Economics Terminology - 2013 Version

8/10/2019 Economics Terminology - 2013 Version

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Reference: CFA Gl

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Absolute advantage

(E)A countrys ability to produce a good or service at a lower absolute cost than its trading

partner.(V)Li th tuyt i: kh nng ca mt quc gia sn xut hng ha v dch v chi phtuyt i thp hn so vi cc quc gia khc.

Action lag

(E)Delay from policy decisions to implementation.

(V)Mc trgia vic quyt nh mt chnh sch (c bit trong kinh thc v m) v victhc hin chnh sch .

Activity (or participation) ratio

(E)The ratio of the labor force to total population of working age.

(V)Tlgia lc lng tham gia lao ng v dn strong tui lao ng.

Aggregate demand

(E) The quantity of goods and services that households, businesses, government, foreign

customers want to buy at any given level prices

(V) Slng hng ha v dch vm hgia nh, doanh nghip, chnh ph v ngi tiudng nc ngoi mun mua vi mt mc gi nht nh.

Aggregate income(E)The value of all the payments earned by the suppliers of the factors in the production of

goods and services

(V) Gi trca ton bcc khon thanh ton nhn c tvic cung cp cc yu tsn xutra to ra hng ha v dch vcho nn kinh t.

Aggregate output

(E)The value of goods and services produced in a specified period of time

(V)Gi trca ton bhng ha v dch vc sn xut ra trong mt thi k nht nh.Aggregate supply curve

(E)The level of domestic ouputs that companies will produce at each price level

(V)Mc sn lng quc ni m cc cng ty sn xut ra ti mt mc gi nht nh

COMMON FINANCIAL TERMINOLOGYEconomics
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Automatic stabilizer

(E) A countercyclical factor that automatically comes into play as an economy slows and

unemployment rises.

(V)Cc bin php n nh tng l nhn tdin ra ngc chu kkinh t, tng iuchnh m khng cn scan thip ca chnh phhay tchc khc.

Balance of trade decifit

(E)When the domestic economy is spending more on foreign goods and services than foreigneconomies are spending on domestic goods and services.

(V)Thm ht cn cn thng mi khi mt quc gia nhp khu nhiu hn xut khu.

Balanced

(E) With respect to a government budget, one in which spending and revenues (taxes) are

equal.

(V)Trng thi ngn sch chnh phcn bng gia chi tiu v ngun thu tthu.

Barter economy(E) An economy where economic agents as house-holds, corporations, and governments

pay for goods and services with another good or service.(V)Nn kinh tm trong cc chthnh hgia nh, doanh nghip, chnh ph trao ihng ho v dch vtrc tip ly cc hng ho v dch vkhc, khng sdng mt nvkton hay phng tin trao i no c.

Acquiring company, or acquirer

(E)The company in a merger or acquisition that is acquiring the target.

(V)Cng ty mua li mt cng ty mc tiu trong thng vu mua li v sp nhp ( M&A)

Acquisition

(E)The purchase of some portion of one company by another; the purchase may be for assets,

a definable segment of another entity, or the purchase of an entire company..

(V)Hot ng mua li mt phn no ca mt cng ty bi mt cng ty khc, phn cmua li c thl cc ti sn, mt phn hay ton bcng ty.

Acquisition method

(E) A method of accounting for a business combination where the acquirer is required tomeasure each identifiable asset and liability at fair value. This method was the result of a joint

project of the IASB and FASB aiming at convergence in standards for the accounting of

business combinations.

(V)Phng php mua: l phng php kton p dng cho mt doanh nghip hp nht, khicng ty mua c yu cu phi nh gi tng khon mc ti sn hu hnh v nca cng tyc mua gi trhp l (fair value).


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Capital expenditure

(E)Expenditure on physical capital (fixed assets).

(V)L khon chi tiu mua sm cc ti sn di hn (thng l trn mt nm), c ngha l,ti sn cnh.

Capital markets

(E)Financial markets that trade securities of longer duration, such as bonds and equities.

(V)Thtrng vn: L thtrng m nhng ngi cn huy ng vn c thbn cc khonu t ti chnh cho cc nh u t trn thtrng, v d: tri phiu, cphiu.

Capital rationing

(E)The act of placing restrictions on the amount of new investments or projects undertaken

by a company. This is accomplished by imposing a higher cost of capital for investment

consideration or by setting a ceiling on the specific sections of the budget.

(V)Vic hn chu t vn thm vo dn, bng cch p chi ph sdng vn cao hn hayt hn mc sdng ngun vn u t.

Capital stock

(E)The accumulated amount of buildings, machinery, and equipment used to produce goods

and services.

(V)Tn kho vn c bn l mt dng tch ly rng di hnh thc vt cht ca t liu sn xutnh nh xng, my mc, thit bsn xut ra hng ha v dch v.

Cartel

(E)Participants in collusive agreements that are made openly and formally.

(V)Mt tchc cc nh cung ng mt sn phm no ng thit lp mc gi, mc snlng v thphn c li cho tchc . V d: Tchc cc nc Xut khu Du m(OPEC)l ccten ng i ni ting nht.

Cash

(E) In accounting contexts, cash on hand (e.g., petty cash and cash not yet deposited to the

bank) and demand deposits held in banks and similar accounts that can be used in payment

of obligations.

(V)Thut ngchtin bao gm tin mt, tin gi ngn hng, v nhng loi tin tng ngc thsdng trong thanh ton.


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Cash conversion cycle

(E)A financial metric that measures the length of time required for a company to convert cash

invested in its operations to cash received as a result of its operations; equal to days of

inventory on hand + days of sales outstanding number of days of payables.(V) Chu k tin mt l mt thc o c s dng trong phn tch ti chnh ca doanhnghip, nh gi kh nng qun l dng tin ca doanh nghip. Chu k tin mt c

tnh(= thi gian hng tn trong kho + thi gian khon phi thu - thi gian khon phi tr.)

Cash equivalents

(E)Very liquid short-term investments, usually maturing in 90 days or less.

(V)Nhng khon u t ngn hn vi tnh thanh khon rt cao, o hn trong vng 90 ngy.

Cash flow additivity principle

(E)The principle that dollar amounts indexed at the same point in time are additive.

(V)Dng tin ca nhng dn khc nhau c thcng vo vi nhau ti ti thi im m dngtin pht sinh. V d: Giscng ty ABC c 2 dn A v B. Trong nm 1 dn A to ra100$, Dn B to ra 200$=> Dng tin ca cng ty trong nm 1 sl A+B =100+200=300

Central banks

(E)The dominant bank in a country, usually with official or semi-official governmental status

(V)Ngn hng trung ng: L ngn hng ln nht trong mt quc gia. Nhim vca ngnhng Trung ng bao gm vic pht hnh tin, qun l v gim st cc chnh sch tin tnhtgi hi oi hay tlli sut, dtrngoi hi, nghip vthtrng m, v cc giao dch

khc nhm mc ch lm thun li ho cc qu trnh kinh doanh hng n mt nn kinh tpht trin lnh mnh.

Coincident economic indicators

(E)Turning points that are usually close to those of the overall economy; they are believed to

have value for identifying the economys present state.(V)Nhng du hiu xy ra gn nh cng lc vi chuyn ng ca nn kinh t, nhm xcnh cc thi kca nn kinh t.

Committed lines of credit(E) A bank commitment to extend credit up to a pre-specified amount; the commitment is

considered a short-term liability and is usually in effect for 364 days (one day short of a full

year).

(V)Mt cam kt ngn hng mrng tn dng mt khong tin xc nh trc, cam kt nyc coi l mt nngn hn v thng l c hiu lc trong 364 ngy.


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Comparative Advantage

(E)A countrys ability to produce a good or service at a lower relative cost, or opportunitycost, than its trading partner.

(V)Li thso snh: Mt cng ty hoc mt quc gia c li thso snh trong vic sn xut hngha X nu nh chi ph c hi ca vic sn xut mt n vhng ha X so vi hng ha khc,l thp hn nc ny so vi nc khc, hay ca cng ty ny so vi cng ty khc

Complements(E)Said of goods which tend to be used together; technically, two goods whose cross-price

elasticity of demand is negative.

