Raizberg Lozovsky Starodubtseva modern economic dictionary. Book: B

Author	Book	Description	Year	Price	Book type
B. A. Raizberg, L. Sh. Lozovsky, E. B. Starodubtseva		Contains about 12 thousand terms used in modern economic theory and practice. Terminology covers general economic, budgetary, financial, currency, tax issues... - @Infra-M, @(format: 70x100/16, 480 pages) @ Library of dictionaries "Infra-M" @ @	2002	360	paper book
Raizberg Boris Abramovich	Modern economic dictionary. Dictionary	Contains approximately 12 thousand terms used in modern economic theory and practice. Terminology covers general economic, budgetary, financial, trade, currency, tax... - @INFRA-M, @ @ Library of dictionaries "Infra-M" @ @	2019	3960	paper book

Author	Book	Description	Year	Price	Book type
B. A. Raiserberg, L. Sh. Lozovsky, E. B. Starodubtseva		Contains more than 10,000 terms used in modern economic life in Russia and countries with market economies. Terminology covers general economic, budgetary, financial, currency... - @Infra-M, @(format: 70x100/12, 496 pages) @ @ @	1997	880	paper book
Raizberg Boris Abramovich	Modern economic dictionary. Dictionary	Contains approximately 12 thousand terms used in modern economic theory and practice. Terminology covers general economic, budgetary, financial, trade, currency, tax... - @INFRA-M, @ @ Library of dictionaries "Infra-M" @ @	2019	3960	paper book

ECONOMY

LITERATURE

1. Raizberg B.A., Lozovsky L.Sh., Starodubtsev E.B. Modern economic dictionary. – 3rd ed., revised. and additional – M.: INFRA-M, 2002. – 480 p.

2. Shishkin A.I. Essence, objectives and principles of monitoring socio-economic processes in the region // Economy of the North-West: problems and development prospects. – No. 1(19), 2004.

3. Sigida D.A. Monitoring as a theoretical concept. Analytics of cultural studies. – Vol. 3(18), 2010.

4. Scientific foundations of regional socio-economic monitoring / Ed. L.V. Ivanovsky, V.E. Rokhchina. – St. Petersburg: ISEP, 1998. – 275 p.

5. Shevyakov A.Yu., Kleiner G.B. Socio-economic monitoring: concept, problems, prospects. Economics and mathematical methods. – T. 29, issue. 1, 1993. – pp. 5–14.

6. Bushmeleva G.V. Contents of the category “monitoring of socio-economic and environmental processes”. Management of social and economic systems. – No. 2, 2006.

7. Zhuzhgov I.V. Monitoring: definition, relationship with the categories “observation” and “management”: Sat.

legal works Faculty of SevKavGTU. - Stavropol. – Vol. 7, 2005.

8. Salenieks N.K., Upitis G.V. Monitoring of automated production. Stochastic methods of diagnostics and forecasting. Sat. scientific works – Riga: Rizh. Polytechnic Institute, 1989. – P. 5–10.

9. Verigin A.N., Lisitsyn N.V. Organizational systems. Research methods: textbook. allowance – St. Petersburg:

Publishing house St. Petersburg. University, 2007.

10. Kaplan R., Norton D. Balanced Scorecard. – M.: Olimp-Business, 2004.

11. Morozov A.A. Situational centers - the basis for managing large-scale systems / Mathematical machines and systems. – No. 2, 1997.

12. Intellectual analysis of the dynamics of business systems: textbook / Under scientific. ed. Dr. Tech. Sciences Abdikeeva and others - M.: INFRA-M, 2010. - 320 p.

13. Nikiforov I.V. Sequential change detection of time series properties. – M.: Nauka, 1983.

14. Piger J.Econometics: Models of Regime Changes. University of Oregon. July 30, 2007.

V.A. BUDASOVA

HISTORY AND PHILOSOPHY OF DEVELOPMENT

TRANSACTION COSTS

The article presents various approaches to determining transaction costs, their nature, character, types, described by various Russian and foreign scientists. Recently, the economic literature has increasingly begun to pay attention to the problem of transaction costs. This is due to the huge share of these costs in the economies of various states. In modern literature there are a large number of approaches to determining transaction costs. Many foreign and domestic authors have addressed the problem of this type of costs, so it seems necessary to systematize the various existing approaches.

