Society, General Knowledge for Vocational Schools (ABU), Vocabulary, Chapter 2
Vocabulary, Chapter 2
Vocabulary, Chapter 2
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| Erstellt / Aktualisiert | 02.05.2018 / 02.05.2018 |
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gross domestic product (GDP)
the total value of economic goods produced and services provided (not including intermediate inputs) in a country during one year
branch
designation for an economic sector that produces products and services
land
a factor of production necessary for the production of goods or services (e.g. infrastructure, location and raw material)
occupational accident (OA)
mandatory insurance which protects employees against occupational accidents and illnesses
pension fund/pool
part of the second pillar, which insures employees against old age, death and disability
need; demand
a motivating force that compels action to remove or mitigate a perceived deficiency
cash
all bank notes and coins of a currency currently in circulation
bank
business which offers monetary services (e.g. loans, credits, savings deposits)
abroad
a foreign land or lands
expense/ expenditure
amount of money required for the execution of a payment
unemployment insurance
social security which guarantees income to an unemployed person during their search for employment
work
physical and mental activity, through which income/revenue is earned
stakeholders
diverse individuals or groups not owning shares in an enterprise but directly or indirectly affected by or having an interest in its operations, such as the employees, customers, suppliers, local community, state, etc.
old-age and survivors' and invalidity insurance (OASI)
mandatory social security for securing the livelihood of the retired and bereaved (widows, orphans). OASI (AHV)-age: Women: 64, Men: 65
lending
a banking transaction where a bank gives loans and credits to private and corporate customers
interest
fee that e.g. a bank pays for receiving money (savings interest) or demands for a loan (debt interest)
means of payment
medium of exchange that is transferred from buyer to seller during the purchase of goods or services
prosperity
material standard of life wherein a population has many goods and services at its disposal
welfare
a person’s quality of life (material standard of life, health, justice, freedom or an intact nature)
knowledge and human resources
factor of production that includes the knowledge and capabilities (e.g. education, experience) of a person
economic operators/ agents
economic agents and entities such as producers, consumers, banks, governments
economic sector
classification of professional occupations into three fields of production: 1st sector: agriculture, 2nd sector: industry and business, 3rd sector: services
circular flow of economic activity
model that describes the interactions between the most important economic agents and entities (household, business, state, bank, foreign countries)
economic goods
means of satisfying human needs that are in limited supply and have a price (e.g. raw material, working performance etc.)
value creation; value added
added value when an existing good (e.g. flour) is transformed into a new good (e.g. bread)
measure of value; value measure
measure for the appraisal of a good
store of value
role of money, saved money
non-essential needs
needs which are not necessary for survival such as jewellery and holidays
variable costs
costs that change every month according to needs, such as hobbies and clothes
environmental sphere
the five sectors of a company, namely, economic, technological, social, legal, ecological environment
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