, derived empirically; says that, as a rule, the excess of unemployment by one percent over its natural level leads to a lag of real GNP from the potential by 2.5 percent.

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

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

Closed Joint Stock Company - a joint-stock company, whose shares are distributed only among its founders or other predetermined circle of persons. Such a company is not entitled to conduct an open subscription for shares issued by it or otherwise offer them for purchase to an unlimited number of persons.

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

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

Gold content of the currency - the weight content of pure gold, assigned to the national currency. Currently, the gold content is conditional.

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

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

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

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

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

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

Capital investments - cm. .

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

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

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

Quality goods A product whose purchase volume does not decrease with an increase in the consumer's income.

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

production and marketing.

TO export-import voting - Establishment of the maximum allowable quantity of goods for import into the country or export from the country.

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

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

Commercial Bank - a bank engaged in lending to industry and trade at the expense of money capital attracted in the form of deposits and by issuing own shares and bonds.

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

Conglomerate - a type of monopoly, which is an association of enterprises belonging to different sectors of the economy and not related to direct economic cooperation. The conglomerate is usually managed through a holding company.

Competitiveness - the ability of products to meet the prevailing requirements of the market in the period under review.

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

Consensus - general agreement, characterized by the absence of serious objections on substantive issues from the majority of interested parties. It does not necessarily imply complete unanimity.

Contract - contract, agreement (usually written), defining the mutual rights and obligations of the contracting parties.

Controlling stake - the share of shares concentrated in the hands of one owner and making it possible to exercise actual control over the joint-stock company.

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

Concern - association of industrial, commercial and other enterprises of various industries, banks, insurance companies and other financial and credit institutions under a single financial control.

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

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

Leasing- long-term lease of equipment, machines, industrial facilities.

Liquidity - 1. The possibility of converting asset items into money to pay liabilities for liabilities.2. Ease of realization, sale, transformation of material assets into cash.

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

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

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

Broker- a broker on the stock exchange.

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

low value goods - goods, the volume of purchases of which decreases as consumer income increases.

Marketing - system of organization and management of activities firm aimed at maximizing sales of its products, achieving high efficiency of export products, expanding market share.

Price Scale - 1. The amount of gold or silver taken in country for a monetary unit and its multiples. 2. The technical function of money; means expressions of value in monetary units.

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

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

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

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

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

Manager - hired manager - professional knowledge for organization and management production.

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

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

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

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

value added tax - tax on the difference between the cost of goods sold by the firm and the cost of goods purchased from other companies.

Tax incentives, tax incentives - partial or full exemption of individuals and legal entities from taxes.

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

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

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

Independent Products - goods not detecting relationships of interchangeability and complementarity between yourself.

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

Insolvency - the financial position of the company or state in which they are unable to timely fulfill their financial obligations.

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

Imperfect Competition - situation in the market product or service when individual sellers and/or buyers their actions can affect the market price good.

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

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

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

Denomination Rated price - the value indicated on the securities papers, paper money, banknotes, coins.

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

know-how - collection of different knowledge, scientific, technical, financial, production, commercial or otherwise administrative, character, experience, practically applied in the activities of the enterprise or in professional activities, but who have not yet become public domain.

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

Exchange - economic transaction on the transfer of goods by one economic entity to another with the receipt of money in return or other goods.

working capital - capital participating and wholly consumed during one production cycle

Total (cumulative) utility - degree of satisfaction from consumption of all goods and services in a given period time.

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

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

public good - a good or service to which the principle of exclusion does not apply and the production of which is provided by the state, provided that they bring significant benefits to society.

Additional Liability Company - a company, the authorized capital of which is divided into shares of the sizes determined by the constituent documents; the participants in such a company bear subsidiary liability for its obligations with their property in the same multiple for all to the value of their contributions.

Limited Liability Company - a company, the authorized capital of which is divided into shares of the sizes determined by the constituent documents; participants in a limited liability company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the value of their contributions.

The total income of the firm -

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

Limited resources - Insufficiency of the resource to satisfy the desire of everyone.

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

Oligopsony - a type of market of imperfect competition, which is dominated by a few large buyers of the goods, which, by their actions, can influence the market price of the goods.