For the first time, K. Marx managed to carry out a most complete and systematic analysis of the costs arising from the circulation of goods. K. Marx recognized their importance and necessity in the process of movement of value, while pointing out that “during purchase and sale, value is not created”1. He called circulation costs the costs of carrying out the metamorphoses of capital in the sphere of circulation (the stage of purchasing means of production and labor and the stage of selling the manufactured product: M-T and T"-D").

K. Menger developed the ideas of K. Marx, pointing out that “... it is hardly possible to find in reality such a case where the implementation of the act of exchange would occur completely without economic sacrifice, even if the latter were limited only to the loss of time”2. However, K. Menger in “Foundations of Political Economy” considers the circulation process as a process of exchange (in fact, barter).

In modern conditions, the number of highly competitive industries is small, therefore, markets with imperfect competition should be of particular interest to the researcher, and it is easier and more correct to consider a perfectly competitive market as a special case of an imperfect one.

Marx K. Capital. In 3 volumes – T. II. Book II. – M., 1969. – P. 149.

Menger K. Foundations of political economy / Austrian school in political economy. Collection.

Comp. V.S. Avtonomov. – M., 1992. – P. 161.

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So, in a modern economy, distribution costs are non-zero, and markets are imperfect with pronounced asymmetries of information, which means that it is necessary to develop and refine the models currently used. This is confirmed by supporters of the institutional approach: “... an economist who ignores the existence of transaction costs will face the same difficulties in explaining economic behavior as a physicist who ignores the fact of friction when describing the movement of physical objects would face”3.

However, separating distribution costs into a separate category often meets with disapproval. Moreover, some economists consider Chamberlin to be the first to separate trade costs from production costs. For example, I. Kirzner writes: “The position that trading costs can (and should) be clearly distinguished from production costs was introduced into scientific circulation thanks to the expressive support of Chamberlin in his “Theory of Monopolistic Competition,” while the work of K Marx’s work was published and became famous much earlier than Chamberlin’s work, and K. Marx saw the need to highlight distribution costs (essentially, trade costs).”

I. Kirzner’s attitude to the consideration of the problem of costs in the sphere of circulation is fundamentally at odds with institutional theory, because one of the central categories of the latter is transactions and the costs associated with them, and it is even indicated that the normal operation of the entire economic system depends on them. I. Kirzner quotes from the fundamental works of G. Stigler and F. Machlup, which indicate the absurdity of distinguishing between production and transaction costs4.

E. Chamberlin's mistake, for which he was later criticized, and which he admitted on his own, was that, trying to improve the neoclassical model, he considered trade costs as something additional to the product, shifting the demand curve upward, while production costs affect position of the supply curve.

Based on the fact that “Sales costs include all costs aimed at creating a market or demand for a product,” he uses the example of advertising, as the most expressive component of distribution costs, to modify the demand curve.

At the same time, the study assumes that the price does not depend on the size of sales costs, therefore, at each price level a fixed amount of sales costs is added to the demand curve5. Neo-institutionalists do the same thing; in particular, R. Coase first abstracts from transaction costs, exploring a perfect model, and then simply adds them. But this method is not entirely accurate: sales costs must be included in the general demand curve and cannot be studied as something “additional” or “external” to the product. Neoclassical theory traditionally neglects many prerequisites, discards all the features of the product, to the point that the purpose of the product is lost sight of - for sale, and not for personal consumption (in particular, distribution costs are also overlooked). And then various types of “ external factors" If we imagine the market in this light, M. Erpert’s statement would be fair: “It turns out that all producers taken together form their supply of goods completely by chance, and all consumers come to the market with their demand, which also arose for them by magic. sticks. And only there, on the market, do producers and consumers begin to figure out how best to sell and buy goods, how to reach equilibrium”6.

Subsequently, based on such a misconception as “costs shift the demand curve to the right,” E. Chamberlin reinterprets his conclusions in The Definition of Selling Costs and comes to an insoluble problem: “If costs shift the demand curve to the right, the question remains open (for now) : either the costs led to the emergence of a new product for which there is a stronger demand (and therefore they are Kapelyushnikov R.I. Category of transaction costs.

Kirtsner I.M. Competition and entrepreneurship. – M., 2001.

