Abbreviations in Economics

AARCH augmented autoregressive conditional heteroscedasticity

AC advanced country

ACAS Advisory, Conciliation and Arbitration Service

ACH automated clearinghouse

ACM Andean Common Market; Arab Common Market

ACP African, Caribbean and Pacific

ACRS Accelerated Cost Recovery System

ACT advanced corporation tax

AD anti-dumping

ADAS aggregate demand-aggregate supply

ADB Asian Development Bank

ADR American Depository Receipt

AEA American Economic Association

AESOP all-employee share ownership plan (UK)

AFBD Association of Futures Brokers and Dealers (London)

AfDB African Development Bank

AFDC Aid to Families with Dependent Children

AFL-CIO American Federation of Labor and Congress of Industrial Organizations

AG Aktiengesellschaft

AGM Annual General Meeting

AGNP augmented gross national product

AIBD Association of International Bond Dealers

AIM Alternative Investment Market (London)

ALC Australian Loan Council

ALM asset-liability management

AMEX American Stock Exchange

AMU Arab Maghreb Union

ANOVA analysis of variance

AOSIS Alliance of Small Island States

APACS Association for Payment Clearing Services

APB Accounting Principles Board (UK)

APC average propensity to consume

APCIMS Association of Private Client Investment Managers and Stockbrokers

APR average percentage rate (of interest)

ARCH autoregressive conditional heteroscedasticity

Ariel Automated Real-time Investment Exchange

ARIMA autoregressive integrated moving average

ARM adjustable rate mortgage

ARMA autoregressive moving average

ASEAN Association of South East Asian Nations

ATM automated teller machine; air transport movement

ATP Aid and Trade Provisions

ATS automatic transfer from a savings account; automatic transfer service account

BACS Banks Automated Clearing System (UK)

BAT best available technology

BCEAO Banque Centrale des Etats de l’Afrique de l’Ouest (Central Bank of West African States)

b/d barrels per day

BDI Bundesverrand der deutschen Industrie

BDR British Depository Receipt

BEA Bureau of Economic Analysis (USA)

BERD La banque europeenne pour la reconstruction et la developpe-ment (European Bank for Reconstruction and Development)

BIDS British Institute of Dealers in Securities

BIS Bank for International Settlements

BNB basic needs budget

BOF Balance for Official Financing

BOY beginning of the year (or of an accounting period)

bp base points (of an interest rate)

BP balance of payments

BRITE Basic research in industrial technologies for Europe

C aggregate consumption

C-20 Committee of Twenty

CA confluence analysis; chartered accountant

CAC Central Arbitration Committee; Consumer Advisory Council (USA)

CACM Central American Common Market

CAP Common Agricultural Policy

CAPM capital asset pricing model

CAR compounded annual rate (of interest)

CARICOM Caribbean Community

CARIFTA Caribbean Free Trade Area

CAT Charges, Access, Terms

CATS Computer-assisted Trading System

CBD central business district (of a city)

CBI Caribbean Basin Initiative; Confederation of British Industry

CBO Congressional Budget Office (USA)

CBOE Chicago Board Options Exchange

CC Competition Commission (UK)

CCC Commodity Credit Corporation (USA); Competition and Credit Control (UK)

CCT compensating common tariff; compulsory competitive tendering

CD Certificate of Deposit

CDB Caribbean Development Bank

CEA Council of Economic Advisers

CEAO Communaute Economique de l’Afrique de l’Ouest

CEC Commission of the European Communities

CENIS Centre for International Studies

CEMAC Communaute Economique et Monetaire en Afrique Centrale

(Central African Economic and Monetary Community)

CEO Chief Executive Officer

CEPAL Commision Economica para America Latina

CEPGL Communite economique des Pays des Grands Lacs

CES constant elasticity of substitution

CET common external tariff

CETA Comprehensive Employment and Training Act

CEV constant elasticity of variance

CFA Communaute Financiere Africaine; chartered financial analyst

CFF compensatory financial facility

CFTC Commodity Futures Trading Commission

CGE computable general equilibrium

CGT capital gains tax

CHAPS Clearing House Automatic Payments System (UK)

CHIPS Clearing House Interbank Payments System (New York)

c.i.f. cost, insurance, freight

CIR Commission on Industrial Relations (UK)

CIS cash incentive scheme

CITES Convention on International Trade in Endangered Species

CMB Cash Management Bill

CMEA Council for Mutual Economic Aid

CMO collateralized mortgage obligation

CMSA Consolidated Metropolitan Statistical Area

CO Certification Officer

COB Commission des Operations de Bourse (the Stock Exchange Commission of France)