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

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

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

Public corporation - a joint-stock company whose members may alienate their shares without the consent of other shareholders. Such a joint-stock company has the right to conduct an open subscription for shares issued by it and their free sale on the terms established by law and other legal acts. An open joint stock company is obliged to annually publish for general information annual report, balance sheet, profit and loss account.

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

Negative economies of scale - a situation where the level of average long-term costs increases with the growth of the enterprise.

partnership- a joint venture of several persons (individuals, legal entities), each of which participates in it not only with its own capital, but also with personal labor.

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

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

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

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

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

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

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

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

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

Utility - the degree of satisfaction from the consumption of a product or service, distinguish between total (cumulative) and marginal utility.

Creeping inflation - slow, imperceptible increase in prices.

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

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

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

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

Positive economies of scale - a situation where the level of average long-term costs decreases with the growth of the enterprise.

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

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

consumer balance - the state in which the structure of expenditures of the consumer's budget provides him with the greatest overall utility from the entire set of consumer goods he acquires.

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

Consumption - use, use, application of goods in order to satisfy needs. Distinguish between production consumption - spending, the use of resources in the production process, and non-productive, final consumption of goods by people, the population to meet social and personal needs.

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

Product - material or non-material result of human labor (subject, scientific discovery).

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

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

Production - the process of creating economic benefits.

Proportional tax - a tax, the average rate of which remains unchanged with an increase or decrease in the income of the taxpayer.

Protectionism - the economic policy of the state, which aims to protect the national economy from foreign competition by imposing high duties on goods imported into the country, restricting or completely prohibiting imports

individual goods.

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

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

Direct funding - type of operations in the financial market, when borrowed funds transferred directly from the lender to the borrower.

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

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

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

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

Small coin -

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

regressive tax - a tax, the rate of which decreases with an increase in taxable income.

Rent - certain income from capital, property or land that do not require entrepreneurial activity from their recipients.

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

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

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

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

Reserve rate (reserve rate) - installed minimum percentage deposit liabilities that the bank is required to hold at the central bank or in its own vault.

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

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

freedom of choice - the use of material resources and money by their owners at their own discretion, the free right of workers to engage in any kind of labor for which they are capable, and the use by consumers of their income for purposes that they consider preferable.

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

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

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

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

Production cost - expressed in monetary terms, the current costs of the enterprise for the production and sale of products.

seasonal fluctuations - an increase or decrease within one year in the level of economic activity due to the change of seasons.

Syndicate - a type of monopoly, which is an association of entrepreneurs, which assumes the implementation of all commercial activities while maintaining the industrial and legal independence of its constituent enterprises.

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

mixed economy - a type of economic system in which it is impossible to single out the dominant way of making economic decisions.

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

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

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

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

Comparative advantage in the production of good A the ability of a given country to produce good A with less opportunity cost than another country.

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

Firm's average income - revenue per unit of output.

urgent account - type of bank account, the withdrawal of funds from which can be made after a certain period of time from the moment of its opening.

Loan - transfer of material values ​​or money by one party to the loan agreement to another on the terms of return and, as a rule, with the payment of interest.

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

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

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

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

Strategic Commodities - goods (equipment, "know-how" technology), the export of which is prohibited, restricted or controlled in order to prevent damage to the national security of the country - the owner of the goods.

Insurance - creation at the expense of funds of enterprises, organizations, citizens of special insurance funds intended to compensate for damage. Insurance is carried out by state bodies, insurance companies, companies. Insurance is a form of financial intermediation.

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

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

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

Customs duties -

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

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

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

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

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

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

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

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

Service -a good that is produced and consumed at the same time. Unlike a good, a service cannot be inherited and cannot be stored.

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

Authorized capital -the initial amount of the company's capital, determined by its charter and formed mainly from the proceeds from the sale of shares or by contributing shares by the founders.

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

Accounting percentage, discount rate -a fee charged by banks for advancing money by purchasing (accounting for) bills of exchange, securities, shares and bonds, and other debt obligations before they fall due.

Factors of production -

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

Fixed exchange rate -the price of the currency, which is established by the decision of any state body. At the same time, as a rule, the purchase and sale of currency is limited and is carried out only at this price.

Financial intermediaries - financial institutions involved in the accumulation of funds of individuals and legal entities with their subsequent provision on loans and placement on the securities market.

financial capital -capital in cash.