(V)Hng ha bsung: Hng ha c mua km theo hng ha khc, v d: xe my v xng;cu co gin cho gia 2 hng ha ny nhhn 0.

Complete markets

(E)Informally, markets in which the variety of distinct securities traded are so broad that any

desired payoff in a future state-of-the-world is achievable.

(V)Thtrng hon ho: Thtrng bao gm hu ht cc loi chng khon, m cc bn giaodch vi nhau khng gp bt k tr ngi no (v d: khng xut hin chi ph giao dch...)thng tin c cung cp y .

Complete preferences

(E)The assumption that a consumer is able to make a comparison between any two possible

bundles of goods.

(V)Githuyt cho rng ngi tiu dng c thso snh 2 gihng ha bt k.

Conspicuous consumption(E)Consumption of high status goods, such as a luxury automobile or a very expensive piece

of jewelry.

(V)Vic tiu thnhng hng ha thhin ng cp ca ngi tiu dng chng hn nh txa xhay ntrang t gi

Constant returns to scale

(E)The characteristic of constant per-unit costs in the presence of increased production.

(V)Hiu sut khng i theo quy m: Chi ph n vmt sn phm khng thay i khi quym sn xut tng.

Constant-cost industry

(E)When a firm in the industry experience no change in resource costs and outputs price over

the long run.

(V)Mt cng ty trong mt ngnh m ngnh khng c sthay i vchi ph u vo vgi sn phm u ra trong thi gian di.


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Consumer choice theory

(E)The theory relating consumer demand curves to consumer preferences.

(V) L thuyt hnh vi ngi tiu dng: L thuyt cp n ng cu v s thch cangi tiu dng.

Consumer surplus

(E) The difference between the value that a consumer places on units purchased and the

amount of money that was required to pay for them.(V)Thng d tiu dng: Schnh lch gia stin m ngi tiu dng chi trmua snphm v stin phi trcho sn phm .

Consumption bundle or consumption basket

(E)A specific combination of the goods and services that a consumer wants to consume.

(V)Rhng ha tiu dung: Mt tp hp mt hay nhiu hng ha v dch vvi slng cthm ngi tiu dng mun mua.

Contraction(E) The period of a business cycle after the peak and before the trough; often called a

recession or, if exceptionally severe, called a depression.

(V)Giai on suy thoi: Giai on ca chu k kinh tsau khi t n im cao nht (nh) vko di cho n im thp nht sau (y). N nh du ssuy gim ca hot ng kinht.

Contractionary

(E)Tending to cause the real economy to contract.

(V)Suy thoi: Du hin nn kinh tang suy gim.

Contractionary fiscal policy

(E)A fiscal policy that has the objective to make the real economy contract.

(V)Chnh sch ti kha thu hp: Chnh sch ti kha lm cho nn kinh tthu hp bng cchtng thuv gim chi tiu cng.

Core inflation

(E)The inflation rate calculated based on a price index of goods and services except food and

energy.(V)Lm pht c bn: Tllm pht c tnh da trn tsgi ca tt chng ha dch vngoi trcc mt hng c lin quan n lng thc v nng lng.

Cost push

(E)Type of inflation in which rising costs, usually wages, compel businesses to raise prices

generally.

(V)Lm pht chi ph y: loi lm pht xy ra khi gi cc yu tu vo tng, thng llng, lm tng mt bng chung gi sn phm.


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Defensive companies

(E)Companies with sales and profits that have little sensitivity to the business cycle or state

of the economy.

(V)Cng ty c doanh sv li nhun khng chu nh hng bi chu k kinh doanh hay trngthi ca nn kinh t.

Deflation

(E)Negative inflation.(V)Gim pht: Lm pht m.

Demand shock

(E) A typically unexpected disturbance to demand, such as an unexpected interruption in

trade or transportation.

(V)C sc cu: Sbin ng ca tng cu chng hn nh vic gin on trong kinh doanhhay vn chuyn hng ha

Demand-pull(E) Type of inflation in which increasing demand raises prices generally, which then are

reflected in a businesss costs as workers demand wage hikes to catch up with the rising costof living.

(V)Lm pht cu ko: Loi lm pht m theo vic tng cu lm tng mt bng gi chungv thng c phn nh qua vic tng lng cng nhn cng vi mc sng tng ln.

Depository institutions

(E) Commercial banks, savings and loan banks, credit unions, and similar institutions that

raise funds from depositors and other investors and lend it to borrowers.

(V)Tchc nhn tin gi: Cc ngn hng thng mi, tchc tit kim v cho vay, qutndng v cc tchc tng tthc hin vic huy ng vn tngi gi tin v cc nh ut khc cho vay li.

Depository bank

(E)The banks that raise fund from depositors and other investor and lend it to borrowers

(V)Ngn hng nhn tin gi: L ngn hng huy ng vn tngi gi v cc nh u t

khc cho vay li.Diminishing marginal productivity

(E) Describes a state in which each additional unit of input produces less output than

previously.

(V)Nng sut bin gim dn: Khi mt u vo c sdng ngy cng nhiu hn th timc ti a vnng sut, sau mc nng sut sgim dn.


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Disbursement float

(E) The amount of time between check issuance and a checks clearing back against thecompanys account.(V)Thi gian gii ngn: Khon thi gian gia lc pht hnh sc v thi im thanh ton sc

Discouraged worker

(E)A person who has stopped looking for a job or has given up seeking employment.

(V) Nhng ngi khng mun tm vic lm, hoc t b vic tham gia vo th trng laong.

Diseconomies of scale or decreasing returns to scale

(E)Increase in cost per unit resulting from increased production.

(V)Gim hiu qukinh ttheo quy m: Khi tng sn lng lm tng chi ph n vsn phm

Double coincidence of wants

(E)A prerequisite to barter trades, in particular that both economic agents in the transaction

want what the other is selling.(V)Tin thn ca trao i hng i hng (barter), chai bn giao dch s tro i hng vinhau nu giao dch ph hp vi nhu cu ca chai bn.

Economic indicator

(E)A variable that provides information on the state of the overall economy.

(V)Chskinh t: Thng tin thng k vhot ng ca nn kinh ttrong qu khgn yhoc hin ti hoc tng lai.

Economic loss

(E)The amount by which accounting profit is less than normal profit.

(V)Xy ra khi Li nhun kton (li nhun thhin trn ssch) thp hn li nhun thngthng v bng chnh lch ca 2 khon nu trn.

Economic profit (abnormal or supernormal profit)

(E) Equal to accounting profit less the implicit opportunity costs not included in total

accounting costs; the difference between total revenue (TR) and total cost (TC).

(V)Li nhun siu ngch: bng li nhun kton (li nhun thhin trn ssch) tri chi

ph c hi n; cn thhin chnh lch gia tng li nhun v tng chi ph.Economic rent

(E)The surplus value that results when a particular resource or good is fixed in supply and

market price is higher than what is required to bring the resource or good onto the market

and sustain its use.

(V)T kinh t: Vi ngun lc hoc hng ha cnh ng cung, ng cu tng ln kotheo gi tng ln trng thi cn bng mi ca thtrng, mang li mt gi trthng d chothtrng.


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Economic stabilization

(E)Reduction of the magnitude of economic fluctuations.

(V)n nh nn kinh t: Gim bin ng ca nn kinh t

Economies of scale or increasing returns to scale

(E)Reduction in cost per unit resulting from increased production.

(V)Hiu qukinh ttheo quy m: Khi tng sn lng sn xut ra th chi ph trn mi n v

sn phm gim.Elasticity

(E) The percentage change in one variable for a percentage change in another variable; a

measure of how sensitive one variable is to a change in the value of another variable.

(V)co gin: Phn trmThay i ca mt yu tny i vi % thay i ca mt yu tkhc; o nhy cm ca yu tny i vi sthay i ca yu tkhc.

Elasticity of supply

(E)Measure of the sensitivity of quantity supplied to a change in price.(V)co gin cung: o lng nhy cm ca khi lng cung so vi sthay i ca gi.

Eurodollar

(E)A dollar deposited outside the United States.