COLA cost of living adjustment

Comex Commodity Exchange of New York

CONSOB Commissione nazionale per la societa e la borsa (the Stock Exchange Commission of Italy, founded 1974)

CPE centrally planned economy

CPI consumer price index

CPP current purchasing power

CPR common pool resources

CPS Centre for Policy Studies; current population survey

CS cross-section data

CSO Central Statistical Office

CSR Comprehensive Spending Review

CTD certificate of tax deposit

CTN confectioner, tobacconist and newsagent

CTT capital transfer tax

CVD countervailing duty

C’vr cover

CW comparable worth

d penny; denarius

DA C Development Aid Committee (of the OECD)

DC developed country

DCE domestic credit expansion

DCF discounted cash flow

DEA Department of Economics (UK); econometric model

DIDMCA Depository Institutions Deregulation and Monetary Control Act

div net dividend net

DLO direct labour organization

DME decentralized market economy

DPP direct product profitability

DRC direct resource cost

DRY disposable real income

DTB Deutsche Terminboerse

DTC Design-to-cost

DTP desktop publishing

DTR double-taxation relief

DUP directly unproductive profit seeking

DW Durbin-Watson

EA Environmental Agency (UK)

EAGGF European Agricultural Guidance and Guarantee Fund

EAT Employment Appeal Tribunal

EBIT earnings before interest and taxes

EBITDA earnings before interest, tax, depreciation and amortization

EBRD European Bank for Reconstruction and Development

ECA Economic Commission for Africa; European Co-operation Administration

ECB European Central Bank

ECOWAS European Community of West African States

ECU European currency unit

EEA exchange equalization account

EEC European Economic Community

EFA expedited funds availability

EFF extended fund facility

EFT electronic funds transfer

EFTA European Free Trade Association

EGARCH exponential generalized autoregressive conditional heteroscedas-ticity

EIB European Investment Bank

EMCF European Monetary Co-operation Fund

EMS European Monetary System

EMU European Monetary Union

EMV expected monetary value

EOC Equal Opportunities Commission

EONIA Euro overnight index average

EP export promotion

EPA Environmental Protection Agency

ERA effective rate of assistance; exchange rate agreement

ERDF European Regional Development Fund

ERM Exchange Rate Mechanism

ERP European Recovery Program (‘Marshall Aid’)

ESA European System of Accounts

ESOP Employee Stock Ownership Plan

ETAS Economic Trends Annual Survey (UK)

EU expected utility; European Union

EUA European Unit of Account

EURIBOR EuroInterBank offered rate

Exim Export-Import Bank

FAO Food and Agricultural Organization

FAS free alongside ship

FCC Federal Communications Commission (USA)

FCO Federal Cartel Office (USA)

FDI foreign direct investment

FDIC Federal Deposit Insurance Corporation

Fed Federal Reserve System

FES Family Expenditure Survey (UK)

FIBS financial information and budgeting systems

FIFG Financial Instrument for Fisheries Guidance (EU)

FIFO first in, first out

FIGARCH fractionally integrated generalized autoregressive conditional heteroscedasticity

Fimbra Financial Intermediaries, Managers and Brokers Regulatory

Association (London)

FIML full information maximum likelihood

FOB free on board

FOMC Federal Open Market Committee

FPE factor price equalization

FRN floating rate note

FSA Financial Services Act; Food Standards Agency (UK)

FSB Federation of Small Businesses (UK)

FSBR Financial Statement and Budget Report (UK)

FSLIC Federal Savings and Loan Insurance Corporation

FTC Federal Trade Corporation; Federal Trade Commission Act

FTO foreign trade organization

FTSE 100 Financial Times Stock Exchange 100 Share Index

FTZ free trade zone

FY fiscal year (USA)

G3 Group of Three (Germany, Japan, USA)

G7 Group of Seven (Canada, France, Germany, Italy, Japan, UK, USA)

G8 Group of Eight (G7 plus Russia)

GAB General Agreement to Borrow

GAO General Accounting Office (USA)

GAR guaranteed annuity rate

GARCH generalized autoregressive conditional heteroscedasticity

GATS General Agreement on Trade in Services

GATT General Agreement on Tariffs and Trade

GDP gross domestic product

GE general equilibrium

GHS General Household Survey

Ginny Mae General National Mortgage Association (USA)

GLAM grey, leisured, affluent, married

GLS generalized least squares

GmbH Gesellschaft mit beschkranter Haftung (German or Swiss private company)