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

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

Funds (charitable and others) -a non-profit organization without membership, founded by citizens and (or) legal entities on the basis of voluntary property contributions, pursuing social, charitable, cultural, educational or other socially beneficial goals. The property transferred to the foundation by the founders is the property of the foundation. The founders are not liable for the obligations of the foundation, and the foundation is not liable for the obligations of the founders. The Foundation is required to publish annual reports on the use of its property.

Freedchaising -a license issued by firm A to firm B, giving it the right to act on behalf of firm A. At the same time, firm B is obliged to conduct its business only in the form prescribed by firm A, for a certain time and in certain place. In turn, firm A undertakes to supply firm B with goods, technology, and provide all kinds of assistance in business.

return on assets -an indicator that characterizes the efficiency of using fixed capital for production. It is calculated by dividing the output by the value of the spent fixed assets (fixed capital).

Business partnerships and companies -commercial organizations with an authorized capital divided into shares of the founders.

Allocate:

General partnership

Limited partnership (limited partnership)

Limited Liability Company

Additional Liability Company

Joint-stock companies of closed and open type .

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

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

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

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

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

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

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

Economic integration -association of countries pursuing common economic goals, while maintaining political independence.

There are the following stages of integration:

Free trading zone,

Customs Union,

Common Market,

economic union.

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

economic system -a set of laws, institutions, types of human activity and values, its defining and motivating factors, which underlie economic decision-making. There are the following types of economic systems: traditional, command, market and mixed economies.

Economic theory -social science that studies the choices people make to use limited resources to meet their needs.

Economic efficiency -an indicator that characterizes the effectiveness of the use of limited resources to meet needs.

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

economic costs - “opportunity cost” , the benefits that could be derived from the best alternative use of the resource.

economic costs add up from And implicit costs.

On the basis of dependence on the volume of production costs (total) divided by permanent(does not depend on the amount of output) and variables(Growing with the increase in output).

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

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

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

economic union -stage of economic integration, which implies the removal of restrictions on the free movement of goods, capital, labor between member countries, a single currency system, harmonization economic policies participating countries.

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

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

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

Price elasticity of demand -an indicator that characterizes the degree of change in the magnitude of demand for a certain change in price.

elastic demand -demand that tends to fluctuate significantly with small fluctuations in prices.

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

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

Issuer -issuing institution or enterprise.

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

Efficiency in distribution -a situation in which a change in the distribution of goods cannot increase one person's pleasure from their consumption without decreasing the pleasure of another.

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

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

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

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

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

e) independent property liability.

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

Aval

A bill of exchange guarantee to which the bill of exchange law applies. This guarantee means a guarantee of full or partial payment of the draft if the debtor has not fulfilled his obligations on time. Aval is given on the front side of the bill and is expressed by the words: "Consider as aval" or any other similar phrase and signed by the avalist. Aval is given for any person responsible for the bill, so the avalist must indicate for whom he gives guarantee. In the absence of such an indication, the aval is considered issued for the drawer, i.e. not for the debtor, but for the creditor. The avalist and the person for whom he is responsible are jointly and severally liable. Having paid the bill, the avalist acquires the right to claim back against the one for whom he issued the guarantee, as well as against those who are obliged to this person.

Prepaid expense

The amount of money issued against future payments for material assets, work performed and services rendered.

advice

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

Assets

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

Acceptance

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

excise tax

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

Stock

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

Audit activity

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

Correspondent banks

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

bank guarantee

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

Bank transfer

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

Bankruptcy

The inability of the debtor to satisfy the claims of creditors for payment for goods (works, services), including the inability to provide obligatory payments to the budget and extrabudgetary funds.

barter deal

Non-currency, but valued and balanced exchange of goods, drawn up by a single agreement (contract).

Cashless payments

Settlements between organizations made by bank transfer of the amount from the account of the debtor organization to the account of the creditor organization according to settlement documents in a cashless manner. Payments can be made with the consent (acceptance) of the payer and on his behalf.

commodity exchange

Commercial enterprise, regularly functioning market of homogeneous goods with certain characteristics.

stock exchange

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

Budget

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

Consolidated budget

A set of budgets for all levels of the budget system of the Russian Federation in the relevant territory.

budget deficit

The excess of budget expenditures over its revenues.