Chamberlin E.H. The theory of monopolistic competition. Reorientation of the theory of value / Trans. from English – M., 1996.

Erpert M.B. Methodological experiments in the theory of goods and money. – M., 2003. – P. 32.

ECONOMY

production costs for new product), or they simply increased the demand for the old product (and are therefore a trade cost of the latter).”

E. Chamberlin expanded the scope of neoclassical theory by adding the theory of monopolistic competition to the very unproductive (from the point of view of practical application) theory of perfect competition, thereby recognizing the presence of a variety of forms of competition in the market. Disdaining the theory of perfect competition, he nevertheless begins his research with the theory of pure competition with standardized goods and identical sellers and operates in neoclassical terms: “Sales costs are defined as costs incurred in order to change the position or shape of the demand curve for a product”7.

Rather, a different line of reasoning would be true:

perfect competition is a special case of imperfect competition.

K. Arrow emphasizes the importance of taking them into account in theoretical calculations: “Transaction costs in an economic system are similar to the phenomenon of friction in the world of physical objects.” Transaction costs accompany all economic processes.

Social circulation costs are in many ways similar to transaction costs. Thus, institutionalists, among transaction costs, highlight the costs of identifying alternatives, the costs of measurement, the costs of negotiating and concluding contracts, the costs of opportunistic behavior, the costs of specification and protection of property rights8.

The category of transaction costs was reflected in two works by R. Coase - “The Nature of the Firm” (1937) and “The Problem of Social Costs” (1960). R. Coase initially defined them as costs arising when using the price market mechanism. Later, transaction costs began to include costs associated with the use of administrative control mechanisms.

R. Coase explains the existence of transaction costs more from the point of view of contract theory. Institutionalists agree that transaction costs are caused by information asymmetries and imperfect market structures. But at the same time, even a perfectly competitive market, if its model includes the category of time, is not free from transaction costs. Even in a perfectly competitive market, entities need time to complete a purchase and sale transaction, so one of the prerequisites is the instantaneous conclusion of transactions in the market.

The main trends of neo-institutionalism can be classified according to the analysis of the state of the institution - stable functioning (the theory of property rights, contract theory, agency theory, theory of economic organizations) and emergence and change (new economic history).

In accordance with this classification, it becomes possible to explain the existence of two approaches in the theory of transaction costs: the transactional approach of Coase-Williamson (for the analysis of stable functioning institutions) and the transformational approach of North (for the analysis of institutional changes).

Coase-Williamson approach. The introduction of transaction costs into economic analysis by R. Coase was, in his opinion, necessary to explain the existence of such “islands of conscious control” as opposed to the market, such as the firm.

In his article “The Nature of the Firm” (1937), R. Coase defines transaction costs as “the costs of using the price mechanism,” “carrying out exchange transactions on the open market,” or “market costs.” Later, in the article “The Problem of Social Costs” (1960), R. Coase used the expression “costs of market transactions.” He described their essence as follows: “in order to carry out a market transaction, it is necessary to determine with whom it is desirable to enter into a transaction, notify everyone with whom they wish to enter into a transaction and on what terms, conduct preliminary negotiations, prepare a contract, collect information to make sure that that the terms of the contract are being fulfilled, and so on.”

In an imaginary world with zero transaction costs, the allocation of resources does not depend on legal positions: people can always agree without incurring any costs. Chamberlin E.H. The theory of monopolistic competition. Reorientation of the theory of value / Trans. from English – M., 1996.

A.A. Auzana. – M., 2006. – P. 62.

ECONOMY

costs, on the acquisition, subdivision and combination of rights so that the result is an increase in the value of production.

With zero transaction costs, the manufacturer includes in the contract everything that is necessary to maximize the value of production. Thus, in the absence of transaction costs, there is no economic basis for the existence of a firm.

In a real world with positive transaction costs, many contracts will not be entered into and implemented because the benefits of executing them are much less than the costs. Thus, transaction costs affect the volume of transactions carried out, and the need to organize a firm arises.

R. Coase called the relative advantage of a company the ability to save on transaction costs.

Despite the importance of the conclusions drawn for economic analysis, this direction economic science developed extremely sluggishly, and only in the 1960s, reinforced by the recognition that the phenomenon of “market insufficiency” or “market failure” is a consequence of the effects of transaction costs, did it receive a strong impetus for widespread dissemination and application in the analysis of economic processes9.

