Question
Answer
inflation
A general increase in prices and fall in the purchasing power of money. "Rising inflation has made everyday goods more expensive."
unemployment rate
The percentage of the labor force that is without work. "The unemployment rate rose sharply during the economic downturn."
minimum wage
The lowest wage employers are legally allowed to pay. "Several states have raised the minimum wage in recent years."
entrepreneurship
The activity of starting and running a business. "The government is encouraging entrepreneurship among young people."
job security
The assurance that one will keep their job. "Many workers value job security over a higher salary."
redundancy
The loss of a job because it is no longer needed. "Hundreds of employees faced redundancy after the merger."
overtime
Time worked beyond one's normal working hours. "Employees are compensated for any overtime they work."
work-life balance
The balance between time spent working and time spent on personal life. "Remote work has helped many employees achieve a better work-life balance."
freelance
Working independently for various clients rather than being employed by one company. "She left her office job to work as a freelance writer."
gig economy
A labor market characterized by short-term contracts or freelance work. "The gig economy has grown rapidly with the rise of app-based platforms."
productivity
The rate at which goods or services are produced. "Investment in technology can significantly boost productivity."
supply and demand
The relationship between the availability of a product and desire for it. "Prices are determined largely by supply and demand."
monopoly
Complete control of a market by a single company. "Regulators intervened to prevent the company from forming a monopoly."
subsidy
Financial support given by the government to an industry. "Farmers rely heavily on government subsidies."
tariff
A tax imposed on imported goods. "The new tariff has increased the cost of imported steel."
trade deficit
When a country imports more than it exports. "The country's trade deficit has grown for the third consecutive year."
national debt
The total amount of money a government owes. "The national debt has increased significantly since the crisis."
GDP
Gross domestic product; the total value of goods and services produced by a country. "GDP growth slowed in the final quarter of the year."
stock market
A market in which shares of companies are traded. "The stock market fell sharply following the announcement."
investment
The act of putting money into something to generate profit. "Investment in renewable energy has increased dramatically."
consumer spending
The total amount spent by households on goods and services. "Consumer spending is a key driver of economic growth."
economic growth
An increase in the production of goods and services in an economy. "Economic growth has slowed amid rising interest rates."
competitive advantage
A factor that allows a company to outperform its rivals. "The company's competitive advantage lies in its efficient supply chain."
labor market
The market in which workers compete for jobs and employers compete for workers. "The labor market has tightened as unemployment falls."
layoff
The dismissal of employees, usually due to a lack of work. "The company announced layoffs affecting thousands of workers."
negotiation
Discussion aimed at reaching an agreement. "Salary negotiation can be uncomfortable but is often worthwhile."
corporate
Relating to a large company or corporation. "Corporate profits rose despite the economic slowdown."
commute
To travel regularly between home and work. "Many employees now commute only a few days a week."
career progression
The process of advancing in one's profession. "Clear career progression is a major factor in employee retention."
work ethic
A belief in the value of hard work. "She is known for her strong work ethic and reliability."
meritocracy
A system in which people succeed based on ability rather than background. "Supporters argue that the company operates as a meritocracy."
downturn
A decline in economic activity. "The industry suffered a severe downturn during the recession."
outsourcing
Contracting work out to an external company, often to reduce costs. "Outsourcing manufacturing has reduced costs for many companies."
recession
A period of temporary economic decline. "The country fell into recession after years of steady growth."
income gap
The difference in earnings between the richest and poorest members of society. "The income gap has widened significantly since the 1980s."
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