(V)ng la Mc sdng bn ngoi lnh thnc M

Expansion

(E)The period of a business cycle after its lowest point and before its highest point.

(V)Giai on tng trng: L mt giai on trong chu kkinh doanh tip theo sau mt imthp nht ca chu kv ko di n im tip theo cao nht ca chu k.

Expansionary

(E)Tending to cause the real economy to grow.

(V)Mc tiu mang li tng trng ca nn kinh t.

Expansionary fiscal policy

(E)Fiscal policy aimed at achieving real economic growth.

(V)Chnh sch ti kha mrng: Chnh sch ti kha vi mc tiu t c stng trng

kinh t.Expected inflation

(E)The level of inflation that economic agents expect in the future.

(V)Lm pht dtnh c: L mc lm pht m cc chthtrong nn kinh tc thdtnhc trong tng lai.


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Expected loss

(E)Default probability time loss severity given default

(V)Tn tht do khch hng khng trncho ngn hng v c tnh theo cng thc sau EL = PD x EAD x LGD. (PD - Probability of Default: xc sut khch hng khng trc nLGD: Loss Given Default - ttrng tn tht c tnh; EAD: Exposure at Default - tng d nca khch hng ti thi im khch hng khng trc n).

Experience curve(E)A curve that shows the direct cost per unit of good or service produced or delivered as a

typically declining function of cumulative output.

(V)ng cong kinh nghim: Dng chkhi doanh nghip cng c kinh nghim trong vicsn xut hoc cung ng hng ha/ dch vth chi ph sn xut hoc cung ng ngy cng gimi. V d: nh trong ngnh sn xut my bay, kinh nghim cho thy ckhi no sn lngmy bay tng ln gp i th chi ph n vsn xut 1sn phm gim xung cn 80% chiph ca mc sn lng trc .

Federal funds rate (or fed funds rate)

(E)The U.S. interbank lending rate on overnight borrowings of reserves.

(V)Li sut lin ngn hng: l li sut m cc ngn hng p dng i vi cc ngn hng khccho cc khon vay ngn hn phc vcho mc ch dtrbt buc (thng l qua m, cngi l li sut qua m lin ngn hng - the interbank rate for overnight loans). Li sut nymt trong nhng cch m FED (Cc d tr lin bang M) s dng t c mc tiuqun l ngun cung tin trn th trng nhm gi lm pht mc thp, ng thi cng l

cch lm gim mc ca nhng nh hng khng mong i trong giai on kch thchtng trng hay suy thoi.

Fiat money

(E)Money that is not convertible into any other commodity.

(V)ng tin php nh: ng tin khng thchuyn i thnh bt k hng ha no khc

Financial flexibility

(E)The ability to react and adapt to financial adversities and opportunities.

(V)Tnh linh hot vti chnh: Khnng c thphn ng v thch nghi vi cc thch thc vc hi ti chnh.

First-degree price discrimination

(E) Where a monopolist is able to charge each customer the highest price the customer is

willing to pay

(V)Chnh sch gi phn bit cp 1: Nh c quyn c thbn cho mi mt khch hng mtmc gi cao nht m hsn lng mua.


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Fiscal multiplier

(E)The ratio of a change in national income to a change in government spending.

(V)Snhn ti chnh: Tlthay i ca thu nhp quc gia khi thay i chi tiu chnh ph

Fiscal policy

(E)The use of taxes and government spending to affect the level of aggregate expenditures.

(V)Chnh sch ti kha: Vic sdng thuv chi tiu chnh phtc ng ti tng chi tiu

Fisher effect(E)The thesis that the real rate of interest in an economy is stable over time so that changes in

nominal interest rates are the result of changes in expected inflation.

(V)Hiu ng Fisher: Li sut thc ca mt nn kinh tn nh qua thi gian do nhngthay i li sut danh ngha l do sthay i ca lm pht dtnh

Fisher index

(E)The geometric mean of the Laspeyres index.

(V)ChsFisher: Bng gi trtrung bnh hnh hc ca chsLaspeyres (ChsLaspeyres: chsgi c tnh ton bng cch ginguyn sn lng tiu thtng loi hng ha trong rhng ha khng i so vi nm gc)

Foreign currency reserves

(E)Holding by the central bank of non-domestic currency deposits and non-domestic bonds.

(V)Dtrngoi hi: ng tin v tri phiu nc ngoi do ngn hng trung ng nm gi.

Foreign exchange gains (or losses)

(E)Gains (or losses) that occur when the exchange rate changes between the investorscurrency and the currency that foreign securities are denominated in.

(V)Li (l) pht sinh khi tgi ca ng tin nh u t nm gihay ng tin yt gi trnchng khon nh u t nm githay i tgi.

Fractional reserve banking

(E)Banking in which reserves constitute a fraction of deposits.

(V)Ddngn hng mt phn: y l hot ng m cc ngn hng thng mi thc hinduy tr dtrcc ti sn c khnng hon i mt mc no , thng l mc thp

trong tng danh mc ti sn ca h. Mc ch ca dtrny l nhm chun bcho nhngbin i lng tin khng don c do vic rt hay chuyn tin (bng sc) cho cc ngnhng khc. Khi tnh di dng tltng stin gi nh thng lth phn sny gi l tldtr.


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GDP deflator

(E)A gauge of prices and inflation that measures the aggregate changes in prices across the

overall economy.

(V) H s gim pht: c tnh trn c s so snh gi tr GDP tnh theo gi hin hnh,v GDP danh ngha. Ngha l o lng mc tng v gim gi trn tt c cc loi hng hodch vtnh trong GDP.

Game theory(E)The set of tools decision makers use to incorporate responses by rival decision makers into

their strategies.

(V)L thuyt tr chi: thuyt tr chi thng c m tnh l mt l thuyt p dng trongkinh t, nghin cu tnh hung trong ngi chi shnh ng theo nhng cch khc nhaunhm ti a ho li ch ca mnh.

Giffen good

(E)A good that is consumed more as the price of the good rises.

(V)Hng ha GiffenHng ha m c tiu dng nhiu hn khi gi tng.

Gold standard

(E)With respect to a currency, if a currency is on the gold standard a given amount can be

converted into a pre-specified amount of gold.

(V)Chbn vvng: Mt chtin ttheo tin c thc tdo chuyn i thnhvng vi tlnht nh.

Gross domestic product

(E)The market value of all final goods and services produced within the economy in a given

period of time (output definition) or, equivalently, the aggregate income earned by all

households, all companies, and the government within the economy in a given period of

time.

(V)Tng sn phm quc ni: l gi tr tnh bng tin ca tt c sn phm v dch v cuicng c sn xut ra trong phm vi lnh thtrong mt khong thi gian nht nh, thngl mt nm; hay tnh bng tng thu nhp ca hgia nh, doanh nghip v chnh ph

Growth cyclical(E)A term sometimes used to describe companies that are growing rapidly on a long-term

basis but that still experience above-average fluctuation in their revenues and profits over the

course of a business cycle.

(V)Thut ngdng m tcc cng ty pht trin nhanh chng trong di hn nhng vnchu nhng bin ng tng i ln vdoanh thu v li nhun trong chu kkinh doanh.


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Headline inflation

(E)The inflation rate calculated based on the price index that includes all goods and services

in an economy.

(V)Lm pht thng thng: Tllm pht tnh trn chsgi bao gm tt ccc loi hngha v dch vtrong nn kinh t.

Horizontal demand schedule

(E)Implies that at a given price, the response in the quantity demanded is infinite.(V)ng cu ngang: Ti mt mc gi, lng cu l v hn hay ni cch khc ng cunm ngang.

Household

(E) A person or a group of people living in the same residence, taken as a basic unit in

economic analysis.

(V)Hgia nh: Mt hoc mt nhm ngi sng trong cng mt vung dn c, c xem lmt n vc bn trong phn tch kinh t.

Impact lag

(E)The lag associated with the result of actions affecting the economy with delay.

(V)tr lin quan n kt quca nhng tc ng nhm gy ra schm tri vi nnkinh t.