A huge contribution to the development of the theory of transaction costs of the firm was made by O. Williamson. In his book “The Economic Institutions of Capitalism” (1985), which, according to many economists, can be considered a real encyclopedia of the transactional approach, he developed and applied to the study of various organizational structures at the micro level, the main methodological principles of the theory: transaction is the basic unit of analysis; any problem that can be directly or indirectly understood as contractual is useful to study from the point of view of minimizing transaction costs; savings in transaction costs are achieved through differentiated assignment of various transactions to their management structures.

According to O. Williamson's definition, transaction costs are costs not associated with the production process. There are ex ante costs that arise when drafting a contract, negotiating and securing the agreement, and ex post costs associated with ineffective adaptation and adjustment of the contract and arising when the implementation of the contract strays from the established course as a result of gaps in the contract, errors, omissions and unforeseen external disturbances10.

K. Arrow quite rightly defined transaction costs as “the costs of managing the economic system.” Analysis of transaction costs of functioning of various types of economic systems allows us to largely answer the question: why, despite the apparent appearance of identical economic conditions, different economic systems have completely opposite results.

The most radical definition is probably that of S. Cheng: “In the broadest sense of the word, “transaction costs” consist of those costs whose existence is impossible to imagine in the economics of Robinson Crusoe.” According to S. Cheng, in an economy with two or more participants, transaction costs should include all costs that arise above and beyond the actual production costs.

This concept played a vital role in the development of modern economic science. It is precisely this that is the key to understanding a large number of processes occurring in the economy.

North's approach. If the Coase-Williamson approach can be called transactional, then North’s approach is transformational in highlighting the type of costs associated with changes in the institutional system and studied, as noted above, within the framework of new economic history and the theory of public choice.

Initially, the study of transformation costs was part of the theory of production and this type of costs was often associated with “production costs” - costs accompanying the process of physical change of material, as a result of Coase R. The Nature of the Firm // Firm, Market and Law. – M., 1993.

Williamson O. Economic institutions of capitalism. – St. Petersburg, 1996.

ECONOMY

which results in a product that has a certain value. These costs included the costs not only of processing the material, but also those associated with planning and coordinating the production process, if they related to technology and not to relationships between people. Thus, in this interpretation, the concept of transformation costs is much broader, since significant production costs also include transaction costs, which can be called production costs only with some degree of convention11.

In our case, transformation costs are not related to production specific product, but with a change in the institutional system. Thus, we can give the following general definition of transformation costs within the framework of neo-institutional theory: transformation costs are the costs associated with the liquidation of old institutions, the formation (or import) and adaptation of new institutions in the economic system.

Despite the difference, transformation and transaction costs are closely related, the essence of which is revealed by the following interpretation of the generalized Coase theorem formulated by T. Eggertsson: if transaction costs are small, then the economy will always develop along an optimal trajectory, regardless of the set of political and other institutions. That is, with small transaction costs of functioning of the institutional system, any changes are restrained by the threat of high transformation costs, and technical progress and the accumulation of capital (physical and human) automatically ensure economic growth12.

It should be noted that a change in the institutional system leads not only to an increase in transformation costs, but also to the emergence of a number of transaction costs that were absent in the previous system.

In the “Course of Institutional Economics” one can find the following definition of transaction costs: “...transaction costs... are aimed not at the production of goods, but at ensuring the transfer of property rights from one hand to another and the protection of these rights”13. The definition of transaction costs is very often given by listing their types. For example, in the textbook by L. Auzan the following types of transaction costs are given: trading costs, management and rationing costs14. In no definition, transaction costs include transport and other logistics costs. This is the concept of “transaction costs”

and “distribution costs” diverge.

P. Milgrom and J. Roberts point out the difficulties in dividing costs into production and transaction: “... the statement that the total costs of any economic activity can be presented as the sum of production costs and transaction costs cannot be considered valid in all cases, Moreover, the former are determined solely by technology, and the latter depend on the methods of organizing transactions. Typically, both production and transaction costs depend simultaneously on both the organization and the technology, which makes their conceptual distinction difficult”15.

