Society, General Knowledge for Vocational Schools (ABU), Vocabulary, Chapter 9

market-oriented economic system in which the state can take actions in order to redistribute income and assets

developing country in the middle of a transition into a industrialised country

an economic system in which the economic processes are centrally planned and controlled by public authorities

science that studies the economical system of a country (consumption of goods and money)

Switzerland's foreign and security policy principle; non-interference, independence, self-sufficiency

a type of market failure; a company that has complete control of the product or service it provides because it is the only company that provides it; due to lack of competition, this provider can largely determine the prices and quantities

enabling accessibility of a market area to other businesses, products

general pattern of recurring periodic fluctuations which runs the gamut of four economic phases, ranging from expansion, peak, recession to recovery

the up and down movement of the economic cycle

a group of people or companies who all agree to sell something at the same price so that they can all make profits without competing with one another

is a humanitarian institution which strives to uphold human rights and prevent and alleviate suffering

price increase; a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency

a country with social, economic and political development at a high standard

to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, re-export, or services

worldwide network across diverse areas, e.g. economy, ecology, etc.

a group of heads of state and government of the 20 most important industrialised and emerging economies to discuss issues relating to the international financial system

trade agreement between two countries or groups of counties to liberalise trade

economic system where the government has little or no influence on economic affairs

to ship (commodities) to other countries or places for sale, exchange, etc.

an association of 28 European nations formed in 1993 for the purpose of achieving political and economic integration

a section of Swiss foreign policy which combats poverty through monetary aid and onsite programmes

country that is socially, economically and politically lower in standard than industrialized countries

raw material that can be used to produce energy ( renewable and not renewable)

a two-party arrangement which is regulated on both sides (e.g. a contract between the EU and Switzerland)