WEEK 10 Free Post

We read an article named "Learning the Language" by Perri Klass this week. She talked about her personal experience about learning the medical language in a hospital. After I read the article I start to think the language that I will be use in my academic filed, Economics. Since now, I have no idea about what languages do the economists use during their working period. Also, I have no experience about working in a economic environment. Thus, I think to study some vocabularies would help me to better learn the "Economic Language". The vocabulary list below is the new words that I learned this week.

1. Autarky: a system or policy of economic self-sufficiency aimed at removing the need for imports. (No trade, no capital flows)
2. Risk premium: the minimum amount of money by which the expected return on a risky asset must exceed the known return on a risk-free asset, or the expected return on a less risky asset, in order to induce an individual to hold the risky asset rather than the risk-free asset (wikipedia). 
3. deficit: the property of being an amount by which something is less than expected or requited. (same meaning of shortage)
4. exchange rate: the charge for exchanging currency of one country for currency of another. (ex: the exchange rate in Nov.07. 2013$1 USD=6.1355 CNY (Currency Calculator). )
5. speculators: someone who risks losses for the possibility of considerable gains. 
6. recession: the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year. 
7. inflation rate: the rate of change of prices calculated on a monthly ore annual basis. 

The vocabularies above are selected from my EC202 course note. These words are new to me and I used translator to get the meaning of them. These words are all economic words that related to the currency markets (our class topic this week). The word "autarky" is totally new for me that I first time to meet it. I think if I don't take economic class, I won't know this term forever. I wish I can learn more economic vocabularies because learning the language is the most basic thing when I enter to my economy world. 

Work Cited:

"Currency Calculator". X-Rates. 2013. Web. Nov. 06. 2013