Thus, transaction costs act as a kind of universal category, with the help of which it is possible to explain the emergence, existence and development of various phenomena and processes, which would be difficult or impossible within the framework of traditional economic approaches.

LITERATURE

1. Institutional economics: new institutional economic theory: textbook / Ed.

A.A. Auzana. – M., 2006.

North D. Institutions, institutional changes and the functioning of the economy. – M., 1997.

Eggertsson T. Economic behavior and institutions. – M.: Delo, 2001.

Kuzminov Ya.I. Course in institutional economics: institutions, networks, transaction costs, contracts: a textbook for university students / Ya.I. Kuzminov, K.A. Bendukidze, M.M. Yudkevich. – M., 2006.

Institutional economics: new institutional economic theory: textbook / Ed.

A.A. Auzana. – M., 2006.

Milgrom P., Roberts J. Economics, organization and management. In 2 volumes - T. 1. - St. Petersburg, 1999.

ECONOMY

2. Kapelyushnikov R.I. Notes on the margins of the neo-institutional approach // Factor of transnational costs and the practice of Russian reforms / Ed. V.L. Tambovtseva. – M., 1998.

3. Kirtsner I.M. Competition and entrepreneurship. – M., 2001.

4. Kuzminov Ya.I. Course in institutional economics: institutions, networks, transaction costs, contracts: a textbook for university students / Ya.I. Kuzminov, K.A. Bendukidze, M.M. Yudkevich. – M., 2006.

5. Marx K. Capital. In 3 volumes – Volume II. Book II. – M., 1969.

6. Menger K. Foundations of political economy / Austrian school in political economy. Collection.

Comp. V.S. Avtonomov. – M., 1992.

7. Milgrom P., Roberts J. Economics, organization and management. In 2 volumes - T. 1. - St. Petersburg, 1999.

8. Chamberlin E.H. The theory of monopolistic competition. Reorientation of the theory of value. / Per. from English – M., 1996.

9. Coase R. The nature of the firm // Firm, market and law. – M., 1993.

10. North D. Institutions, institutional changes and the functioning of the economy. – M., 1997.

11. Williamson O. Economic institutions of capitalism. – St. Petersburg, 1996.

12. Eggertsson T. Economic behavior and institutions. – M.: Delo, 2001.

13. Erpert M. B. Methodological experiments in the theory of goods and money. – M., 2003.

V.D. VAGIN

ON THE QUESTION OF RESEARCHING PROBLEMS AND PROSPECTS

DEVELOPMENT OF CROSS-BORDER COOPERATION IN RUSSIA

The article identifies features in the study of problems and prospects for the development of cross-border cooperation. The issue of developing cross-border trade in the Pskov region is being considered.

Cross-border cooperation is based on the principles of the Constitution of the Russian Federation, generally accepted norms and principles international law and is implemented in the system of federal laws, laws of constituent entities of the Russian Federation through the targeted activities of bodies state power, public authorities, subjects and local governments, public associations and citizens in accordance with their rights and powers in this area.

Cross-border cooperation includes a huge variety of joint initiatives and projects (like “Euroregions”), which can concern both border areas that have existed for centuries and borders that have arisen recently, affecting both individual settlements and multimillion-dollar border urban agglomerations.

Most characteristic feature of various kinds of initiatives in this area is the desire to establish close interaction between the authorities of adjacent territories around issues of mutual interest. However, among the specific issues of solving economic problems and targeted stimulation of economic growth in the border regions of the Russian Federation, a significant place is occupied by issues of a national nature, the severity of which is most evident in the border regions.

In particular, problems of migration, tax, customs, criminal legislation; development of the legal framework for international cooperation with neighboring states in various areas, including protection environment and settlement of environmental issues; issues of improving transport corridors, etc.

Availability of these common problems indicates the interdependence existing on both sides of the border, manifested in geographical proximity, common ecology, similar problems in the field of economics, urban planning, etc.

The goal of cross-border cooperation is the implementation and protection of the national interests of Russia, ensuring the security of individuals, society and the state in the border space of the Russian Federation.

Modern realities indicate that the development of cross-border cooperation should be aimed at resolving issues of improving the well-being of the population of border areas and strengthening interaction between Russia and neighboring states. This mechanism is based on comprehensive cooperation in the socio-economic, scientific, technical and cultural spheres.

