Ghep Cot - b2

ESP - ECONOMICS ECONOMIC TERMS REVISION MA.
HOANG XUAN
I. Match column A with column B to make a complete sentence.
Answer A B
1…… 1. In capitalism economic A. that societies have employed over 60 years are capitalism and
systems, socialism.
2…… 2. In socilist economic B. is used to deal with the basic economic questions facing
systems, socialist societies.
3…… 3. The two primary C. answers central questions in order to meet the best
economic systems interests of all of society’s members.
4…… 4. Capitalism D. is answered by consumers in capitalism.
5…… 5. Socialism E. property is owned by individuals.
6…… 6. Central planning F. combine inputs in the most efficient way to reduce the cost of
making the outputs.
7…… 7. The what question G. is based on the value of property rights owned by individuals.
8…… 8. The central planners in H. have to to determine what should be produced.
socialism
9…… 9. Individual firms in I. resolves the central questions facing society by the interaction
capitalism of buyers and sellers in markets.
10…… 10. WHOM questions in J. property is owned by the government.
capitalism
II. Match the economic terms with their definitions.

Answer A B
1…… 1.Demand A. An economic system in which the market is supposed to be
regulated by the law of supply
and demand
2…… 2. Supply B. An economic system in which some goods and services are
produced by the government and some by private enterprise
3…… 3. Equilibrium price C. the quantity of a good buyers wish to purchase at each
conceivable price.
4…… 4. Free market D. the bankers’ bank that controls and that is the creditor of all
economy financial institutions in a nation.
5…… 5. Planned economy E. a summary of the financial balances of a sole proprietorship, a
business partnership, a corporation or other business organization.
6…… 6. Mixed economy F. the quantity of a good sellers wish to sell at each conceivable
price.
7…… 7. the central bank G. one of the financial statements of a company and shows the
company's revenues and expenses during a
particular period.
8…… 8. Financial statements H. The end product of the financial accounting process
9…… 9. A balance sheet I. A system whereby the structure of the market is
deliberately planned by the state, in which production and
consumption quotas are fixed beforehand
10…… 10. An income J. the price at which the quantity demanded and the quantity
statement supplied meet
III. Match the economic terms to their definitions (10 pts)

1. Purchasing a. A sales tax collected at each stage of production, excluding the already-taxed
power costs from previous stages.
2. Welfare b. The end of a boom, when an economy starts to contract.
3. Mixed economy c. The amount of goods and services that money can buy at a given time.
1
ESP - ECONOMICS ECONOMIC TERMS REVISION MA. HOANG XUAN
4. Direct tax d. The total final output of goods and services produced within an economy for
5. Planned any given year by both residents and non-residents.
economy e. Condition of general well-being; and government spending designed to achieve
6. Hyperinflation this.
7. Downturn f. Inflation of four or more digits
8. Gross Domestic g. An economic system in which some goods and services are produced by the
Product (GDP) government and some by private enterprise.
9. Value-added tax h. A tax imposed on people’s incomes and companies’ profits.
(VAT) i. An economic system in which production and consumption quotas are fixed
10. Deficit beforehand.
j. An excess of expenditure over income.
IV. Match the economic terms to their definitions (10 pts)
1. Demand a. The quantity of a good sellers wish to sell at each conceivable price.
2. Supply b. The amount of goods and services that money can buy at a given time.
3. Inflation c. Condition of general well-being; and government spending designed to achieve
4. Purchasing this.
power d. A period during which economic activity (spending, investment) falls and
5. Welfare unemployment rises.
6. Recession e. The price at which the quantity demanded and the quantity supplied meet.
7. Equilibrium f. The quantity of a good buyers wish to purchase at each conceivable price.
price g. An economic system in which some goods and services are produced by the
8. Mixed economy government and some by private enterprise.
9. Direct tax h. A tax imposed on people’s incomes and companies’ profits.
10. Planned i. An economic system in which production and consumption quotas are fixed
economy beforehand.
j. An economic condition in which prices for consumer goods increase and the value
of money or purchasing power decreases.
V. Match column A with column B to make a complete sentence.
Answer A B
1…… 1. Inflation A. x is imposed on a person, a household, or an enterprise with the
expectation that that taxpayer will bear the tax burden and not be able to
recover it by passing it on to someone else
2…… 2. Single-digit B. are taxes imposed on consumers of goods and services, or on enterprises
inflation with the expectation that the taxes will be passed on to customers in the
form of higher prices
3…… 3. Double or triple- C. an economic condition in which economic activity (spending,
digit inflation investment) falls and unemployment rises.
4…… 4. A direct tax D. an economic condition in which prices for
consumer goods increase and the value of money or purchasing power
decreases.
5…… 5. Indirect taxes E. provides a financial picture of a business firm.
6…… 6. Recession F. is a small plastic card issued by a bank, business, etc., allowing the
holders to purchase goods or services on credit.
7…… 7. The State Bank of G. is known as galloping inflation
Vietnam
8…… 8. Accounting H. is a performance measure used to evaluate the efficiency of an
investment or to compare the efficiency of a number of different
investments.
9…… 9. ROI I. m is a ministry-level body under the administration of the government
10…… 10. Credit card J. is usually described by economists as moderate inflation

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ESP - ECONOMICS ECONOMIC TERMS REVISION MA.

II. Match the economic terms with their definitions.

III. Match the economic terms to their definitions (10 pts)

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