Budget income

Funds received on a gratuitous and irrevocable basis in accordance with the legislation of the Russian Federation at the disposal of state authorities of the Russian Federation, state authorities of the constituent entities of the Russian Federation and local governments.

Budget surplus

The excess of budget revenues over its expenditures.

Budget expenses

Funds allocated for financial support of the tasks and functions of the state and local self-government.

budget painting

Document on the quarterly distribution of budget revenues and expenditures and receipts from sources of financing the budget deficit, establishing the distribution of budgetary appropriations between recipients budget funds and compiled in accordance with the budget classification of the Russian Federation.

budget system

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

The budget system of the Russian Federation

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

budget loan

Budgetary funds provided to another budget on a returnable, gratuitous or reimbursable basis for a period not exceeding six months within a financial year.

Budget Structure

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

Budget law of the Russian Federation

Aggregate legal regulations(mandatory rules of conduct), delimiting the scope of various budgets (for example, regional, regional, city, district, rural, settlement), defining the powers of individual state authorities in issuing a budget law, regulating the preparation and implementation of this law.

Budget regulation

The system of redistribution of funds, which consists in the transfer of part of the resources of the higher budget to the lower one in order to balance. The regulatory mechanism includes: subsidies; subventions; regulatory sources of income. Budgetary regulation is integral part budget process.

budget device

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

Budget appropriations

Budgetary funds provided by the budget list to the recipient or manager of budgetary funds.

Budget credit

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

Budget Process

The activities of state authorities, bodies regulated by the law local government and participants in the budget process for the preparation and consideration of draft budgets, draft budgets of state extra-budgetary funds, approval and execution of budgets and budgets of state extra-budgetary funds, as well as control over their execution.

Currency

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

Currency freely convertible

A currency freely and unlimitedly exchangeable for other foreign currencies.

Currency calculations

The system for organizing and regulating payments for monetary claims and obligations in foreign currency arising from the implementation of foreign economic activity. Settlements can be in cash and on credit, i.e. with installment payment. Cash settlement represents the full payment for the goods before the due date or at the moment of transfer of the goods or documents of title to the buyer. Settlement on credit or settlement with installment payment has two forms: commercial credit (credit from the exporter to the importer) to the issuance of advances by the importer to the exporter.

Exchange rate

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

bill of exchange

A security that certifies an unconditional obligation of the drawer (promissory note) or another payer specified in the bill (bills of exchange) to pay out the amounts of money received on loan upon the expiration of the period stipulated by the bill, the relations of the parties to the bill are regulated by the law on transferable and simple bills of exchange. The Law of the Russian Federation "On the monetary system of the Russian Federation" (Article 13) considers a bill of exchange a payment document used in non-cash payments. Russia adheres to the "Uniform bill of exchange law", adopted in 1930 in Geneva.

Promissory note credit

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

Extrabudgetary funds

A specific form of redistribution and use of financial resources attracted to finance certain social needs and used in a complex manner on the basis of organizational independence of funds.

Government loans

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

Government spending

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

public finance

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

State off-budget fund

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

State loan

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

Devaluation

Depreciation of the national or international (regional) monetary unit in relation to the currencies of another country. Very often, devaluation reflects the depreciation of foreign exchange funds as a result of inflation.

Denomination

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

Depositary

An organization that conducts depository activities.

Depository activity

Provision of services for the storage (deposit) of securities, as well as "servicing securities", i.e. fulfillment of the depositor's instructions for exercising the rights certified by the securities.

Deport

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

Deflation

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

Bank deposit agreement

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

Bank account agreement

An agreement under which the bank undertakes to accept and credit funds incoming to the account opened by the client (account holder), fulfill the client's instructions to transfer and issue the appropriate amounts from the account and conduct other operations on the account. The Bank may use the funds available on the account, guaranteeing the client's right to freely dispose of these funds. The Bank is not entitled to determine and control the directions of use of the client's funds and establish other restrictions not provided for by law or the bank account agreement on its right to dispose of the funds at its own discretion.

State loan agreement

An agreement under which the Russian Federation, a subject of the Russian Federation, acts as a borrower, and a citizen or legal entity acts as a lender. Government loans are voluntary. A state loan agreement is concluded by acquiring by the lender of issued government bonds or other government securities certifying the lender's right to receive from the borrower the funds provided to him on loan or, depending on the terms of the loan, other property, established interest or other property rights within the time limits stipulated by the conditions issuance of a loan. It is not allowed to change the terms of the loan issued into circulation. The rules on the state loan agreement apply accordingly to loans issued by the municipality.