Modern economic dictionary.

Raizberg B.A., Lozovsky L.Sh., Starodubtseva E.B.
Modern economic dictionary. - 2nd ed., rev. M.: INFRA-M, 1999. 479 p.

Contains more than 10,000 terms used in modern economic life in Russia and countries with market economies. The terminology covers general economic, budgetary, financial, currency, tax issues, management, insurance, accounting, auditing, statistics, management, marketing, etc.
For practical workers of enterprises of all forms of ownership, teachers and university students, people interested in economics.

AB OVO (from Latin ab ovo - from an egg, start over, start from scratch; in Ancient Rome there was a rule: start any meal with an egg) - an expression indicating the beginning of a new cycle of exchange activity after an unsuccessful previous session.

ABANDON (French abandonment - refusal, English abandonment) - 1) refusal of debt claims; a unilateral act in which one party waives its rights, but without withdrawing its financial contribution to the business, for example, a manufacturer does not make a debt claim to the seller of his product if the seller states that this is a necessary condition for continued sales; 2) voluntary renunciation of a right or property, for example, renunciation of the right to acquire new shares when they are distributed among existing shareholders; 3) exit from the transaction by paying a fine; 4) expiration of the option without its use; 5) leaving work during working hours without permission from superiors and a valid reason; reason for dismissing an employee; 6) in insurance: the refusal of the person who insured the property (the policyholder) of his rights to this property and the transfer of these rights to the insurer in order to receive from him the full insurance amount. As a rule, the insured owner resorts to abandonment in cases of loss or destruction of his property or its damage to such an extent that restoration seems impractical. Used in maritime transportation by the insured of the vessel or goods.

ABECOR (English ABECOR, Associated Banks of Europe Corporation) is an abbreviation for the name “Associated Banks of the European Corporation”. Abekor represents an international banking association that promotes interbank information exchange and carries out scientific research in the field of economics, finance, and banking. Created in 1971

SUBSCRIPTION - 1) a pre-purchased, received right to use for
fixed-term services, benefits, visiting individual establishments; for example, a library loan; 2) a document certifying the specified right.

SUBSCRIPTION FEE - a fee paid by organizations, enterprises, citizens for repeated, long-term use of the services provided, and for obtaining a subscription.
SUBSCRIBER (from the French abonner - subscribe) - consumer, user of a common type of mass services; person holding a subscription. For example, a telephone network subscriber is a person using telephone services.

SUBSCRIBER DEBT - the subscriber's obligation to pay for services already provided to him, the payment period for which has expired. If the subscriber does not repay the debt, he may be deprived of the right to further receive services, and the debt may be collected in court.

ABSENTEEISM (from Latin absentia - absence) - 1) absence of the owner, form of land use; In which the land is separated from the owner, who receives cash income in the form of rent, but does not participate in the processing and production use of the land; 2) the employee’s absence from work, absence from work, without a valid reason.

ABSOLUTE ADVANTAGE is an opportunity for a specific company arising due, for example, to the characteristics of its location, production potential, etc. objective conditions, produce a product with minimal production and distribution costs in comparison with other firms producing the same or similar product. Thanks to this advantage, it is possible to sell your product on the market at the lowest price and beat your competitors. A country may have similar opportunities due, for example, to its geographical features.

ABSORPTION (from Latin absorption - absorption) - inclusion in the economic life of the country's immigrants of persons who arrived from other countries for permanent residence in this country.

ABSTRACTION (from Latin abstractio - abstraction) - simplification of economic analysis by excluding from it some economic and non-economic factors that do not play a decisive role in this analysis and can be omitted in order to obtain a clearer picture, to identify the main, determining relationships and dependencies .

AVAL - surety, guarantee, according to which the avalist (guarantor) assumes responsibility for paying the bill to its owner. For example, person A borrowed money from person B and issued him a promissory note (receipt). If a third party (say, person C) gives a guarantee to person B, guaranteeing that he will repay the loan from person A, then such a guarantee is an aval. The guarantee must be certified by the signature of the avalist on the front or back side of the bill or on a special guarantee sheet attached to the bill (allonge). Aval is designed to increase the reliability of the bill. A bank can act as an avalist.

