the total value of goods and services a country makes

a time when the economy gets weaker

the difference between exports and imports

to sell goods to other countries

money given by the government to help

when the government spends more than it earns

government plans for spending and taxes

control of money and interest by a central bank

the value of one currency compared to another

putting money in something to earn more later

the percent of people without jobs

a measure of how prices change over time

the market where currencies are traded

foreign direct investment

foreign companies investing directly in a country

protecting local businesses from foreign competition

trade with few or no restrictions

a limit on how much can be imported or exported

a financial crisis caused by risky loans

the study of individual people and businesses

Economic Policy and Trade – English vocabulary

50 words · English vocabulary · Created by Openquiz Team

50 English words with meanings: import, GDP, inflation, deflation, recession… Study them with flashcards, quizzes and AI speaking practice on OpenQuiz.

Part of the learning path: English for Business

Word list

import /ɪm'pɔ:t/ (verb) — bringing goods into a country
Example: The country imports oil for domestic use.
Synonyms: bring in, buy overseas
GDP /,dʒi:.di:'pi:/ (noun) — the total value of goods and services a country makes
Example: GDP measures the total value of goods and services produced.
Synonyms: gross domestic product
inflation /ɪn'fleɪʃən/ (noun) — when prices go up over time
Example: Inflation reduces the purchasing power of money.
Synonyms: price rise, cost increase
deflation /dɪ'fleɪʃən/ (noun) — when prices go down over time
Example: Deflation can cause economic slowdown.
Synonyms: price drop, disinflation
recession /rɪ'seʃən/ (noun) — a time when the economy gets weaker
Example: The country entered a deep recession last year.
Synonyms: downturn, slump
economic growth /,i:.kə'nɒm.ɪk ɡrəʊθ/ (noun) — when the economy grows bigger
Example: The government aims for 5% economic growth.
Synonyms: expansion, development
tariff /'tær.ɪf/ (noun) — a tax on imported goods
Example: The new tariff increased the cost of imported goods.
Synonyms: duty, tax
trade balance /treɪd 'bæl.əns/ (noun) — the difference between exports and imports
Example: A country has a trade surplus when exports exceed imports.
Synonyms: exports minus imports
export /'ek.spɔ:t/ (verb) — to sell goods to other countries
Example: Brazil exports coffee to many countries.
Synonyms: ship abroad, sell overseas
subsidy /'sʌb.sɪ.di/ (noun) — money given by the government to help
Example: Farmers receive government subsidies.
Synonyms: financial aid, grant
budget deficit /'bʌdʒɪt 'defɪsɪt/ (noun) — when the government spends more than it earns
Example: The government is working to reduce the budget deficit.
Synonyms: shortfall, overspending
fiscal policy /'fɪskəl 'pɒlɪsi/ (noun) — government plans for spending and taxes
Example: Fiscal policy involves government spending and taxation.
monetary policy /'mʌnɪtəri 'pɒlɪsi/ (noun) — control of money and interest by a central bank
Example: Monetary policy controls the money supply.
interest rate /'ɪntrəst reɪt/ (noun) — the cost of borrowing money
Example: The central bank increased the interest rate.
exchange rate /ɪks'tʃeɪndʒ reɪt/ (noun) — the value of one currency compared to another
Example: The exchange rate between the dollar and the euro fluctuates daily.
currency /'kʌr.ən.si/ (noun) — money used in a country
Example: The local currency is the dong.
Synonyms: money, cash
investment /ɪn'vest.mənt/ (noun) — putting money in something to earn more later
Example: Foreign direct investment has been increasing steadily.
Synonyms: funding, capital allocation
unemployment rate /,ʌnɪm'plɔɪmənt reɪt/ (noun) — the percent of people without jobs
Example: The unemployment rate dropped to 4%.
consumer price index /kən'sju:mər praɪs 'ɪndeks/ (noun) — a measure of how prices change over time
Example: The CPI rose by 2% last month.
Synonyms: CPI
exchange market /ɪks'tʃeɪndʒ 'mɑ:.kɪt/ (noun) — the market where currencies are traded
Example: Banks trade currencies on the exchange market.
Synonyms: forex market
foreign direct investment /'fɒrɪn daɪ'rekt ɪn'vestmənt/ (noun) — foreign companies investing directly in a country
Example: FDI brings technology and jobs to developing nations.
Synonyms: FDI
protectionism /prə'tekʃənɪzəm/ (noun) — protecting local businesses from foreign competition
Example: Protectionism limits foreign competition.
Synonyms: trade barriers
free trade /fri: treɪd/ (noun) — trade with few or no restrictions
Example: Free trade agreements promote economic cooperation.
Synonyms: open trade
quota /'kwəʊ.tə/ (noun) — a limit on how much can be imported or exported
Example: There is a quota on sugar imports.
Synonyms: limit, allocation
subprime crisis /'sʌb,praɪm 'kraɪsɪs/ (noun) — a financial crisis caused by risky loans
Example: The subprime crisis triggered a global recession.
debt /det/ (noun) — money that is owed
Example: The company is struggling with high debt.
Synonyms: liability, loan
surplus /'sɜ:.pləs/ (noun) — having more than needed
Example: A trade surplus indicates more exports than imports.
Synonyms: extra, excess
deficit /'def.ɪ.sɪt/ (noun) — having less than needed
Example: A deficit occurs when spending exceeds income.
Synonyms: shortfall, loss
macroeconomics /,mæk.rəʊ,i:.kə'nɒm.ɪks/ (noun) — the study of the whole economy
Example: Macroeconomics studies large-scale economic factors.
microeconomics /,maɪ.krəʊ.i:.kə'nɒm.ɪks/ (noun) — the study of individual people and businesses
Example: Microeconomics focuses on individual markets.

…and 20 more words in this set.

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Economic Policy and Trade – English vocabulary

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