The paper considers key aspects associated with teaching English terminology in economic discourse and establishes interconnections binding the generic and specific ESP components. The topic appears relevant, because lack of expertise in the field of terminology precludes a student from getting an insight into the economic activities and hinders intercultural business communication. ESP training of future economic experts is a specific process that primarily involves the study of lexical and phraseological units and the features of their functioning, since a professional jargon is often viewed as a terminology system. Terminology study evidently relies upon the use of translation dictionaries, thesaurus dictionaries and encyclopedias. The teaching techniques applied to introduce terminology draw upon various approaches, among which the definitional and the cognitive (epistemological) approaches are to be highlighted. The latter feeds upon the unity of word and concept, the language and the thought, linguistic and extra-linguistic factors affecting the development of terminology, as well as the semantics of individual terms.