ADVANCE (French avance) - preliminary payment by the customer of a certain amount of money on account of upcoming payments for goods supplied to him, work performed for him, services. Typically, a portion of the future payment amount is paid in the form of an advance, amounting to up to 50% of its total amount. An advance is a form of prepayment designed to interest the contractor, guarantee receipt of money from the customer, and reimburse upcoming expenses from the contractor. In case of termination of the contract, the advance payment is subject to full or partial refund. Common forms of advance payment: issuing part of the salary to the employee in advance, providing money to a business traveler before going on a business trip; The advance payment is counted as part of the payment in the final settlement between the customer and the contractors.

ADVANCE - issuing funds against upcoming expenses, providing an advance.

BUSINESS ADVANCE - received by a businessman cash for the implementation of business projects, business operations, transactions until their implementation and implementation. Advances can be made by the customer of the project (product), potential buyer, importer, government agencies or other organizations, as well as specific persons interested in carrying out of this business and obtaining its final results. At its core, a business advance is an advance payment provided to a party called upon to implement a business plan, complete a specific task or work, and wishing to carry out a project.

ADVANCED FUNDS - funds issued or allocated for the implementation of predetermined tasks to achieve certain goals.

ADVANCED CAPITAL - capital in the form of cash or property assets, invested in a business in advance, before the business began to generate income. Such capital is usually provided for a specific project for the purpose of its subsequent implementation, including the creation of a new enterprise, firm, or the organization of a new business.

ADVANCE REPORT - a document confirming the expenditure of the advance payment. It indicates the amounts received on account, expenses actually incurred, the balance of accountable amounts or their overexpenditure. Documents confirming the expenses incurred are attached to the advance report. The advance report is checked by the accounting department, approved by the manager and serves as the basis for writing off the advance payment.

ADVANCE PAYMENT - depositing funds, making a payment to pay for goods, work, services before they are received or completed. This is one of the forms of investment in the business and is included in the assets of the company that provided the advance.

AVANTAGE (from the French avantage - to transfer) - a favorable position (of a person, a group), advantage, benefit, attractiveness.

EMERGENCY BOND - An undertaking issued by the recipient of cargo to its carrier, such as the captain of a ship, to pay his share of the costs in the event of a vehicle accident. The amount of this share is established in accordance with the drawn up adjustment schedule in the form of a calculation for the distribution of expenses from the accident between the ship, cargo and payment for transportation (freight).

EMERGENCY FEE - a sum of money that the shipowner or another person on his behalf has the right to demand from the owner of the cargo transported by the ship as security for payment of his share in general emergency expenses. The contribution may be made by the ship's insurer.

EMERGENCY COMMISSIONER - legal or individual, whose services are used by insurers to protect their interests in the event of an insured event with insured property. Establishes the nature, causes, and amount of losses as a result of an accident and damage to insured cargo and vehicles (vessels). Based on the results of the work carried out, the emergency commissioner draws up an emergency certificate. Acts as an intermediary between the insurer and the policyholder.

EMERGENCY CERTIFICATE (English average certificate) - a document that officially confirms the causes, nature and extent of loss in the insured property due to the occurrence of an emergency. It is drawn up by the emergency commissioner and issued to the interested person after the latter has paid the compiler’s expenses.

ACCIDENT (from Italian avaria - damage, damage) - 1) failure of something, disruption of the normal rhythm of work; 2) in maritime law: losses arising in connection with damage caused intentionally (general average) or unintentionally (private accident) to a ship, cargo.

averaging (from the English averaging - averaging) is a strategy of stock exchange game, consisting of sequential, after a certain period of time, purchase or sale of shares of a particular issue as their rate changes. The client using the advance is provided with benefits from the sellers of shares.

AVERAGE DURATION - average periods of stage-by-stage payment of loans (usually a month, six months, a year).

AVERS (French avers, from Latin adverrus - facing) - the front side of a coin, medal; synonym - eagle.

AIR MORTGAGE - a mortgage in which an airplane or other aircraft acts as a guarantee for the loan.

ADVICE (English advice) - an official postal or telegraphic message, notification, notification designed to indicate the fulfillment of a certain range of instructions) about the conduct of operations, the receipt of payments, about changes in the state of mutual settlements. Advice notes are most often associated with mutual cash settlements and cash flows. For example, if a bank transferred funds from one account to another according to the depositor’s instructions, it notifies the depositor about this using an advice note.