GNMA Government National Mortgage Association (US)

GNP gross national product

GSP generalized system of preferences; gross social product; gross state product

GSPS generalized system of preference schemes

HA housing association

HICP harmonized index of consumer prices

HIPC heavily indebted poor countries

HLT high-leveraged takeover

HOBS home and office banking systems

HR human resources

HRM human resource management

i rate of interest

I net investment

IAS International Accounting Standard

IATA International Air Travel Association

IBEC International Bank for European Co-operation

IBEL interest-bearing eligible liability

IBF International Banking Facility

IBRD International Bank for Reconstruction and Development

ICC income-consumption curve; Interstate Commerce Commission (USA)

ICCH International Commodities Clearing House

ICFC International and Commercial Finance Corporation

ICOR incremental capital-output ratio

ICSID International Centre for Settlement of Investment Disputes

ICU International Clearing Union

IDA International Development Association

IDB Inter-American Development Bank; inter-dealer broker

IEA Institute of Economic Affairs (UK); International Energy Agency

IET interest equalization tax

IFC International Finance Corporation

IFS Institute for Fiscal Studies (UK)

IGARCH integrated generalized autoregressive conditional heteroscedasti-city

IIB International Investment Bank

IIF Institute for International Finance

ILO International Labour Office

ILS indirect least squares

IMF International Monetary Fund

IMM International Monetary Market

IMO International Miners’ Organization

IMRO Investment Managers Regulatory Organization (London)

INSEE Institut National de la Statistique et des Etudes Economiques

IO industrial organization

IOB Insurance Ombudsman Bureau

IP intellectual property

IPC integrated pollution control

IPE International Petroleum Exchange

IPMA International Primary Markets Association

IPO initial public offering

IPR intellectual property rights

IR individually rational

IRA individual retirement account (USA)

IRC Industrial Reorganization Corporation (UK)

IRR internal rate of return

IRS Internal Revenue Service (USA)

IS investment saving; import substitution

ISCO-88 International Standard Classification of Occupations

ISE International Stock Exchange

ISRO International Securities Regulatory Organization

IT information technology

ITA International Trade Administration (USA)

ITC International Trade Commission

ITO International Trade Organization

ITS Intermarket Trading System

k a thousand

K capital stock

L liquidity; a measure of the US money supply

LAFTA Latin American Free Trade Association

LBO leveraged buyout

lc local currency

LCH life-cycle hypothesis

LDC less developed country

LDMA London Discount Market Association

LEA Local Enterprise Agency

LFA less favoured area

LFPR labour force participation rate

LGS liquid assets and government securities

LIBOR London Inter-Bank Offered Rate

LIFFE London International Financial Futures Exchange

LIFO last in, first out

LIML limited information maximum likelihood

LLC limited liability company (USA)

LMBO leveraged management buyout

LPM linear probability model

LRE likelihood ratio statistic

LSE London Stock Exchange; London School of Economics

Ltd private limited company (UK)

Ltip long-term incentive package

LTOM London Traded Options Market

LTU long-term unemployed

LTV labour theory of value

M money supply; imports

M&A merger and acquisition

MA moving average

MABP monetarist approach to the balance of payments

MAP market anti-inflation plan

MBO management by objectives; management buyout

MCA marginal cost of abatement; Monetary Compensation Amount

MCT mainstream corporation tax

MDP multidisciplinary practice (of lawyers, accountants, etc.)

MERCOSUR Mercado Comun del Sur

MES minimum efficient scale

MEW measure of economic welfare

MFA Multi-Fibre Arrangement

MFC most favoured customer

MFN most favoured nation

MFR minimum funding requirement

MIGA Multilateral Investment Guarantee Agency

MIRAS Mortgage Interest Relief at Source (UK)

MITI Ministry of International Trade and Industry (Japan)

ML maximum likelihood

MLE maximum likelihood estimator

MLH minimum list heading

MLM multi-level marketing

MLR minimum lending rate

MMC money market certificate

MMDA money market deposit account

MMMF money market mutual fund

MNC multinational corporation

MPA marginal principle of allocation

MPC marginal propensity to consume; Monetary Policy Committee, UK

MPD marginal private damage

MPM marginal propensity to import

MPP marginal physical product

MPS marginal propensity to save; (Soviet) Material Product System

MRP marginal revenue product

MRR minimum reserve requirements

MRS minimum rate of substitution

MSA Metropolitan Statistical Area

MSD marginal social damage

MTFS Medium-term Financial Strategy

N The quantity of employment

NAFA net acquisition of financial assets

NAFTA North American Free Trade Area

NAIC National Association of Insurance Commissioners (USA)