Imperfect competition

(E)A market structure in which an individual firm has enough share of the market (or can

control a certain segment of the market) such that it is able to exert some influence over price.

(V)Thtrng khng hon ho: Mt dng cu trc thtrng m mt cng ty c thphn(hoc kim sot 1 phn khc thtrng) c thtc ng n gi c.

Implicit price deflator for GDP (GDP deflator)

(E)A gauge of prices and inflation that measures the aggregate changes in prices across the

overall economy.

(V)Hsgim pht: c tnh trn c sso snh gi trGDP tnh theo gi hin hnh,v GDP danh ngha. Ngha l o lng mc tng v gim gi trn tt ccc loi hng ho

dch vtnh trong GDP.In the money

(E) Options if exercised, would result in the value received being more than the payment

required to exercise.

(V)i vi quyn chn mua, nu gi thc hin thp hn gi hin hnh ca chng khon cs, th quyn c gi l ang vthli (in the money), tc l ngi c quyn c thc li tvic thc hin quyn. Nu gi thc hin bng vi gi thtrng, quyn ang trngthi ho vn (at the money), v nu cao hn gi l ang vthl (out of money).


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Income constraint or budget constraint

(E)The constraint on a consumer to spend, in total, no more than his income.

(V)Thhin danh mc nhng hng ha, dch vm ngi tiu dung c thmua ti mc gihin ti vi ngun thu nhp cnh ca h.

Income elasticity of demand

(E) A measure of the responsiveness of demand to changes in income, defined as the

percentage change in quantity demanded divided by the percentage change in income.(V)Thc phn ng ca cu vi sthay i ca thu nhp, tnh bng phn tram thay ica cu chia cho phn tram thay i ca thu nhp.

Increasing-cost industry

(E)An industry in which per-unit costs and output prices are higher when industry output is

increased in the long run.

(V)Ngnh cng nghip c chi ph trn mi n vsn phm v gi sn phm tng khi tngsn lng trong di hn.

Index of Leading Economic Indicators

(E) A composite of economic variables used by analysts to predict future economic

conditions.

(V)Chskinh tdn dt: gm nhiu bin kinh tc nh phn tch dng dbo trinvng ca nn kinh t.

Indifference curve

(E) A curve representing all the combinations of two goods or attributes such that the

consumer is entirely indifferent among them.

(V)ng bng quan: l mt tp hp cc la chn v lng gia hai hng ha khc nhaunhng cng cho mt mc hiu dng bng nhau.

Indifference curve map

(E)A group or family of indifference curves, representing a consumers entire utility function.(V)Biu ng bng quan: Tp hp cc ng bng quan, trong mi ng ktipnm pha ngoi ng trc . Cc ng bng quan cao hn chmc hu dng cao hn.

Industry(E)A group of companies offering similar products and/or services.

(V)Nhm cc cng ty kinh doanh cng sn phm hay dch vging nhau.

Inelastic

(E)Insensitive to price change

(V)Khng co gin: gi sn phm (dch v) thay i nhng cu hu nh khng phn ng visthay i .


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Inelastic supply

(E)Said of supply that is insensitive to the price of goods sold.

(V)Cung khng co gin: Gi bn thay i nhng cung hu nh khng i.

Inflation

(E)The percentage increase in the general price level from one period to the next; a sustained

rise in the overall level of prices in an economy.

(V)Lm pht: Phn trm tng mc gi chung tgiai on ny sang giai on khc.Inflation Reports

(E)A type of economic publication put out by many central banks.

(V)Bo co lm pht: Mt dng n phm kinh tdo ngn hng trung ng pht hnh.

Inflation premium

(E)An extra return that compensates investors for expected inflation.

(V)Mt mc li nhun tng thm b p cho mc lm pht dtnh.

Inflation rate(E) The percentage change in a price indexthat is, the speed of overall price levelmovements.

(V)T llm pht: Phn trm thay i ca chsgi- cng l tc thay i mt bng gichung ca nn kinh t.

Inflation uncertainty

(E)The degree to which economic agents view future rates of inflation as difficult to forecast.

(V)Khnng kh don chnh xc vtllm pht ca mt nn kinh t.

Keynesians

(E)Economists who believe that fiscal policy can have powerful effects on aggregate demand,

output, and employment when there is substantial spare capacity in an economy.

(V)Nhng nh kinh thc tin rng chnh sch ti kha c thc tc ng mnh mn tngcu, sn lng v tltht nghip.

Kondratieff wave

(E)A 54-year long economic cycle postulated by Nikolai Kondratieff.

(V)Chu k54 nm ca nn kinh tc a ra bi nh kinh thc Nikolai Kondratieff.Labor force

(E) The portion of the working age population (over the age of 16) that is employed or is

available for work but not working (unemployed).

(V)Lc lng lao ng bao gm nhng ngi trn 16 tui ang lm vic v ang tm vic,n bao gm nhng ngi c vic lm v cnhng ngi tht nghip.


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Labor productivity

(E)The quantity of goods and services (real GDP) that a worker can produce in one hour of

work.

(V)Nng sut lao ng: S lng hng ha v dch vm mt cng nhn c th sn xuttrong 1 gi

Lagging economic indicators

(E)Turning points that take place later than those of the overall economy; they are believed tohave value in identifying the economy's past condition

(V)Nhng du hiu kinh ti sau: nhng bc chuyn xy ra chm hn so vi nn kinh tnhng du hiu ny gip xc nh nhng iu kin xy ra trong nn kinh t.

Laspeyres index

(E)The price index created by holding the composition of the consumption basket constant.

(V)ChsLaspeyres: chsgi c to ra bng cch ginguyn sn lng tiu th tngloi hng ha trong rhng ha khng i so vi nm gc.

Law of diminishing returns

(E) The smallest output that a firm can produce such that its long run average costs are

minimized.

(V)Quy lut li nhun gim dn: mc sn lng nhnht doanh nghip sn xut a chiph sn xut trung bnh trong di hn c ti thiu ha.

Law of one price

(E) The condition in a financial market in which two equivalent financial instruments or

combinations of financial instruments can sell for only one price. Equivalent to the principle

that no arbitrage opportunities are possible.

(V)Quy lut mt gi: trong mt thtrng ti chnh hot ng hiu qu, hai cng cti chnhtng ng hoc vic kt hp cc cng cti chnh chc thbn ra trn thtrng vi mtgi duy nht. Theo , c hi kinh doanh chnh lch gi l khng khthi.

Leading economic indicators

(E) Turning points that usually pricede those of the overall economy; they are believed to

have value for predicting the economy's future state, usually near-term.(V)Nhng du hin kinh ti u: nhng bc chuyn thng i trc nn kinh t; chnggip ch cho vic don tnh trng tng lai ca nn kinh t, thng thng trong ngn hn.

Legal tender

(E)Something that must be accepted when offered in exchange for goods and services.

(V)Tin php nh: ng tin c sdng trao i hng ha, dch v..


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Lender of the last resort

(E)An entity willing to lend money when no other entity is ready to do so.

(V)Ngi cho vay cui cng: l t chc sn sng cho vay tin khi khng cn t chc nokhc sn sng cho vay. V d: ngn hng trung ng.

Life-cycle state

(E)The stage of the life cycle: embryonic, growth, shakeout, mature, declining.

(V)Chu kca ngnh: gm 5 giai on: phi thai, tng trng, ti tchc, n nh v suythoi.

Liquidity trap

(E) A condition in which the demand for money becomes infinitely elastic (horizontal

demand curve) so that infections of money into the economy will not lower interest rates or

affect real activity.

(V)By thanh khon: l tnh hung cu tin trnn co gin hon ton (ng cu ngang),nn vic bm thm tin vo nn kinh tkhng c tc dng hli sut.

Lockbox system

(E)A payment system in which customer payments are mailed to a post office box and the

banking institution retrieves and deposits these payments several times a day, enabling the

comapny to have use of the fund sooner than in a centralized system in which customer

payments are sent to the company.

(V)Hthng hp kha: l hthng thanh ton cho php thanh ton ca khch hng c gin hp th bu in v nh chngn hng nhn v gi tin thanh ton mt vi ln trong

ngy, cho php doanh nghip c thsdng ngun vn sm hn h thng thanh ton tptrung, chcho php khch hng thanh ton qua ng bu in n cng ty.