Loan agreement

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

Surety agreement

An agreement under which the guarantor undertakes to be responsible to the creditor of another person for the fulfillment by the latter of his obligation in whole or in part. A guarantee agreement may also be concluded to secure an obligation that will arise in the future. The suretyship agreement must be made in writing. Failure to comply with the written form entails the invalidity of the surety agreement. If the debtor fails to perform or improperly performs the obligation secured by the surety, the surety and the debtor shall be liable to the creditor jointly and severally, unless the law or the surety agreement provides for subsidiary liability of the surety.

State external debt

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

State domestic debt

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

Debtor, debtor company

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

Grants

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

Fixed Income

Revenues that are fully or partially transferred to a certain type of budget.

Pledge

A civil law action that entitles the creditor under a secured obligation (pledge holder) in the event of the debtor's failure to fulfill this obligation, to receive satisfaction from the value of the pledged property preferentially over other creditors. The pledgee has the right to receive satisfaction on the same basis from the insurance indemnity for the loss or damage to the pledged property, regardless of in whose favor it is insured, unless the loss or damage occurred due to reasons for which the pledgee is responsible. Pledge of land plots, enterprises, buildings, structures, apartments and other immovable property (mortgage) is regulated by the Mortgage Law. The pledge arises by virtue of the contract. A pledge also arises on the basis of the law upon the occurrence of the circumstances specified in it.

Investment fund

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

Investors

Business entities (government bodies that allocate funds to cover urgent and long-term needs), persons to whom securities belong on the basis of ownership (owners) or other property rights (owners).

Endorsement

Its essence lies in the fact that on the reverse side of the bill or an additional sheet (allonge) an endorsement is made, through which another person, along with the bill, transfers the right to receive payment. The person who transfers the bill of exchange by endorsement is called the endorser, and the person who receives it is called the endorser. The act of transferring a bill is called endorsement or endorsement. An endorsement may be made in favor of any person, including even in favor of the payer or drawer. It should be simple and unconditional. Partial endorsement, i.e. transfer of only part of the amount of the bill is not allowed. The endorser is responsible for acceptance and payment. He can absolve himself of responsibility by saying "No turnover on me."

Collection

A form of settlement in which the bank (issuing bank) undertakes, on behalf of the client, to carry out actions at the expense of the client to receive payment and (or) acceptance of payment from the payer. The issuing bank that received the client's order is entitled to engage another bank (executing bank) for its execution. The procedure for making settlements on collection is regulated by the law, the banking rules established in accordance with it and the customs of business turnover applied in banking practice.

Limitation of actions

The term for the protection of the right on the claim of a person. whose right has been violated. The general statute of limitations is three years. For certain types of claims, the law may establish special limitation periods, reduced or longer in comparison with the general period. The limitation period, in particular, does not apply to the requirements of depositors to the bank for the issuance of deposits.

Commercial banks

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

commercial loan

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

Bankruptcy estate

The property of the debtor, which may be levied in the process of bankruptcy proceedings.

Bankruptcy proceedings

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

bankruptcy creditor

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

Consignment

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

Loan agreement

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

Leasing

Represents special form financial investments for the purchase of equipment, durable goods or real estate. The participants in leasing operations are, as a rule, three parties: the enterprise - the manufacturer of the leasing object; leasing company- lessor; as well as an enterprise - a tenant (lessee).

Broker

An intermediary in the conclusion of transactions on stock and commodity exchanges, which acts on behalf of clients and at their expense.

Minimum budget security

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

Minimum State Social Standards

Public services, the provision of which to citizens on a gratuitous and irrevocable basis at the expense of financing from the budgets of all levels of the budgetary system of the Russian Federation and the budgets of state non-budgetary funds, is guaranteed by the state at a certain minimum allowable level throughout the territory of the Russian Federation.

Tax

Mandatory, individually gratuitous payment collected from organizations and individuals in the form of alienation of funds belonging to them on the basis of the right of ownership, economic management or operational management of funds, in order to financially support the activities of the state and (or) municipalities. Signs of the tax: compulsory character; gratuitousness; non-equivalence.

