1h Businesses contribution to the well being of the nation Flashcards
1
Q
What are the six parts of Economic well being?
A
employment opportunities taxation revenue Infrastructure economic growth international trade research and development
2
Q
What are employment opportunities?
A
opportunities to employee human labour
3
Q
What is taxation revenue?
A
Tax is a compulsory payment to the which is used to finance the provision of public goods and services, such as courts and police services.
4
Q
What is Infrastructure?
A
Infrastructure is the essential facilities and structures that are required for an economy to operate.
5
Q
What is economic growth?
A
Economic growth is when the total value of goods and services produced by an economy increases over a period of time. Economic growth can be measured by gross domestic product (GDP).
6
Q
What is international trade?
A
International trade is the exchange of goods and services between different countries.