Long-run average total cost curve

(E)The curve describing average total costs when no costs are considered fixed.

(V) ng tng chi ph trung bnh di hn: l ng miu t tng chi ph trung bnh khikhng chi ph no c xem l cnh na.

Long-run industry supply curve

(E)A curve describing the relationship between quantity supplied and output prices hen nocosts are considered fixed.

(V)ng cung ngnh di hn: l ng miu tmi quan hgia lng cung v gi tngng khi khng chi ph no c xem l cnh na.

Manufacturing resource planning (MRP)

(E)The incorporation of production planning into inventory management. A MRP analysis

provides both a materials acquisition schedule and a production schedule.

(V)Hoch nh ngun lc sn xut (MRP).


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Marginal cost

(E)The cost of producing an additional unit of a good.

(V)Chi ph bin: chi ph sn xut pht sinh khi sn xut thm mt n vsn phm.

Marginal product

(E)Measures the productivity of each unit of input and is calculated by taking the difference

in total product from adding another unit of input (assuming other resouce quantities are

held constant).(V)Sn phm bin: o lng hiu quca mi n vu vo, thhin ssn phm snxut c thm khi tng thm mt n v u vo (vi githit cc slng ngun lc khcginguyn).

Marginal propensity to consume

(E)The proportion of an additional unit of disposable income that is consumed or spent; the

change in consumption for a small change in income.

(V) Xu hng bin tiu th: phn thu nhp kh dng tng thm c s dng hoc tiudng; phn thay i trong tiu dng khi thu nhp c sthay i nh.

Marginal propensity to save

(E)The proportion of an additional unit of disposable income that is saved (not spent).

(V)Xu hng bin tit kim: phn thu nhp khdng tng thm c sdng tit kim,chkhng phi tiu dng.

Marginal rate of substitution

(E)The rate at which one is willing to give up one good to obtain more of another.

(V)Tlbin thay th: tlm ti mt ngi sn sng tbmt loi hng ha shuthm mt loi hng ha khc.

Marginal revenue

(E)The change in total revenue divided by the change in quantity sold; simply, the additional

revenue from selling one more unit.

(V)Doanh thu bin: phn doanh thu tng thm tvic bn thm mt sn phm.

Marginal revenue product

(E) The amount of additional revenue received from employing an additional unit of aninput.

(V)Sn phm doanh thu bin: phn doanh thu tng thm tvic sdng thm mt n vu vo sn xut sn phm.


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Marginal value curve

(E)A curve describing the highest price consumers are willing to pay for each additional unit

of a good.

(V)ng gi trbin: ng cong miu tgi cao nht ngi tiu dng sn sng trmuathm mt n vsn phm.

Market

(E)A means of bringing buyers and sellers together to exchange goods and services.(V)Thtrng: l cng cmang ngi bn v ngi mua li vi nhau trao i hng hav dch v.

Market structure

(E)The competitive environment (perfect competition, monopolistic competition, oligopoly,

and monopoly).

(V)Cu trc thtrng: chmc cnh tranh ca thtrng. C 4 loi cu trc thtrngthtrng cnh tranh hon ho, thtrng cnh tranh c quyn, thtrng c quyn nhmv thtrng c quyn.

Measure of value

(E)A standard of measuring value; a function of money.

(V)Chc nnggi tr: mt chc nng ca tin.

Medium of exchange

(E)Any asset that can be used to purchase goods and servies or to repay debts; a function of

money.

(V)Chc nng cng ctrao i: mt chc nng ca tin, c dng trao i (mua bn)hng ha, dch vv trn.

Menu costs

(E)A cost of inflation in which businesses constantly have to incure the costs of changing the

advertised prices of their goods and services.

(V)Chi ph thc n: mt loi chi ph doanh nghip phi chu khi phi lin tc thay i gihng ha v dch vcung cp do lm pht gy ra.

Minimum efficient scale(E) The smallest output that a firm can produce such that its long run average cost is

minimized.

(V)Sn xut theo quy m nhnht: l sn lng thp nht doanh nghip c tht c a chi ph sn xut trung bnh di hn vthp nht.


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Minsky moment

(E)Named for Hyman Minsky: A point in a business cycle when, after individuals become

overextended in borrowing to finance speculative investments, people start realizing that

something is likely to go wrong and a panic ensues leading to asset sell-offs.

(V)Thut ngc t theo tn Hyman Minsky: mt thi im trong chu kkinh doanh,sau khi mi ngi vay nqu nhiu u c, snhn ra sbt n, ko theo hnh ng bn

tho ti sn trn.Monetarists

(E) Economists who believe that the rate of growth of the money supply is the primarily

determinant of the rate of inflation.

(V) Ngi theo ch ngha tin t: l nhng nh kinh t hc quan nim rng tc tngtrng cung tin l nguyn nhn chnh gy ra lm pht.

Monetary policy

(E) Actions taken by a nation's central bank to affect aggregate output and prices through

changes in bank reserves, reserve requriements, or its target interest rate.

(V)Chnh sch tin t: l cc bin php c thc hin bi ngn hng nh nc (trung ng)nhm tc ng ln tng cung v gi, nh: thay i dtrngn hng, dtrbt buc, hocthay i li sut mc tiu.

Monetary transmission mechanism

(E)The process whereby a central bank's interest rate gets transmitted through the economy

and ultimately affects the rate of increase of prices.

(V)C chhot ng tin t: chqu trnh thay i li sut ca ngn hng trung ng stcng ttvo nn kinh t, cui cng nh hng n tc tng gi hng ha, dch v.

Money

(E)A generally accepted medium of exchange and unit of account.

(V)Tin: l cng cc chp nhn rng ri c chc nng trao i v hch ton.

Money creation

(E)The process by which changes in bank reserves translate into changes in the money

supply.(V)C chto tin: qu trnh thay i dtrngn hng dn n kt quthay i trong cungtin.

Money market

(E)The market for short-term debt instruments (one-year maturity or less).

(V)Thtrng tin t: l thtrng ca nhng cng cnngn hn, o hn di 1 nm trli.


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Money multiplier

(E)Describes how a change in reserves is exptected to affect the money supply; in its simplest

form, 1 divided by the reserver requirement.

(V)Snhn tin: dng nh gi tc ng ca thay i d trn cung tin, tnh bngcch ly 1 chia cho tldtrbt buc.

Money neutrality

(E)The thesis that an increase in the money supply leads in the long-run to an increase in theprice level, while leaving real variable like output and employment unaffected.

(V)Tnh trung lp tin t: l thuyt cho rng tng cung tin trong di hn (cc yu tkhc ginguyn, nh tng cung, tht nghip) slm tng mc gi trong di hn.

Monopolist

(E)Said of an entity that is the only seller in the market

(V)Nh c quyn: ngi bn duy nht trn thtrng.

Monomolistic competition(E) Highly competitive form of imperfect competition; the competitive characteristic is a

notably large number of firms; while the monopoly aspect is the result of product

differentiation.

(V) Th trng cnh tranh c quyn: 1 dng ca th trng cnh tranh cc k cao, khnghon ha. c im ca thtrng ny l mt slng ln cc doanh nghip tham gia snxut, c sn phm khc bit ha.

Monopoly

(E)In pure monopoly markets, there are no substitutes for the given product or service. There

is a single seller, which exercises considerable power over pricing and output decisions.

(V)Th trng c quyn: Trong th trng c quyn thun ty, chc duy nht mt snphm, dch vc cung cp, do mt ngi bn duy nht c quyn quyt nh gi cv snlng sn xut.

Narrow money / Base money/ High-powered money

(E)The notes and coins in circulation in an economy, plus other very highly liquid deposits.

(V) Tin c s: ch loi tin c tnh thanh khon cao nht lu hnh trong nn kinh t, baogm: tin mt, tin xu v cc chng chtin gi c tnh thanh khon cao.

Nash equilibrium

(E)When two or more participants in a non-cooperative game have no incentive to deviate

from their respective equilibrium strategies given their opponent's strategies.

