Lesson 1. Command and Market Economy
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· asset stripping
· bribery
· centralization
· collapse (v.)
· collateral
· competition
· competitive
· consumer goods
· corruption
· default on one’s loan
· economic
· economical
· equitable
· Five-Year plan
· flight of capital
· foreign investment
· gross domestic product (GDP)
| · hierarchical bureaucracy
· hyperinflation
· implement reforms
· income distribution
· laissez-faire
· law enforcement mechanism
· legal system
· level playing field
· means of production
· military industrial complex
· monetary policy
· oligarch
· output
· overvalued
· price regulation
| · private enterprise
· private ownership
· privatization
· privatize
· pursue one’s own best interests
· recession
· revenues
· savings
· ‘shock therapy’
· shortage
· standard of living
· State Planning Commission
· subsidies
· supply and demand
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Lesson 2. Crisis on a Global Scale
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· abscond (v.)
· ATM
· austerity
· bailout (v., n.)
· bondholder
· bring smth. to the brink of financial ruin
· buoyant
· CEO
· cook the books
· credit crunch
· debt-ridden
· downturn
· emerging economies
· euro zone
· financially illiterate
· foreclose (v.)
| · freefall (to be in freefall)
· go bankrupt
· go bust
· hold down currencies
· housing bubble
· housing slump
· impede (v.)
· keep inflation low
· lay off
· living standard / standard of living
· money laundering
· mortgage
· new global financial order
· offshore (adj.)
· plummet (v.)
| · public good
· put up for auction
· real estate
· recession
· risk management
· slowdown
· stock market crash
· subprime market
· take a wage cut
· tax cut
· tax evasion
· tax revenues
· touch a raw nerve
· Treasuries
· undersupply (v.)
· unemployment benefit
· wishful thinking
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Lesson 3. Taxation and Tax Evasion
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· deduction
· enforcement of law and public order
· export tariff/customs duty
· financial charge
· forfeiture
· Goods and Services Tax
· illegal tax evasion
· income tax
· individual (n.)
· legal entity
· legal tax avoidance
· levy (v; n)
| · loophole
· non-paying entity
· non-taxable 'hidden' transactions
· overpay
· pay-as-you-earn basis
· perverse economic incentive
· property tax
· retail (adj.)
· sales tax
· ship (v.)
· smuggling
· tax burden
· tax liability
| · tax rate
· tax refund
· tax year
· taxable activity
· taxpayer
· total taxable income
· transparent tax structure
· value added tax (VAT)
· welfare
· wholesale (adj.)
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Lesson 4. Finances in a Market Economy
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· bank account
· bank deposit
· bank loan
· bank statement
· banking charges
· barter economy
· bond market
· borrower
· capital gains
· capital losses
· commodity
· credit card
· current account
· debit card
· deposit account/savings account
· financial intermediary
· fixed rate of interest
· gilt-edged securities/gilts
| · government bonds
· hard currency
· in the black
· in the red
· incur losses
· insurance company
· interest
· interest rate
· interest-bearing
· Internet banking
· IOU
· joint account
· lender
· means of payment
· medium of exchange
· monetary unit
· ordinary shares
· overdraft
· overdraw
· pay a dividend
· pension fund
| · purchasing power
· raise capital
· rate of return
· securities
· shareholder
· standard of deferred payment
· standard of value
· store of value
· telephone banking
· transfer money
· unit of account
· unit trust/mutual fund
· windfall (n.)
· write a cheque
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Lesson 5. Consumers and Workers in a Market Economy
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· addiction
· addictive behavior
· burnout
· compulsion
· compulsive buying disorder (CB)
· compulsive shopper
· compulsive shopping
· economic expansion
· euphoria
| · expenditure
· financial bind
· global prosperity
· impaired brain and cognitive function
· obsession
· obsessive
· psychological exhaustion
· self-validation
| · shopaholic
· sleep deprivation
· spending spree
· underemployed
· workaholic
· workaholism
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