Glossary Flashcards
Business
A person’s occupation, profession or trade.
Economics
The section with knowledge of production, transfer and consumption of wealth and resources.
Enterprise
A business or company.
Enterprising
An undertaking, especially one of some scope, complication or risk.
Business Activity
Any commercial opportunity thats identified where some income can be earned by providing goods or service.
Production
The action of making or manufacturing from components or raw materials.
Resources
The land, labor, capital and enterprise used to produce goods and services to satisfy their needs and wants.
Consumption
The action of using up a resource.
Goods
Articles of trade; merchandise
Services
A system supplying a public need such as transport, communications or utilities like electricity and water.
Micro-economics
Deals with individuals, households and businesses, and how they choose, produce and distribute resources. Now and in the future.
Macro-economics
Considers the economy as a whole, with a view of understanding of income, employment and inflation.
Satisfaction
A state of happiness and well-being in the life of an individual, group or society.
Opportunity Cost
The loss of other alternatives when one alternative is chosen.
Interest
Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