(V)Cn bng Nash: trong l thuyt tr chi, cn bng Nash chtnh trng khi hai hoc nhiungi tham gia trong mt tr chi mang tnh khng hp tc khng c ng c tbchinlc cn bng ca mnh khi bit cc chin lc ca i th.


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National income

(E)The income received by all factors of production used in the generation of final output.

National income equals gross domestic product (or, in some countries, gross national

product) minus the capital consumption allowance and a statistical discrepancy.

(V)Thu nhp quc gia: c tnh bng tt ccc yu tc thsdng trong thhu racui cng. Thu nhp quc gia bng thu nhp quc ni (GDP) tri phn trcp tiu thvn

v sai sthng k.Natural rate of unemployment

(E)Effective unemployment rate, below which pressure emerges in labor markets.

(V)Tltht nghip tnhin: l tltht nghip hiu qum di n sgy ra sc p lnthtrng lao ng.

Neo-Keynesians

(E)A group of dynamic general equilibrium models that assume slow-to-adjust prices and

wages.

(V)Trng phi Neo-Keynesians: l tp hp cc m hnh cn bng ng vi githit gi cv lng chm thay i.

Net tax rate

(E)The tax rate net of transfer payments.

(V)Thusut rng: thusut sau khi tri cc khon trcp, v dcc khon phc li xhi.

Neutral rate of interest

(E)The rate of interest that neither spurs on nor slows down the underlying economy.

(V)Li sut l tng: l li sut khng thc y hoc lm chm tc tng trng ca nnkinh t.

New Keynesians / Neo Keynesians

(E) A group of dynamic genral equilibrium models that assume slow-to-adjust prices and

wages.

(V)Trng phi Neo-Keynesians: l tp hp cc m hnh cn bng ng vi githit gi c

v lng chm thay i.New classical marcoeconomics

(E)An approach to macroeconomics that seeks the macroeconomic conclusions of individual

maximizing utility of the basis of rational expectations and companies maximizing profits.

(V)Trng phi kinh tv m cin mi: tip cn kinh tv m theo hng ti a ha lich c nhn trong nn kinh tda trn kvng hp l v ti a ha li nhun doanh nghip.


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Nominal GDP

(E)The value of goods and services measured at current prices.

(V)GDP danh ngha: gi trhng ha v dch vca ton bnn kinh to lng gi hinti.

Non-accelerating inflation rate of unemployment

(E)Effective unemployment rate, below which pressure emerges in labor markets.

(V)T l tht nghip c lm pht khng tng tc: l t l tht nghip hiu qum di ngy ra sc p ln thtrng lao ng.

Non-cyclical

(E)A company whose performance is largely independent of the business cycle.

(V)Khng mang tnh chu k: doanh nghip hot ng khng mang tnh chu kkhng phthuc vo chu kkinh doanh.

Non-renewable resources

(E)Finite resources that are depleted once they are consumed, such as oil and coal.(V)Ti nguyn khng ti to: l nhng ti nguyn hu hn sau khi c tiu thskhng ckhnng ti to, v d: than , du m.

Non-satiation

(E)The assumption that the consumer could never have so much of a preferred good that she

would refuse any more, even if it is were free; sometimes referred to as the "more is better"

assumption.

(V)Ginh khng tha mn, cn gi l ginh "nhiu hn th tt hn" l ginh kinh t

hc cho rng khi tiu th hng ha, ngi tiu dng cm thy tha mn hn khi tiu thnhiu hng ha hn, ngay ckhi hng ha c cung cp min ph.

Official policy rate

(E) An interest rate that a central bank sets and announces publicly; normally the rate at

which it is willing to lend money to the commercial banks.

(V)Li sut chnh thc: l li sut do ngn hng trung ng ban hnh v thng bo cngkhai, thng thng l mc li sut ngn hng trung ng sn sng cho vay tin n ngn hng

thng mi.Oligopoly

(E)Market structure with a relatively small number of firms supplying the market.

(V)c quyn nhm: thut ngchcu trc thtrng chgm mt st doanh nghip cnhtranh cung cp hng ha, dch vtrn thtrng.


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Open market operations

(E) Activities that involve the purchase and sale of government bonds from and to

commercial banks and/or designated market makers.

(V)Nghip v th trng m: l nghip vdo ngn hng trung ng thc hin thng quavic mua bn tri phiu chnh ph t cc ngn hng thng mi hoc cc nh to lp thtrng c chnh thay i li sut thtrng.

Operationally efficient(E) Said of a market, a financial system, or an economy that has relatively low transaction

costs.

(V)Hiu quhot ng: thut ngdng m ch th trng, h thng ti chnh hay nnkinh tc chi ph giao dch thp tng i.

Passche index

(E)An index formula using the current composition of a basket of products.

(V)Ch sPaasche: l cng thc tnh ch sgi m sn lng hng ha trong rhng hac ly khin ti.

Payments system

(E)The system for the transfer of money.

(V)Hthng thanh ton: l hthng chuyn tin.

Peak

(E)The highest point of a business cycle.

(V)nh: l im cao nht trong mt chu kkinh doanh.

Per capita real GDP

(E)Real GDP divided by the size of the population, often used as a measure of the average

standard of living in a country.

(V)GDP thc trn u ngi: bng GDP thc chia cho tng dn s, l chtiu c dng nh gi mc sng trung bnh ca mt quc gia.

Per unit contribution margin

(E)The amount that each unit sold contributes to covering fixed costs - that is, the difference

between the price per unit and the variable cost per unit.(V)Bin ng gp trn mt sn phm: l stin mt n vsn phm bn ng gp bp chi ph cnh, bng gi bn mt n vsn phm tri chi ph bin sn xut ra snphm .


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Perfect competition / Price taker

(E)A market structure in which the individual firm has virtually no impact on market price,

because it is assumed to be a very small seller among a very large number of firms selling

essentially identical products.

(V)Cnh tranh hon ha: l cu trc thtrng m mi doanh nghip tham gia vo khng cnh hng ln gi thtrng, da trn gi thit thtrng c rt nhiu doanh nghip cng

cnh tranh cung cp mt sn phm nht nh, tuy nhin, quy m ca cc doanh nghip nycc k nh.

Personal consumption expenditures

(E) All domestic personal consumption; the basis for a price index for such consumption

called the PCE price index.

(V)Chi ph tiu dng c nhn: bng tng tiu dng c nhn trong nc, l yu tdng tnh chsgi chi ph tiu dng c nhn (PCE).

Personal disposable income

(E)Equal to personal income less personal taxes.

(V)Thu nhp khdng c nhn: bng thu nhp c nhn tri thuthu nhp c nhn.

Personal income

(E)A broad measure of household income that includes all income received by households,

whether earned or unearned; measures the ability of consumers to make purchases.

(V)Thu nhp c nhn: dng o lng thu nhp hgia nh, bao gm tt cthu nhp nhnc bi hgia nh, d l do lao ng hay tr cp. Ch tiu ny nh gi khnng mua

hng ha ca ngi tiu dng.Planning horizon

(E) A time period in which all factors of production are variable, including technology,

physical capital, and plant size.

(V)Hoch nh theo thi gian: l thi gian m tt ccc yu tsn xut, bao gm: cng ngh,ti sn hu hnh, quy m nh my u bin ng.

Policy rate

(E) An interest rate that a central bank sets and announces publicly; normally the rate atwhich it is willing to lend money to the commercial banks.

(V)Li sut chnh thc: l li sut do ngn hng trung ng ban hnh v thng bo cngkhai, thng thng l mc li sut ngn hng trung ng sn sng cho vay tin n ngn hngthng mi.


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Portfolio demand for money

(E)The demand to hold speculative money balances based on the potential opportunities or

risks that are inherent in other financial instruments.

(V) Danh mc u t cu tin: l nhu cu nm gi tin u c thng d chun b chonhng c hi hoc ri ro tim tng vn c ca cc cng cti chnh trong danh mc u t.

Potential GDP

(E)The level of real GDP that can be produced at full employment; measures the productivecapacity of the economy.