Tax inspections

Bodies of operational financial control. The head of the system of tax authorities is the Ministry of Taxes and Dues of the Russian Federation. The tasks of the tax services are: a) control over compliance with tax legislation, ensuring the completeness and timeliness of making tax payments to the budget; b) implementation of checks financial condition enterprises and organizations, regardless of departmental subordination and their organizational - legal form; c) control over the correctness of determining taxable profit (income) in order to prevent its underestimation; d) registration of all subjects, as well as real and potential objects of taxation; e) accounting, evaluation and sale of confiscated, ownerless property, property transferred to the state, treasures. Tax inspections have the right: to receive in organizations of various forms of ownership Required documents and information, with the exception of those that constitute a trade secret determined by law; monitor compliance with the legislation on entrepreneurship of citizens; inspect all premises used for generating income; suspend all operations of enterprises and citizens in case of non-submission of documents; seize documents evidencing the concealment of income; apply sanctions and fines; file suits in court and arbitration for the liquidation of enterprises, the recognition of transactions as invalid.

Immovable things (real estate, real estate)

Land plots, subsoil plots, other objects and everything that is firmly connected with the land, i.e. objects, the movement of which is impossible without disproportionate damage to their purpose, including forests, perennial plantings of a structure building. Immovable things also include aircraft and aircraft subject to state registration. sea ​​vessels, inland navigation vessels, space objects. Other property may also be classified as immovable by law.

Penalty (fine, penalty)

An amount of money determined by law or contract that the debtor is obliged to pay to the creditor in the event of non-performance or improper performance of the obligation, in particular in the event of delay in performance. Upon a demand for the payment of a penalty, the creditor is not obliged to prove the infliction of losses to him. The creditor is not entitled to demand payment of a penalty if the debtor is not liable for non-performance or improper performance of obligations.

Government bonds

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

Corporate bonds

Mortgage bonds (backed by physical assets) unsecured bonds (direct debt that does not create a property claim against the corporation) bonds secured by other securities of the firm (backed by shares or debentures of the company) convertible bonds (gives the investor the right to purchase ordinary shares of the same company at a certain price at a certain time) income bonds (yielding interest only when income is earned).

Municipal bonds

Issued to raise funds for the construction or repair of public facilities: roads, bridges, water supply systems, etc. Divided into the following types of general obligation bonds (backed by the issuer's good faith) project income bonds (repaid from project income for funding for which they are issued).

Bond

A security that certifies the right of its holder to receive from the person who issued the bond, within the period stipulated by it, the par value of the bond or other property equivalent. A bond also grants its holder the right to receive a fixed percentage of the nominal value of the bond or other property rights.

Monetary obligations

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

Overdraft

A negative balance on the client's current account, sometimes acquiring the status of a loan, i.e. a form of short-term credit, the provision of which is carried out by debiting funds from the client's account by the bank in excess of the balance of funds in the account, resulting in a debit balance. With an overdraft, all amounts credited to the client's current account are sent to repay the debt, so the amount of the loan changes as funds are received, which distinguishes an overdraft from ordinary loans. Interest is charged at existing or agreed rates.

Option

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

Option loan

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

Offeror

The person making the offer.

Offer

A formal offer to a certain person to conclude a deal, indicating all the conditions necessary for its conclusion.

Liabilities

Liabilities (with the exception of subventions, grants from own funds and other sources) of an enterprise consisting of borrowed and borrowed funds, including accounts payable.

Bill of exchange (draft)

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

Payment order

An instruction by the payer to the bank to transfer a certain amount of money to the account of the person indicated by the payer in this or another bank within the period provided for by law or established in accordance with it, if a shorter period is not provided for by the bank account agreement or is not determined by the customs used in banking practice business turnover from the funds in his account.

Policy

A document of the insurance body confirming the existence of a concluded insurance transaction.

duties

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

Company

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

Profit (loss) from the sale of products and goods

It is defined as the difference between the proceeds from the sale of products (works, services) in current prices without value added tax and excises, as well as for its production and sale

Promissory note (solo bill)

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

Regulatory income

Revenues that are intended to support the lower budget, observing subordination. The list of fixed and regulating incomes is fixed by special tax laws and codes.

reserves

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

Decision to issue securities

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

Ruble

The currency of the Russian Federation, legal tender must be accepted at face value throughout the Russian Federation.

