automation - the use of machines to do work that was previously done by people

balance of payments - the difference between the money that a country receives from exports and the money
break out - to start suddenly
bust/recession - a difficult time for the economy of a country
casualty - a person who is killed or injured in war or in a disaster
deficit - the total amount by which money spent is more than money received
demand for - a need for something to be sold or supplied
disaster - a sudden event such as a flood, or storm which causes great damage
erupt - if a volcano erupts, it explodes.
expenditure - an amount of money spent
export - to sell goods to another country
farming and mining
flame - a lack of food during a long period of time in a region
GNP - the total value of all the goods and services produced in a country
income tax - the amount of money that you pay to the government according to how much you earn
inflation - the rate at which prices increase
interest rate - the percentage amount charged by a bank when you borrow money from a bank
key industry - an industry that is vital to the economy
loss - money that has been lost by a business or a company
monopoly - complete control of something, especially an area of business, so that others have no share
nationalize - to put an industry or a company under the control of the government, which becomes its owner
net - a net amount of money is the amount that remains when nothing more is to be taken away
output - the amount of sth that a person, a machine or a company produces
primary industry - the section of industry that provides raw materials to be made into goods, for example
private sector - owned by an individual person or an independent company rather than by the state
refugee - a person who has been forced to leave their country or home, because there is a war
relief - food, money, medicine, etc. that is given to help people in places where there has been a war or disaster
retail - the selling of goods to the public, usually through stores
secondary industry - the section of industry that uses raw materials to make goods
service industry - the part of a country's economy that provides services
shake - to move suddenly from side to side or up and down
shop floor - the area in a factory where the goods are made by the workers
spout - to send out liquid very quickly in a powerful stream
spread - if something spreads, it becomes larger
state-owned industry / public sector - the section of industry or a company under the control of the government
suffering (N) - serious physical or mental pain
survivor - someone who continues to live after a disaster
sweep through - to move suddenly and/or with force over an area
take on - to hire somebody
taxation - money that has to be paid as taxes
that it spends on imports
to credit - to add money to a bank account
to debit - to take money out of a bank account

unemployment - the state of not having a job

unskilled laborer - not having or needing special skills or training
VAT - a tax added to the price of goods and services in Britain and the EU
white-collar - working in an office