(V)Tng sn phm quc ni (GDP) tim nng: l mc GDP thc m tn dng ht nngsut lao ng ca ton bnn kinh t(tltht nghip = 0%).

Price elasticicy of demand

(E)Measures the percentage change in the quantity demands, given a percentage change in

the price of a given product.

(V)co gin ca cu theo gi: o lng phn trm thay i sn lng cu khi gi sn phmthay i.

Price index

(E)Represents the average prices of a basket of goods and services.

(V)Chsgi: o lng mc gi chung ca mt rhng ha v dch v.

Price stability

(E) In economics, refers to an inflation rate that is low on average and not subject to wide

fluctuation.

(V)n nh gi: thut ngc sdng trong kinh thc m chmt t llm pht thp,khng gy bin ng ln.

Price takes

(E)Producers that must accept whatever price the market dictates.

(V)Ngi nhn gi: nh sn xut chc php chp nhn gi m thtrng a ra.

Production function

(E)Provides the quantitative link between the level of output that the company can produce

and the inputs used in the production process.(V)Hm sn xut: cung cp mi quan hnh lng gia yu tu vo doanh nghip dngsn xut vi sn lng u ra.

Production opportunity frontier

(E)Curve describing the maximum number of units of one goods a compnay can produce, for

any given number of the other good that it chooses to manufacture.

(V)ng gii hn bin c hi sn xut: l ng cong m tsn lng ti a mt loi hngha doanh nghip c thsn xut mc sn lng cho trc ca hng ha khc.


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Productivity

(E) The amount of output produced by workers in a given period of time - for example,

output per hour worked; measures the efficiency of labor.

(V)Nng sut: l sn lng u ra mt cng nhn c th sn xut c trong mt khongthi gian, nh ssn phm sn xut trong mt gi, o lng mc hiu quca lao ng.

Quantitative easing

(E)An expansionary monetary policy based on aggressive open market purchase operations.(V)Bin php nh lng ni lng: l chnh sch tin tni lng do ngn hng trung ngthc hin da trn vic mua li mt slng ln tri phiu chnh phthng qua nghip vthtrng m.

Quantity

(E)The amount of a product that consumers are willing and able to buy at each price level.

(V)Lng cu: l slng sn phm ngi tiu dng sn sng v c iu kin mua mimc gi cho trc.

Quantity demanded

(E)The amound of a product that consumers are willing and able to buy at each price level.

(V)Lng cu: l slng sn phm ngi tiu dng sn sng v c iu kin mua mimc gi cho trc.

Quantity equation of exchange

(E)An expression that over a given period, the amount of money used to purchase all goods

and services in an economy, M x V, is equal to monetary value of this output, P x Y.

(V)Phng trnh Fisher, cn gi l phng trnh trao i: l phng trnh do nh kinh thcFisher thit lp, pht biu rng: M x V = P x Y, vi: M: lng cung tin mt; V: tc xoayvng ca tin trong k; P: mc gi chung ca nn kinh t; Y: sn lng thc ca nn kinh t(GDP thc).

Quantity theory of money

(E)Asserts that total spending (in money terms) is proportional to the quantity of money.

(V)Thuyt s lng tin t: thuyt ny cho rng trong di hn s lng tin tkhng ph

thuc vo quy m ca GDP m vo thay i ca gi choc thay i ca mc gi chung cann kinh t(lm pht) phthuc vo tc tng slng tin.

Quasi-fixed cost

(E)A cost that stays the same over a range of production but can change to another constant

level when production moves outside of that range.

(V)Chi ph gn nh cnh: l chi ph khng i khi sn xut tp hp cc mc sn lngkhc nhau, nhng c thchuyn qua mc cnh khc khi sn lng nm ngoi tp hp .


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Real GDP

(E)The value of goods and services produced, measured at base year prices.

(V)GDP thc: l gi trhng ha v dch vc sn xut trong nc ca mt quc gia, olng gi nm c s.

Real income

(E)Income adjusted for the effect of inflation on the purchasing power of money.

(V)Thu nhp thc: l thu nhp sau khi c iu chnh tc ng ca lm pht vo sc muaca ng tin.

Real interest rate

(E)Nominal interest rate minus the expected rate of inflation.

(V)Li sut thc: l li sut danh ngha sau khi tri tllm pht kvng.

Real risk-free interest rate

(E) The single-period interest rate for a completely risk-free security if no inflation were

expected.(V)Li sut thc khng ri ro: l loi li sut trong kca mt chng khon hon ton khngri ro, vi tllm pht kvng bng khng.

Recession

(E) A period during which real GDP decreases (i.e., negative growth) for at least two

successive quarters, or a period of significant decline in total output, income, employment,

and sales usually lasting from six months to a year.

(V)Suy thoi: l thi kGDP thc gim, tc tng trng m t nht hai qu lin tip. Thut

ng"suy thoi" cn dng chthi ktng sn lng, thu nhp, tht nghip v doanh thutrong nn kinh tsuy gim mnh t6 thng n 1 nm.

Recognition lag

(E)The lag in government response to an economic problem resulting from the delay in

confirming a change in the state of the economy.

(V)trnhn thc: schm trca chnh phkhi gii quyt vn kinh tdo chm ghinhn sthay i ca nn kinh t.

Refinancing rate(E)A type of central bank policy rate.

(V)Li sut ti cp vn: l mt chnh sch ca ngn hng trung ng.


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Relative price

(E) The price of a specific good or servie in comparison with those of other goods and

services.

(V)Gi tng i: l gi ca mt loi hng ha hoc dch vcthdng so snh vi gica hng ha hoc dch vkhc.

Renewable resources

(E)Resources that can be relenished, such as a forest.(V)Ti nguyn ti to c: l cc loi ti nguyn c thti to, nh rng.

Rent

(E)Payment for the use of property

(V)Tin thu: l phn thanh ton cho vic sdng mt loi ti sn.

Reserve requirement

(E)The requirement for banks to hold reserves in proportion to the size of deposits.

(V)Yu cu dtrbt buc: l tldtrbt buc tng ng vi stin gi ngn hngtrung ng m ngn hng ny quy nh cc ngn hng thng mi phi thc hin.

Ricardian equivalence

(E) An economic theory that implies that it makes no difference whether a government

finances a deficit by increasing taxes or issuing debt.

(V)Cn bng Ricardo: l hc thuyt kinh tcho rng vic chnh ph ti tr thm ht bngvic tng thuhay pht hnh nu khng c skhc bit.

Say's law

(E)Named for French economist J.B. Say: All that is produced will be sold because supply

creates its own demand.

(V)nh lut Say: c t theo tn ca nh kinh thc ngi Php J.B. Say. nh lut phtbiu rng: tt chng ha c sn xut ra sc tiu thht bi cung to ra chnh cu chon.

Second-degree price discrimation

(E)When the monopolist charges different per-unit prices using the quantity purchased as an

indicator of how highly the customer values the product.(V)Phn bit gi cp 2: khi nh c quyn p cc mc gi khc nhau trn mt n v snphm cho cc i tng khch hng khc nhau, da trn slng sn phm khch hng tiuthnh thc o nh gi nhn thc ca khch hng vsn phm.

Secondary market

(E)The market where securities are traded among investors.

(V)Thtrng thcp: l thtrng din ra hot ng giao dch mua bn gia cc nh ut chng khon.


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Secondary precedence rules

(E)Rules that determine how to rank orders placed at the same time.

(V)Nguyn tc u tin thhai: xc nh thtcc giao dch sc xl nh thno nuc t cng thi gian vo hthng.

Sector

(E)A group of related industries

(V)Nhm ngnh: tp hp cc ngnh c lin quan.Short-run average total cost curve

(E)The curve describing average total costs when some costs are considered fixed.

(V)ng tng chi ph trung bnh ngn hn: l ng miu tchi ph trung bnh khi mt vichi ph c xem l cnh.

Short-run supply curve

(E)The section of the marginal cost curve that lies above the minimum point on the average

variable cost curve.(V)ng cung ngn hn: l phn ng chi ph bin nm trn im cc tiu ca ng chiph bin i bnh qun.

