Тема № 9 inflation

1. Inflation (инфляция) - a rise in the average price of goods over time.

2. Price inflation (ценовая инфляция) - the special case in which all prices of goods and factors of production are rising at the same percentage rate.

3. Suppressed inflation (подавленная инфляция) - inflationary imbalances reflected in non-price forms (e.g. market shortages, rationing) when prices are not permitted to rise.

4. Hyperinflation (гиперинфляция) - a period when inflation rates are very large.

5. Stagflation (стагфляция) - a period of continuing inflation combined with a recession or stagnation of economic activity.

6. Deflation (дефляция) - a fall in the general (average) level of prices in the economy.

7. The Phillips curve (кривая Филипса) - the curve, which shows an inverse relationship between the inflation rate and the unemployment rate. The higher the rate of inflation, the lower the rate of unemployment.

8. Inflation rate (уровень инфляции) - the growth rate of the average price level, expressed as the percentage increase or decrease per period (usually a year).

9. Fiscal drag (налоговый тормоз) - the increase in real tax revenue when inflation raises nominal incomes and pushes people into higher tax brackets in a progressive income tax system.

10. Inflation accounting (учет инфляции) - the adoption of definitions of costs, revenues, profit and loss that are fully inflation-adjusted.

Тема № 10 business cycles and economic indicators Экономические циклы и экономические показатели

1. Business cycle (деловой цикл) - alternating periods of higher and lower rates of economic growth; recurrent ups and downs over a period of years in the level of economic activity.

2. Economic fluctuation (экономическое колебание) - a general upward or downward movement in output and employment, pervading many sectors of the economy.

3. Upswing (подъем) - a pervasive upward movement in output and employment.

4. Boom (бум) - a period of rapid economic growth and usually lower than average unemployment.

5. Upper turning point (peak) (максимальная точка цикла, пик) - a short period during which an upswing ends and a downswing begins.

6. Downswing (спад) - a pervasive downward movement in output and employment.

7. Recession (рецессия) - the contraction phase of a business cycle; a mild downswing in output and employment.

8. Depression (депрессия) - a severe contraction phase of a business cycle involving prolonged decline in output and employment; a period of low national income and high unemployment.

9. Slump (кризис) - a period of lower than average national income and higher than average unemployment, one that has continued or is expected to continue for a number of years.

10. Lower turning point (trough) (минимальная точка цикла) - a short period during which a downswing ends and an upswing begins.

11. Recovery (восстановление) - a period after a trough; business begins to increase its spending levels. It is a period of increasing business activity and decreasing unemployment.

12. Stagnation (стагнация) - contraction in the economy’s aggregate output.

13. Economic indicator (экономический показатель) – a variable that has a high correlation with the level of economic activity.

14. Leading economic indicator (опережающий экономический показатель) – a variable that, experience has shown, normally turns down before recessions start and turns up before expansions begin.

15. Lagging economic indicator (запаздывающий экономический показатель) - follows (comes after) a stage of the business cycle.

16. Coinciding economic indicator (совпадающий экономический показатель) - changes at the same time as the business cycle.