AVISTA (from Italian a vista - at sight) - 1) a security to bearer, issued without specifying a payment period, which can be presented for payment at any time; 2) an inscription on a bill or other security, certifying the possibility of payment at any time upon presentation or after a certain period from the date of presentation.

AUTARKY (from the Greek autarkeia - self-satisfaction) is a policy of economic isolation pursued by a country or region. Autarky is aimed at creating a closed, independent economy capable of providing itself with everything it needs on its own. Autarky is akin to subsistence farming.

AUTOCRACY (from the Greek autokrateia - autocracy, autocracy) is a method, style of managing an economy or enterprise, based on the concentration of power in the hands of one person.

AUTOMATION - the use of machines, machinery and technology to facilitate human labor, displace its manual forms, and increase its productivity. Automation of production is designed to eliminate physically difficult, monotonous labor, shifting it to the shoulders of machines. Management automation is aimed at the use of computers and other technical means of processing and transmitting information in the management of production and business processes.

AUTOMATED INFORMATION SYSTEMS - human-machine systems for collecting, storing, accumulating, searching, transmitting, processing information using computer technology, computer information networks, means and communication channels.

AUTOMATED CONTROL SYSTEMS (ACS) - computerized systems in which the mental activity of people is combined and interfaced with information processing, calculations, logical operations carried out using computer technology, information networks and modern information technologies; used in production and transport management; construction and many other economic objects and processes. Designed to improve the efficiency and expand the capabilities of information processes.

AUTOMATIC STABILIZERS built-in - economic mechanisms that automatically soften the reaction of the level of gross national product to changes in aggregate demand. These primarily include taxes.

AUTOMATIC TRANSFER SERVICES ACCOUNT (AIS account) - a combination of a commercial bank checking account and an interest-bearing savings account that allows money to be automatically transferred from the second account to the first when a payable check is drawn on it.

AUTOMOBILE TAX - A levy on motor vehicle owners levied as a local tax and used, by definition, for the maintenance and improvement of roads.

AUTOMOBILE TARIFF - tariff for payment of transportation by road.

AUTONOMY (from the Greek autos - itself, nomos - law) - self-government, a form of organizing the management of territories by enterprises, in which they have significant rights and opportunities to independently make economic decisions.

AUTONOMOUS BUDGETS - independent budgets (estimates of income and expenses) of territories, economic units, funds, which have relative independence, independence from the budgets of larger territorial and economic entities, central budgets. Stand-alone budgets can complement higher-level budgets.

AUTONOMOUS CAPITAL INVESTMENT - part of the total investment, determined not by microeconomic factors, for example; making a profit at a particular enterprise, but macroeconomic. These investments, in contrast to induced ones, are classified as government investments aimed at stabilizing the process economic development or support “breakthrough” areas of engineering and technology.

AUTONOMOUS TARIFF - a type of customs tariff that is established by the government of the country by law; it is characterized by higher rates in contrast to the negotiated tariff.

AUTHORITARIAN CAPITALISM is an economic system in which the main resources are privately owned, and the government on a large scale directs and regulates economic processes through the adoption of laws and other regulations and monitoring their compliance.

COPYRIGHT AGREEMENT is an agreement between the author of a work, invention and publishers, performers, users of copyrighted works, which establishes the conditions for the use of works protected by copyright. May be concluded with the author's legal successors.

COPYRIGHT - special legally defined rights of authors of works of science, literature, art to dispose and use the creations they have created. Under copyright law, only the author has the right to determine who and how should be able to use his work. Copyright is inherited. In cases established by law, copyright passes to the state.

AUTHOR'S CERTIFICATE is a document certifying copyright for an invention. If the author of an invention retains the exclusive right to use it, then he is issued a patent for the invention.

HOLDINGS - 1) bank funds in foreign currency in its accounts in foreign correspondent banks performing financial transactions on behalf of this bank; funds of the country, state abroad are called foreign assets: Using assets, you can make payments abroad and repay obligations; 2) any types of money, cash, securities (cash and non-cash money, checks, bills, letters of credit), through which payments can be made and monetary obligations can be repaid.

Raizberg Lozovsky Starodubtseva modern economic dictionary. Book: B

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