Stagflation

(E)When a high inflation rate is combined with a high level of unemployment and slowdown

of the economy.

(V)nh lm: thut ngc sdng chtnh trng lm pht cao, i km vi mc thtnghip cao v sgim tc tng trng ca nn kinh t.

Store of value

(E)The quality of tending to preserve value.

(V)Quy lut dtrgi tr: mt chc nng ca tin t.

Store of wealth

(E)Goods that depend on the fact that they do not perish physically over time, and on the

belief that others would always value the good.

(V)Thut ngm chhng ha khng btiu hy, h hoi theo thi gian, v c tin rng n

lun c gi tr(v d: vng).Strategic analysis

(E) Analysis of the competitive environment with an emphasis on the implications of the

environment for corporate strategy.

(V)Phn tch chin lc: l phng php phn tch mi trng cnh tranh, trong nhnmnh nhng tc ng ln mi trng hot ng nh hng n chin lc hot ng cadoanh nghip.


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Strategic groups

(E) Groups sharing distinct business models or catering to specific market segments in an

industry.

(V)Nhm chin lc: l nhm chia sm hnh kinh doanh khc bit, hoc phc vmt phnkhc thtrng cthtrong ngnh.

Structural / Cyclically adjusted budget deficit

(E)The deficit that would exist if the economy was at full employment or full potentialoutput.

(V)Thm ht ngn sch cu trc / Thm ht ngn sch c iu chnh theo chu k: ldng thm ht tn ti khi nn kinh tsdng ht lao ng hoc mc sn lng tim nng.

Substitutes

(E)Said of two goods or services such that if the price of one increases the demand for the

other tends to increase, holding all other things equal. (e.g., butter and margarine).

(V)Sn phm thay th: thut ngdng ch2 loi hng ha/dch v, khi gi hng ha/dchvny tng th cu hng ha/dch vkia c xu hng tng ln, trong iu kin cc yu tkhc khng i. V d: b v b thc vt.

Supernormal profit

(E) Equal to accounting profit less the implicit opportunity costs not included in total

accounting costs; the difference between total revenenue (TR) and total cost (TC).

(V)Li nhun siu ngch: bng li nhun k ton tri chi ph c hi tim n khng baogm trong chi ph kton; li nhun siu ngch bng tng doanh thu (TR) tri tng chi ph

(TC).

Supply shock

(E)A typical unexpected disturbance to supply.

(V)C sc cung: mt sxo trn bt ngxy ra vi cung.

Sustainable rate of economic growth

(E)The rate of increase in the economy's productive capacity or potential GDP.

(V)Tltng trng kinh tbn vng: l tc tng trng hiu sut sn xut, hoc GDP

tim nng ca nn kinh t.Target independent

(E) A bank's ability to determine the definition of inflation that they target, the rate of

inflation that they target, and the horizon over which the target is to be achieved.

(V)c lp mc tiu: l khnng ca ngn hng trung ng trong vic xc nh lm pht vtllm pht mc tiu, v thi gian cn thit mc tiu cn thit c thc hin.


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Technology

(E)The process a company uses to transform inputs into outputs.

(V) K thut: l qu trnh cng ty s dng cc nhn t u vo chuyn i thnh snphm u ra.

Theory of the consumer

(E)The branch of microeconomics that deals with the supply of goods and services by profit-

maximizing firms.(V)L thuyt ngi tiu dng: l mt nhnh ca kinh thc vi m xoay quanh cc vn cung hng ha v dch vthng qua ti a ha li nhun doanh nghip.

Third-degree price discrimination

(E) When the monopolist segregates customers in groups based on demographic or other

characteristics and offers different pricing to each group.

(V)Phn bit gi cp ba: l hnh thc phn bit gi khi nh c quyn chia ngi tiu dngthnh cc nhm khc nhau da trn cc c im nhn khu hc hoc cc c im khc vnh gi bn sn phm hoc dch vcho cc nhm ny.

Total factor productivity

(E)A scale factor that reflects the portion of growth that is not accounted for by explicit factor

inputs (e.g., capital and labor).

(V)Nng sut yu t tng hp: l cc nhn tng gp vo qu trnh tng trng, khnghu hnh nh cc nhn tvn v lao ng, v d: kin thc, kinh nghim, knng lao ng,v.v...

Total product(E)The aggregate sum of production for the firm during a time period.

(V)Tng sn lng: l tt csn lng sn xut ca doanh nghip trong mt giai on.

Total return

(E) Measures the price appreciation, or percentage change in price of the securities in an

index or portfolio, plus any income received over the period.

(V) Tng sut sinh li: c tnh bng tng sinh li tng i do s tng gi ca chng

khon trong mt chshoc doanh mc v bt kthu nhp (ctc hoc tri tc) nhn ctrong k.

Total revenue

(E)Price times the quantity of units sold.

(V)Tng doanh thu: bng gi nhn vi sn lng bn ra.


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Total variable cost

(E)The summation of all variable expenses.

(V)Tng chi ph bin i: l tng tt ccc chi ph bin i, nh chi ph nguyn vt liu, chiph nhn cng thi v, chi ph qung co...

Transfer payments

(E)Welfare payments made through the social security system that exist to provide a basic

minimum lelvel of income for low-income households.(V)Tin trcp phc li: l stin hthng an sinh x hi trcp n cc hgia nh c thunhp thp.

Transitive payments

(E) The assumption that when comparing any three distinct bundles, A, B, and C, if A is

preferred to B and simultaneoulsy B is preferred to C, then it must be true that A is preferred

to C.

(V)Quy tc bc cu: l ginh khi so snh 3 gi hng ha ring bit A, B v C, nu A cyu thch hn B v B c yu thch hn C, r rng l A c yu thch hn C.

Trough

(E)The lowest point of a business cycle.

(V)y: im thp nht trong mt chu kkinh doanh.

Unanticipated (unexpected) inflation

(E)The component of inflation that is a surprise.

(V)Lm pht khng kvng: l phn lm pht vt ngoi so vi kvng.

Underemployed

(E)A person who has a job but has the qualifications to work a significantly higher-paying

job.

(V)Bn tht nghip: mt ngi c nng lc lm vic c trmc lng cao nhng chpnhn lm cng vic trthp hn, khng ph hp vi nnglc.

Unemployed

(E)People who are actively seeking employment but are currently without a job.

(V)Tht nghip: chtnh trng mt ngi ang tch cc tm kim vic lm nhng hin ti vnkhng c cng vic.

Unemployment rate

(E)The ratio of unemployed to the labor force.

(V)Tltht nghip: l tlsngi khng c vic lm trong lc lng lao ng.


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Unit labor cost

(E)The average labor cost to produce one unit of output.

(V)Chi ph n vlao ng: l chi ph lao ng trung bnh sn xut mt n vu ra.

Utility function

(E)A mathematical representation of the satisfaction derived from a consumption basket.

(V)Hm hu dng: l hm ton hc i din cho mc tha mn ca ngi tiu dng khi

kt hp mt rhng ha tiu th.Utils

(E)A unit of utility.

(V)Thut ngchmt n vhu dng.

Veblen good

(E)A good that increases in desirability with price.

(V)Hng ha Veblen: l loi hng ha c lng cu tng khi gi tng.

Vertical demand schedule(E)Implies that some fixed quantity is demanded, regardless of price.

(V)Ltrnh cu dc: m chnhu cu mt nh lng cnh bt kgi nh thno.

Voluntarily unemployed

(E)A person voluntarily outside the labor force, such as a jobless worker refusing an available

vacancy.

(V)Tht nghip tnguyn: l loi hnh tht nghip m c nhn tnguyn khng tham giavo lc lng lao ng.

Wealth effect

(E)An increase/decrease in household wealth increases/decreases consumer spending out of

a given level of current income.

(V) Hiu ng thu nhp: thu nhp h gia nh tng/gim ko theo tiu dng c nhntng/gim mc thu nhp hin ti cho trc.

Wholesale price index

(E)Reflects the price changes experienced by domestic producers in a country.

(V)Chsgi bn s: l chsphn nh sthay i ca gi i vi cc nh sn xut trongnc ca 1 quc gia.

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