HASS Economics Terminology

Question 1

What is the economic problem?

Answer 1

We have unlimited wants and needs, but limited resources to meet those wants and needs.

Question 2

Land def

Answer 2

The natural resources used to produce goods and services that comes from the land.

Question 3

Labour def

Answer 3

The effort that the people contribute to the production of goods and services.

Question 4

Capital def

Answer 4

The machinery, tools, and buildings that people use to produce goods and services.

Question 5

Enterprise def

Answer 5

The ability to bring all the factors of production together (land, labour, capital) and earn a profit.

Question 6

Consumers def

Answer 6

People who purchase goods and services made by producers in order to meet their needs and wants.

Question 7

Producers def

Answer 7

People who produce goods and services to earn a profit which are bought by consumers.

Question 8

Tax def

Answer 8

Compulsory payment to the government based off of a percentage of your total income.

Question 9

Tariffs def

Answer 9

A tax imposed by a government of a country on imports or exports of goods.

Question 10

Supply chain def

Answer 10

the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product

Question 11

TNC def

Answer 11

A company with an established headquarters in one country and subsidiaries in other countries.

Question 12

Primary good def

Answer 12

Goods available from cultivating raw materials without a manufacturing process. E.g. Raw iron ore

Question 13

Secondary good def

Answer 13

A good produced through the process of manufacturing raw materials. E.g Steel

Question 14

Primary industry def

Answer 14

An industry that gets raw materials. E.g. Mining industry

Question 15

Secondary industry def

Answer 15

Industries that convert raw materials from primary industry into products and commodities for consumer. E.g. Car Manufacturing

Question 16

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Answer 16

SUIIIIII

Question 17

BOKY BOYY????

Answer 17

SUIIIIII

Question 18

Tertiary industry def

Answer 18

The part of a country’s economy concerned with the provision of services.

Question 19

Savings def

Answer 19

Portion of income not spent on current expenditures, and set aside for later use.

Question 20

Investments def

Answer 20

A financial asset bought with the idea that it will provide income further on or gain increased value where it can be sold for a profit.

Question 21

Exports def

Answer 21

Goods and services purchased by local consumers from overseas businesses.

Question 22

Imports def

Answer 22

Goods and services purchased by local businesses to overseas consumers.

Question 23

Interdependence def

Answer 23

The way in which participants in the economy such as producers and consumers rely on each other to produce and consume goods and services.