Business 3 Flashcards
A fixed amount of money that you earn each month of year your job
Salary
A tax imposed as a percentage of invoice value of goods or services
VAT
Value Added Tax
A state in a economy where prices and wages are rising to keep pace with each other
Inflation
The most important industries in the country
A key industry
The action of imposing taxes
Taxation
Lack of work
Unemployment
Industries which were once privately owned, but now belong to the state
Nationalized industries
A system where one person or company supplies all of the product I one area without any competition
Monopoly
The amount by which expenditure is more than receipts in a firms or country’s accounts
Deficit
The difference in value between the country’s imports and exports
Balance payment
Industries which do not make product but offer a service such as banking, insurance and transport
Service industries
Installing machinery in place of workers
Automation
Industries involved in the production of raw materials
Primary industries
The amount which a firm, machine or a person is produced
Output
The value of goods and services paid for in a country, including income earned in other countries
Gross National Product
GNP
