Economic Definitions

Topics: Economics, Good, Financial markets Pages: 13 (2024 words) Published: August 27, 2013
Capital
- human-made resources (buildings, machinery, and equipment) used to produce goods and services - kapitál

Cost
- the amount of money paid or needed for buying, doing or producing something - náklady

Economic good
- a good or service that is both useful and scarce and therefore has a price - ekonomický statek

Economics
- the study of how people use their limited resources to satisfy unlimited wants - ekonomie

Economy
- an organized system of the production, distribution and consumption of wealth - ekonomika, hodpodářství

Enterprise
1. the quality in a businessman to organize, innovate, bear risks and make nonroutine decisions - podnikavost, podnikatelství
2. an industrial or commercial organization
- podnik
3. an economic system which allows a degree of freedom to private businessmen - podnikání

Entrepreneurship
- see Enterprise 1

Factors of production
- resources, or inputs, necessary to produce goods and services - výrobní factor

Free good
- a commodity that has no price because it is not scarce and does not require the use of scarce factors of production to create them, e.g. fresh air, sunshine 9in certain parts of the world) - volný statek

Inflation
- a continual rise in the average level of prices
- inflace
Input
- the factors of production that are put into a business to produce its output - vstup

Labour
1. work, esp. human work needing the use of strength of body or skill and effort of mind - práce
2. the whole class of persons who work for their living
- pracovní síla
3. one of the main factors of production, the human energy and mental skill and judgement applied in producing economic goods - práce

Land
- one of the factors of production, also called “natural resources” being the gifts of nature in the form of useful materials of all kinds in or on the earth, including surface space, soil, rocks, minerals, water, winds and weather - půda, přírodní zdroje

Opportunity cost
- the cost of a choice stated in terms of the value of other goods or services that must be given up - náklady příležitosti (alternativní náklady)

Raw materials
- things which are the starting point for manufacturing processes - suroviny

Resource
- a thing provided by nature or accumulated by man that can be used as means of satisfying wants - zdroj

Scarce resource
- a resource whose availability cannot satisfy all its desired uses - vzácný zdroj

Scarcity
- lack of available resources to satisfy all desired uses of those resources - vzácnost

Consumer Price Index (CPI)
- an index which measures prices of a fixed market basket of goods and services purchased by a typical urban household - index spotřebitelských cen

Economic growth
- an outward shift of the production possibility frontier brought about by an increase in available resources and/or technological improvement - ekonomický růst

Macroeconomics
- the branch of economics that examines and explains the economy as a whole, i.e. in aggregate values - makroekonomie

Market failure
- the inability of the market to deliver the most desired economic outcomes - selhání trhu

Microeconomics
- the part of economics that examines individual decisions and particular markets - mikroekonomie

Normative economics
- economics that offers prescriptions for action based on personal value judgements - normativní ekonomie

Positive economics
- economics that seeks objective or scientific explanations of the workings of an economy - pozitivní ekonomie

Savings
- a part of disposable income that is not spent on current consumption - úspory

Value judgement
- a judgement about the quality of something, based on opinion rather than facts - hodnotový soud

Batch production
- a system of production where a number of similar products are produced to meet continuing sales demand - sériová výroba

By-product
- the output from a...
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