Download Vocabulary Lists for

UNIVERSITY OF THE AEGEAN – SCHOOL OF SCIENCES – DEPARTMENT OF MATHEMATICS / SUBJECT
AREA: STATISTICS AND ACTUARIAL-FINANCIAL MATHEMATICS
Vocabulary Lists for
English III (English for Economics)
Instructor: Eftihia Landrou
This booklet contains all vocabulary that is included in the syllabus of the
course ‘English III’.
Contents
UNIT 2: Factors of Production – Vocabulary list ................................................................................. 2
UNIT 3: Supply and Demand – Vocabulary list ................................................................................... 3
UNIT 4: Elasticity – Vocabulary list ..................................................................................................... 4
UNIT 6: Consumer Behavior – Vocabulary list .................................................................................... 5
UNIT 7: Production – Vocabulary list .................................................................................................. 6
Resources ............................................................................................................................................ 9
COURSEBOOK: English For Students of Economics: Microeconomics
UNIT 2: Factors of Production – Vocabulary list
Here are some useful vocabulary items from this unit.
Inputs and Outputs

allocative efficiency (also: Pareto efficiency - Pareto optimality): (κατανεμητική
αποτελεσματικότητα) production of the best combination of goods with the best
combination of outputs.

derived demand: (παράγωγος ζήτηση) demand for something such as a material or skill,
which is based on demand for something produced from it.

durable goods: (διαρκή (καταναλωτικά) αγαθά) goods that can be used for a long time and
that people do not buy very often, such as televisions and cars.

entrepreneurship (also: entrepreneurialism): (επιχειρηματικότητα, επιχειρηματικό πνεύμα)
the skills that you need to start your own business.

factors of production: (συντελεστές παραγωγής) the resources used to produce a good or
service. Land, labor and capital are the three basic categories.

input: (εισροή, συντελεστής παραγωγής) a resource such as materials or labour that is
involved in producing something and has a cost that affects profits.
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
interest: (τόκος) money that is charged by a bank or other financial organization for lending
money; money that you earn from keeping your money in an account in a bank or other
financial organization.

marginal product: (οριακό προϊόν) the extra product resulting from the use of one extra unit
of the specified input when all other inputs are held constant.

output: (προϊόν, απόδοση, απόδοση παραγωγής, παραγωγή) the amount of goods and
services, or waste products, that are produced by a particular economy, industry, company, or
worker.

productive efficiency: (παραγωγική αποτελεσματικότητα) production of any output at the
lowest attainable cost for that level of output.

revenue: (εισόδημα, έσοδο) money that a company, or the government, receives.

utility: (χρησιμότητα) the satisfaction gained by a consumer from the consumption of a
particular good.

wages (also: wage): (μισθός) an amount of money that is paid, usually every week, to an
employee for their work.
UNIT 3: Supply and Demand – Vocabulary list
Here are some useful vocabulary items from this unit.
The Essentials of Supply and Demand

complementary goods (also: complementary products) (συμπληρωματικά προϊόντα /
αγαθά): products that are sold separately but that are used together, each creating a demand
for the other, for example, computers and computer programs.

demand curve (καμπύλη ζήτησης): the relationship, as shown by a line on a graph, between
the price of goods or services and the amount or quantity that people buy during a particular
period of time.

equilibrium point (ισορροπία): The point at which an economic unit is at rest, or at which the
forces operating on the unit are in balance so that there is no tendency for change.
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
excess demand (υπερβολική ζήτηση): the demand for an economic good exceeding the
amount of that good offered for sale in the market at a certain price and time.

excess supply (also: oversupply) (υπερπροσφορά, υπερβάλλουσα προσφορά): a situation in
which there is more of a product or service available than customers want to buy.

raw materials (πρώτες ύλες): a substance in its natural state that will be used to make
something else in an industrial process.

slope (κλίση): a line which lies at an angle to a horizontal line, so that some points on it are
higher than others.

