1H Businesses’ contribution to the wellbeing of a nation Flashcards
Define Economy
a area of the production, distribution, or trade, and consumption or services by different agents in a given geographical location.
define tax
everyone must pay a certain amount of their income to the government.
What is economic growth
When the total value of goods and services produced by an economy increases. Measured by the GDP
What does GDP stand for and what is it?
Gross Domestic Product. It is a measure of the total value of the good and services sold by a county in a year.
International trade
The exchange of goods and services between countries.
What are the 2 main ways a business can contribute to a nation.
- Economic contributions
- Social contributions
Economic wellbeing
the stability of a nations economy
Employment oppotunities
lots of work opportunities and a diverse workforce
Taxation Revenue
The more that business make, the more tac that will be paid and the better a country will be
Infrastructure
The construction of new buildinga
Research and development
Business researching new innovations that will improve society
Social wellbeing
non-material living standards of a nation
