Economy Vocabulary
Inflation
The rate at which the general level of prices for goods and services rises.
Example: Inflation reduces the purchasing power of consumers.
Legislation
Laws passed by a government or legislature.
Example: New legislation was introduced to curb air pollution.
Rehabilitation
The process of restoring someone to a normal life through training or therapy, especially after imprisonment.
Example: Rehabilitation programs help reduce recidivism rates among offenders.
Entrepreneurship
The activity of setting up a business or businesses.
Example: Entrepreneurship is crucial for innovation and economic growth.
Mass media
Forms of communication that reach large audiences (e.g. TV, newspapers).
Example: Mass media plays a crucial role in shaping public opinion.
Economic disparity
The difference in wealth and income between different groups or regions.
Example: Economic disparity often leads to social tension and unrest.
Bureaucracy
A system of government where most decisions are made by state officials rather than elected representatives.
Example: Excessive bureaucracy can hinder quick decision-making.
Recidivism
The tendency of a convicted criminal to reoffend.
Example: Effective rehabilitation lowers recidivism in the prison system.
Work-life balance
The equilibrium between personal life and work.
Example: Remote work has improved work-life balance for many employees.
Sensationalism
The use of shocking or exaggerated content to attract attention.
Example: Tabloids are often criticized for sensationalism rather than factual reporting.
Gross Domestic Product (GDP)
The total value of goods and services produced in a country over a period of time.
Example: A rising GDP is generally a sign of a growing economy.
Democracy
A form of government where power is vested in the people, typically through elected representatives.
Example: In a democracy, citizens have the right to vote and express their opinions freely.
Capital punishment
The legal authorization to put someone to death as a punishment for a crime.
Example: Capital punishment remains a controversial issue worldwide.
Job satisfaction
The level of contentment people feel with their job.
Example: Flexible hours contribute to higher job satisfaction.
Freedom of the press
The right of media to publish news without government interference.
Example: Freedom of the press is a cornerstone of any democratic society.
Subsidy
A financial contribution provided by the government to support industries or reduce costs.
Example: The government provided subsidies to farmers to boost agricultural production.
Corruption
Dishonest or illegal behavior by those in power.
Example: Government corruption undermines public trust and development.
Juvenile delinquency
Criminal behavior by minors.
Example: Many experts advocate for preventive programs to reduce juvenile delinquency.
Freelancing
Working independently for different companies rather than being employed full-time by one.
Example: Freelancing offers more freedom but less job security.
Misinformation
False or inaccurate information spread regardless of intent.
Example: Social media platforms are under pressure to combat misinformation.
Consumerism
The theory that an increasing consumption of goods is beneficial to the economy.
Example: Modern society often promotes consumerism at the expense of environmental sustainability.
Policy reform
Changes made to improve laws or regulations.
Example: Policy reform is needed to address rising healthcare costs.
Deterrent
Something that discourages someone from doing something, especially illegal activities.
Example: Strict laws act as a deterrent to potential criminals.
Corporate culture
The shared values and practices within a company.
Example: A positive corporate culture can boost productivity and employee morale.
Digital literacy
The ability to use digital tools and evaluate online information critically.
Example: Digital literacy is essential in today’s media-driven world.