substitute goods (υποκατάστατα αγαθά): products that can satisfy some of the same
customer needs as each other.

supply curve (καμπύλη προσφοράς): The curve (in a graph) showing how the price of a good
or service influences the quantity supplied.
UNIT 4: Elasticity – Vocabulary list
Here are some useful vocabulary items from this unit.
Elasticity of Demand and Supply

cross elasticity of demand (σταυρωτή ελαστικότητα, σταυροειδής ελαστικότητα ζήτησης): it
shows how a demand for one good is influenced by a change in the price of another, related
good (e.g. a substitute or a complementary good).

elastic demand (ελαστική ζήτηση): a situation in which a change in a product's price causes a
big change in the number of products sold. In other words, when the ratio between
proportional change in quantity demanded and proportional change in price is greater than 1.

elasticity (ελαστικότητα): the ratio of the response in quantity demanded or supplied to a
change in price.

income elasticity of demand (εισοδηματική ελαστικότητα ζήτησης): the degree to which the
number of products bought changes when income changes.

inelastic demand (ανελαστική ζήτηση): a situation in which a change in a product's price
causes very little change in the amount of the product that is sold. In other words, when the
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ratio between proportional change in quantity demanded and proportional change in price is
less than 1.

inferior goods (κατώτερα αγαθά): goods for which the quantity demanded declines as
income rises. For example, beans.

normal goods (κανονικά αγαθά): goods for which the quantity demanded rises as income
rises. For example, meat.

price elasticity of demand (also: elasticity of demand) (ελαστικότητα ζήτησης ως προς την
τιμή): the degree to which the number of products sold changes when the product's price
changes. This is measured by the ratio between proportional change in quantity demanded
and proportional change in price.

price elasticity of supply (ελαστικότητα προσφοράς ως προς την τιμή): the degree to which
supply responds to a price increase. This is measured by the ratio of the proportional rise in
the quantity of a good supplied to a proportional rise in its price.

total revenue (συνολικά έσοδα, σύνολο εσόδων): total sales and other revenue for a specific
time period.

unit elasticity (ελαστικότητα ίση με τη μονάδα, μοναδιαία ελαστικότητα): a situation when
a change in price causes a proportionally equal change in quantity demanded or supplied. In
other words, when the ratio of percentage change in quantity demanded or supplied of a
product to percentage change in price (of the same product) is equal to 1.
UNIT 6: Consumer Behavior – Vocabulary list
Here are some useful vocabulary items from this unit.
Marginal Utility and Consumer Choice

budget line (also: budget constraint, income line) (γραμμή καταναλωτικών δυνατοτήτων,
εισοδηματικός περιορισμός): the line on a diagram which shows the various combinations of
commodities which can be bought with a given income at a given set of prices.

diminishing marginal utility (φθίνουσα οριακή χρησιμότητα): the law which says that as
more of any one commodity is consumed, its marginal utility declines.
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
equilibrium for the individual consumer (ισορροπία του καταναλωτή): the position in which
the consumer is maximizing utility. That is, the consumer has chosen the group of goods which
(given income and prices) best satisfies the consumer's wants.

income effect (εισοδηματικό αποτέλεσμα, αποτέλεσμα εισοδήματος): a change in the price
of a good will reduce or increase the consumer's real income. In response to this change in
real income we can expect the consumer to buy less (or more) of all goods including the one
which has changed in price.

indifference curve (καμπύλη αδιαφορίας): a line on a graph joining points where a consumer
has an equal level of satisfaction from particular quantities of two products, when quantities
of one product are shown on the vertical axis and the other on the horizontal axis.

marginal rate of substitution (οριακός λόγος υποκατάστασης): the additional amount of one
good required to compensate a consumer for a small decrease in the quantity of another, or
how much of one good a consumer has to sacrifice in order to obtain another. It is measured
by the ratio of the marginal utilities of two goods.

