VOCAB 1
Businesses that provide goods or services within the same area or
region. French: Fournisseurs locaux
Local Suppliers
Financial assistance provided by the government to support businesses or
industries. French: Subvention
Subsidies
An increase in the production of goods and services in an economy over
time. French: Croissance économique
Economic Growth
The fairness with which resources and wealth are distributed in a
society. French: Équité
Equity
Which luxury group owns brands like Cartier, Van Cleef & Arpels, and Montblanc?
Richemont
Property consisting of land or buildings, often used in business or
investment. French: Immobilier
Real Estate
The number of people who pass by a location, often used to measure the
attractiveness of a retail site.French: Affluence piétonne
Foot Traffic
Goods that are non-excludable and non-rivalrous, meaning they can be used
by everyone without reducing their availability to others (e.g., roads, public
schools). French: Biens publics
Public Goods
A compromise where one benefit is given up in order to gain another
benefit. French: Compromis
Trade-Off
Which Swiss luxury watchmaker is known for its iconic Reverso watch?
Jaeger-LeCoultre
A condition in which an economy operates smoothly, with steady growth
and minimal fluctuations in factors like unemployment and inflation.
Economic Stability
Reductions in taxes offered by governments to attract businesses to invest
or expand.
Tax Incentive
The value of the next best alternative that you give up when making a
decision.
Opportunity Cost
BONUS 300 POINTS
:)
Which luxury brand is the official sponsor of the Monaco Grand Prix?
TAG Heuer
Sustainable economic growth that continues over an extended period,
often through investment and innovation
Long-Term Growth
The ability to adjust employment conditions, such as hours or contract
types, based on the needs of the business or workers
Employment Flexibility
DOUBLE POINTS X2
The branch of economics that focuses on objective and fact-based
statements about the economy.
Positive Economics
When a country or company can produce goods or services at a lower
opportunity cost than others, allowing them to specialize in that area.
Comparative Advantage
Which luxury brand is famous for its red-soled shoes?
Christian Louboutin
Policies and procedures related to hiring, training, and managing
employees.
Employment Practices
Favorable treatment, such as reduced taxes or relaxed regulations, given to
certain businesses to encourage investmen.
Special Economic Privileges
DOUBLE POINTS X2
The branch of economics that involves value judgments about what the
economy should be like.
Normative Economics
The process of distributing scarce resources (such as land, labor, or capital)
to their most efficient uses
Resource Allocation
Which luxury watch brand uses the slogan “You never actually own a ______. You merely look after it for the next generation”?
Patek Philippe