Введение в экономику. 1. Production possibilities (производственные возможности) – the alternative combinations of final goods and services that could be produced in a given time

1. Production possibilities (производственные возможности) – the alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology.

2. Law of demand (закон спроса)– the principle that buyers will purchase (demand) more of a product as price drops.

3. Law of supply (закон предложения) – the principle that producers will offer (supply) more of a product as price rises.

4. Supply (предложение) – the ability and willingness to sell (produce) specific quantities of a good at alternative prices in a given time period.

5. Demand (спрос) – the ability and willingness to buy specific quantities of a good at alternative prices in a given time period.

6. Equilibrium (равновесие) – the price and quantity of a product at which the quantities demanded and supplied are equal.

7. Surplus (предложение) – a situation in which supply exceeds demand at a given price.

8. Shortage (дефицит) – a situation in which demand exceeds supply at a given price.

9. Private enterprise (частное предприятие) – an economic system characterized by private property, rights, freedom of choice, profits, and competition.

10. Private property (частная собственность) – the right to buy, own, use, and sell an item.

11. Freedom of choice (свобода выбора) – the right to choose what to buy or sell, including one’s labour.

12. Balance of trade (торговый баланс) – the total of a country’s exports (sales to other countries) minus its imports (purchases from other countries).

13. Monetary policy (денежная политика) – the use of various tools and actions by the nation’s monetary authority to regulate the growth rate of the nation’s money supply.

14. Fiscal policy (налоговая политика) – the government’s use of tax and spending programs to cope with macroeconomic problems.

15. Exchange (обмен) – trade or giving up one thing to get another.

16. Investment (инвестирование) – expenditures on new capital goods. The use of part of current production to add to the capital stock (including factories, machines, and inventories).

17. Entrepreneurship (предпринимательство) - the process of bringing land, labour and capital together and taking the risk involved in producing a good or service in the hope of making a profit.