marginal utility (οριακή χρησιμότητα): the satisfaction an individual receives from consuming
one additional unit of a good or service.

substitution effect (αποτέλεσμα (της) υποκατάστασης): the effect of a change in the price of
a product or service, which encourages customers to buy another product or use another
service instead.

tangent (εφαπτόμενος-η-ο): a straight line which touches but does not cut into a curve.

total utility (συνολική χρησιμότητα): the total satisfaction resulting from the consumption of
a given commodity.

utility (χρησιμότητα): the satisfaction gained by a consumer from the consumption of a
particular good.
UNIT 7: Production – Vocabulary list
Here are some useful vocabulary items from this unit.
Production Theory
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
average product (μέσο προϊόν): total product divided by the number of units of the variable
input used.

diseconomies of scale (also: decreasing returns to scale) (αντιοικονομίες κλίμακας,
φθίνουσες αποδόσεις κλίμακας): a situation when an increase in all inputs causes a
proportionally smaller increase in output (opposite: economies of scale).

economies of scale (also: increasing returns to scale) (οικονομίες κλίμακας, αύξουσες
αποδόσεις κλίμακας): a situation when an increase in all inputs causes a proportionally bigger
increase in output (opposite: diseconomies of scale).

fixed input (also: fixed factor) (σταθερή εισροή): an input such as plant or equipment for
which the quantity used can be changed in the long run, but not in the short run.

law of diminishing returns (νόμος των φθίνουσων αποδόσεων): in a production system with
fixed and variable inputs, a situation when, as the amount of variable inputs increases (but
fixed inputs remain the same), beyond some point each additional unit of the variable input
results in smaller and smaller increases in output.

long run (opp: short run) (μακροχρόνια): a period long enough for the quantity of both fixed
and variable inputs to change.

marginal product (οριακό προϊόν): the extra product resulting from the use of one extra unit
of the specified input when all other inputs are held constant.

production function (συνάρτηση παραγωγής): the relationship showing the maximum output
that can be produced with various combinations of inputs.

returns to scale (αποδόσεις κλίμακας): the rate at which output increases as all inputs are
increased together.

short run (opp: long run) (βραχυχρόνια): the period in which the quantity of variable inputs
(e.g. labor) can change, but that of fixed inputs (e.g. capital, land) cannot.

technological change (τεχνολογική αλλαγή, τεχνολογική μεταβολή, τεχνολογικές εξελίξεις):
a change in the process of production, or introduction of new products, such that more or
improved output can be obtained from the same inputs.
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
total product (συνολικό προϊόν): the total amount of a commodity produced, measured in
physical units.

variable input (also: variable factor) (μεταβλητή εισροή): an input such as labor for which the
quantity used can change in the short run.
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Resources
Black, J., Hashimzade, N., & Myles, G. (2013). A Dictionary of Economics (4th ed.). Available from
http://www.oxfordreference.com.
Cambridge Business Dictionary. Available from http://dictionary.cambridge.org/.
Economist. Available from http://www.economist.com/research/Economics/.
InterActive Terminology for Europe (IATE). Available from http://iate.europa.eu/.
Investopedia. Available from http://www.investopedia.com.
Stefan, J. (2003). English for Students of Economics: Microeconomics. Athens: Τυπωθήτω.
Γεωργίου, Γ. (1999). Αγγλοελληνικό Λεξικό Μαθηματικής Ορολογίας. Retrieved from
http://mathbooksgr.files.wordpress.com/2011/09/dict1.pdf.
Δεσπότης, Γ. (n.d.). Αναλυτικό Αγγλοελληνικό Λεξικό Διεθνών Εμπορικών και Οικονομικών Όρων.
Available from http://www.magenta.gr.
Μοσχάκης, Γ. (2003). Τρίγλωσσο Λεξικό Στατιστικών Όρων. Αθήνα: Εκδόσεις Πατάκη.
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