Stocks and bods market

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

savers

Legal entities and individuals who accumulate funds due to the fact that the costs are less than the accumulated funds concentrated on the hands in the form of a person or on bank accounts (population, enterprises and the state).

Savings (deposit) certificate

A security that certifies the amount of the deposit made to the bank and the right of the depositor (certificate holder) to receive, after the expiration of the established period, the amount of the deposit and the interest stipulated in the certificate in the bank that issued the certificate, or in any branch of this bank. Deposits are on demand (give the right to withdraw certain amounts upon presentation of a certificate) and urgent (which indicate the withdrawal period of the deposit and the amount of interest due).

Collection

Mandatory contribution levied from organizations and individuals, the payment of which is one of the conditions for the commission in the interests of payers of fees by state bodies, local governments, other authorized bodies and official types of securities. Financial market participants are savers, investors, issuers.

Financial plan

A systemic set of measures of material mediation of the functioning of the state. It is drawn up for a period of 1 to 5 years and is included in the budget. By shape financial plan is a statement of goals, figures and organizational proposals for the planning period. At the enterprise, planning is based on the consideration of the law of value, and at the same time planning acts as an economic category. Financial plans have all links of the financial system of enterprises and organizations operating on a commercial basis, draw up balance sheets of income and expenses, institutions engaged in non-commercial activities - estimates, cooperative organizations, public associations and Insurance companies- financial plans, public authorities - budgets of different levels. The object of financial planning is financial activities business entities and the state, and the final result is the preparation of financial plans, ranging from the estimates of an individual institution to the consolidated financial balance of the state. Each plan defines income and expenses for a certain period, links with the links of the financial and credit systems (contributions to social insurance contributions, payments to the budget, payment for a bank loan, etc.). All parts of the financial system have financial plans. Enterprises and organizations operating on a commercial basis make up a “balance of income and expenses”, enterprises and organizations operating on a non-profit basis draw up an “estimate”, a plan of public associations - a “financial plan”, state authorities make up the "budget" (of different levels central, local, subjects of the Federation).

Financial return

The amount of profit received on invested resources. The main task is to reduce the financial intensity and increase the financial return in social production. At the same time, it must be remembered that an improved reproduction structure of financial resources for the value of a social product is an important reserve for the growth of financial resources.

Finance

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

Stock Exchange

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

Forfaiting

Such a credit transaction, in which the exporter, having received from the importer the drafts (bills of exchange) accepted by the latter, sells them at a discount to a bank or a specialized financial firm. When the due date for payment of the drafts, the importer usually repays his debt in semi-annual installments. Traditionally, forfaiting-based lending to foreign trade firms is usually done by large banks. By resorting to forfaiting, the exporter gets the opportunity to additionally mobilize funds and reduce receivables. An exporter turns to the forfaiting market if he fails to obtain a guarantee from a state institution, or his foreign trade contract is not creditworthy enough, or his own financial situation does not allow him to divert funds for a long time.

Futures or futures contract

A standard contract for the supply of goods in the future at a price determined by the parties during the transaction.

security paper

A document certifying in compliance with the established form and required details property rights, the exercise or transfer of which is possible only upon its presentation. With the transfer of a security, all the rights certified by it are transferred in aggregate. In cases provided for by law, or in the manner prescribed by it, for the exercise and transfer of rights certified by a security, evidence of their fixing in a special register (regular or computerized) is sufficient. Securities include a government bond, bond, bill, check, deposit and savings certificate, bank savings book to bearer, bill of lading, shares, privatization securities and other documents that are classified as securities by securities laws or in the manner prescribed by them. income: investment and course.

Registered securities

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

Bearer securities

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

Securities circulation

Conclusion of civil transactions involving the transfer of ownership of securities.

Securities release form

The form of issuance of securities, in which the investor is established on the basis of presentation of a properly executed security certificate or, in the case of depositing such a certificate, and entry on the depo account.

Central banks

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

Check

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

Issue right

The set of legal rules governing the issuance of money into circulation.

Emission

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

Issuers

Legal entities that can issue securities. With the help of the financial market, the money savings of savers are attracted to invest the costs of developing production, implementing state and regional targeted programs, and other needs. The objective prerequisite is the mismatch of needs for financial resources business entities with sources of financial resources.

Entity

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