NAIRU non-accelerating inflation of unemployment

NAMU North American Monetary Union

NARCH non-linear autoregressive conditional heteroscedasticity

NASDAQ National Association of Securities Dealers Automated Quotation System (USA)

NASDIM National Association of Securities Dealers and Investment Managers

NAV net asset value

NBER National Bureau of Economic Research (USA)

NBPI National Board for Prices and Incomes (UK)

NDP net domestic product

NEB National Enterprise Board (UK)

NEDC National Economic Development Council (UK)

NEDO National Economic Development Office (UK)

NEP New Economic Policy (Soviet Union)

NEW net economic welfare

NIBM non-interest-bearing M1

NIC newly industrialized country

NIE new institutional economics

NIEO New International Economic Order

NIESR National Institute of Economic and Social Research (UK)

NIF note issuance facility

NIMBY ‘not in my backyard’

NIPA National Income and Product Accounts (USA)

NOW negotiable order of withdrawal

NPE non-profit enterprise

NPV net present value

NRV net realizable value

NSA non-sterling area

NTB non-tariff barrier

NV Naamlose venootschap (Dutch public company)

NYMEX New York Mercantile Exchange

NYSE New York Stock Exchange

OASDHI Old Age, Survivors, Disability and Health Insurance (USA)

OB organizational behaviour

OBRA Omnibus Budget Reconciliation Act (USA)

OCD other checkable deposits

ODA official development assistance; Overseas Development Administration

OECD Organization for Economic Co-operation and Development

OEEC Organization for European Economic Co-operation

OF— Office of a UK regulator (e.g. OFGAS, of gas)

OFT Office of Fair Trading (UK)

OID original issue discount

OLG overlapping generations model

OLS ordinary least squares

OM Options Model

OMA orderly market agreement

OMB Office of Management and Budget

OMO open market operation

ONS Office for National Statistics (UK)

OPCS Office of Population Censuses and Surveys (UK)

OPEC Organization of Petroleum Exporting Countries

OSA overseas sterling area

OTCM over-the-counter market

PAF percentage annual fixed (rate of interest)

PAYE pay as you earn (UK)

PCC price-consumption curve

PCT primary care trust (UK)

PDI personal disposable income

PDV present discounted value

P/E price-earnings ratio

PEP personal equity plan (UK)

PESC Public Expenditure Survey Committee (UK)

PFI private finance initiative (UK)

PIBOR Paris Inter-Bank Offered Rate

PIK payment in kind

PIN personal identification number; Philippine Investment Note

plc public limited company (formerly Co. Ltd) (UK)

PPB planning, programming, budgeting

PPF production possibility frontier

PPI producer price index

PPP purchasing power parity; public-private partnership

PQLI physical quality of life index

PRF population regression function

PRP performance-related pay; profit-related pay

PRT petroleum revenue tax

PSA public service agreement (UK)

PSBR public sector borrowing requirement

PSDR public sector debt repayment

PSE public service employment

PSL private sector liquidity (UK)

PSNB public sector net borrowing

PTA preferential trading arrangement; preferential trade agreement

QALY quality-adjusted life years

QARCH quadratic autoregressive conditional heteroscedasticity

QR quantitative restrictions

QTARCH qualitative threshold autoregressive conditional heteroscedasti-city

r coefficient of correlation

RBC real business cycle

RD reserve deposits (of a bank)

R&D research and development

RDA Regional Development Agency (England)

RD and D research, development and demonstration

RE rational expectations

REP regional employment premium

REPO repurchase agreement

RER real exchange rate

ROCE return on capital employed

ROI return on investment

ROW rest of the world

RPB recognized professional body

RPI retail price index (UK)

RPM resale price maintenance

RRR real rate of return

RSA regional selective assistance

RSG rate support grant

RTB right to buy

RTC Resolution Trust Corporation (USA)

RTM rent to mortgage

RUF revolving underwriting facility

SA Societe anonyme (French, Belgian, Luxemburgese or Swiss public company)

SACU South African Customs Union

SADCC South African Development Co-ordination Committee

Sarl Societe a responsabilite limite (French private limited company)

SAYE save as you earn (UK scheme)

SBA Small Business Administration (USA)

SCOPE System Committee on Paperless Entry

SCP structure-conduct-performance

SDR special drawing rights

SEAQ Stock Exchange Automated Quotation System (UK)

SEC Securities and Exchange Commission (UK)

