Economics Vocabulary

Economics is extremely useful as a form of employment for economists. John Kenneth Galbraith, Canadian-American economist.

How to say in English what you studied at university? Sometimes it is easy, as with 1._ (medicina) or 2._ (pravo), and sometimes it is more difficult as with civil 3._ (građevinarstvo). And while ekonomija seems simple, it is usually translated wrongly as economy, when it should be 4._. Economics is a scientific study (other examples include statistics, physics, mathematics), while 5._ describes a system or range of economic activity in a country (the Croatian economy), region (East European economies) or community. Economy in this sense is 6._ i.e. it has plural form, e.g. South American economies.

Another meaning of the word economy is closer to its early Greek meaning. The origin of the word can be 7._ back to the word oikonomos (‘one who manages a household’). Good household managers spend money 8._, and so the word oikonom, derived with time from oikonomos, came to mean 9._ or the careful use of money. The word economy has retained this meaning to the present day. Many jokes are told, whether justified or not, at the 10._ of the Scots and their 11._ – they apparently love to 12._ economies (save money).

An organisation can make economies by 13._ off employees or cutting 14._, and economies in household spending can be made by reducing heating and electricity costs, or by using public transport instead of a car. 15._ is an adjective describing something related to trade, industry, and the management of money, for example economic situation, economic growth, economic policy, economic crisis etc. 16._, on the other hand, is related to that other meaning of the word economy, i.e. using money, time, goods etc. carefully and without waste.

Small cars are more economical than big ones, and some people are more economical than others, always looking around for the best 17._. We can say that economical people and organisations know how to 18._ (economise in American English) or save money by reducing the amount they are spending. And if your country does not have its own oil and gas resources, it is always a good idea to economise on fuel.