SEM special employment measures

SEPON Stock Exchange Pool Nominees (UK)

SERPS State Earnings-related Pension Scheme

SETS Stock Exchange Electronic Trading Service (UK)

SFA Securities and Futures Authority (UK)

SIB Securities and Investments Board (UK)

SIBOR Singapore Inter-Bank Offered Rate

SIC Standard Industrial Classification

SIMEX Singapore International Monetary Exchange

SIP state implementation plan (US pollution control)

SITC Standard International Trade Classification

SLM segmented labour market

SME small and medium-sized enterprise

SMSA Standard Metropolitan Statistical Area

SNA System of National Accounts (United Nations)

SNB Swiss National Bank (Switzerland’s central bank)

SNIG sustained non-inflationary growth

SOE state-owned enterprise; small open economy

S&P 500 Standard & Poor 500

SRD Statutory Reserve Deposit

SRF sample regression function

SRO self-regulatory organization

SSAP Statement of Standard Accounting Practice

SWIFT Society for Worldwide Interbank Financial Telecommunications

SWING sterling warrant into gilt-edged stock

SWOT strengths, weaknesses, opportunities, threats (business appraisal technique)

TAA trade adjustment assistance

TAPS Transatlantic Payment System

TARCH threshold autoregressive conditional heteroscedasticity

Taurus Transfer and Automatic Registration of Unregistered Stock

TDP tradable discharge permit

TFR total fertility rate

TIBOR Tokyo Inter-Bank Offered Rate

TINA ‘there is no alternative’

TIP tax-based incomes policy

TNC transnational corporation

TOT terms of trade

TQM total quality management

TVA Tennessee Valley Authority; taxe sur lavaleur ajoutee (the French value-added tax)

TWER trade-weighted exchange rate

UBR uniform business rate

UDEAC Union Douaniere et Economique des Etats de l’Afrique Centrale (Central African Customs and Economic Union)

UEMOA Union economique et monetaire de l’Afrique de l’Ouest (West African Economic and Monetary Union)

UNCTAD United Nations Conference on Trade and Development

UNDP United Nations Development Programme

UNFCCC United Nations Framework Convention on Climate Change

UNIDO United Nations Industrial Development Organization

UPF utility possibility frontier; Uniform Presentation Framework (Australia)

USM Unlisted Securities Market

UTV utility theory of value

UVI unit value index

VAN value-added network

VaR value at risk

VAR vector autoregression

VAT value-added tax

VECM vector error correction model

VER voluntary export restraint

VIE voluntary import expansion

WIPO World Intellectual Property Organization

X exports

XD ex-dividend

xr ex rights

Y income – often real disposable income

Y’ld Gr’s yield gross

ZBB zero-base budgeting

ZIRP zero interest rate policy

ZPG zero population growth

ЗМІСТ

1. Market and Command Economics 4

2. Demand and Supply 9

3. Theory of Demand 15

4. Theory of Supply 21

5. Factors of Production: Capital and Labour 29

6. Factors of Production: Natural resources and Land 34

7. Circular flow of payment and national income 41

8. Taxes and Public Spending 47

9. Money and its functions 53

10. Introduction to Banking and financial markets. 60

Завдання для самостійної роботи 66

Тексти для самостійного читання 117

Glossary 151

Abbreviations in Economics 183

Literature 205

Література

1. Английский язык для студентов экономических специальностей: Учебник/ Е. В. Глушенкова, Е. Н. Коварова,-М.: ООО «Издательство АСТ»: ООО «Издательство Астрель», 2002.-352 с.

2. Теорія і практика перекладу. Економічний цикл: Навч. Посіб./ М. Г. Стародубова.-Алчевськ: ДонДТУ, 2005.-273 с. (англ., рус.,укр..)

3. Черноватий Л. М., В. І. Карабан, І. О. Пенькова, І. П. Ярощук. Переклад англомовної економічної літератири. Економіка США. Навчальний посібник для студентів вищих навчальних закладів освіти.-Вінниця, НОВА КНИГА, 2007.-416 с.

4. English for Economists/ Английский язык для студентов экономических специальностей /Авт.-сост.: Л.Б. Тихомирова, Н.И. Князева, Э.В. Рунцова и др. – Мн.: БГУ, 2004. – 291 с.

5. English for Economists (Part-Time Education) – СПб: СПб ГУ ИТМО, 2006. – 153c.

6. Business English language practice. Grammar and vocabulary/ Susan Lowe, Loise Pile, Delta Publishing, 80 c.

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