HASS Economics Terminology Flashcards
What is the economic problem?
We have unlimited wants and needs, but limited resources to meet those wants and needs.
Land def
The natural resources used to produce goods and services that comes from the land.
Labour def
The effort that the people contribute to the production of goods and services.
Capital def
The machinery, tools, and buildings that people use to produce goods and services.
Enterprise def
The ability to bring all the factors of production together (land, labour, capital) and earn a profit.
Consumers def
People who purchase goods and services made by producers in order to meet their needs and wants.
Producers def
People who produce goods and services to earn a profit which are bought by consumers.
Tax def
Compulsory payment to the government based off of a percentage of your total income.
Tariffs def
A tax imposed by a government of a country on imports or exports of goods.
Supply chain def
the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product
TNC def
A company with an established headquarters in one country and subsidiaries in other countries.
Primary good def
Goods available from cultivating raw materials without a manufacturing process. E.g. Raw iron ore
Secondary good def
A good produced through the process of manufacturing raw materials. E.g Steel
Primary industry def
An industry that gets raw materials. E.g. Mining industry
Secondary industry def
Industries that convert raw materials from primary industry into products and commodities for consumer. E.g. Car Manufacturing
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Tertiary industry def
The part of a country’s economy concerned with the provision of services.
Savings def
Portion of income not spent on current expenditures, and set aside for later use.
Investments def
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.
Exports def
Goods and services purchased by local consumers from overseas businesses.
Imports def
Goods and services purchased by local businesses to overseas consumers.
Interdependence def
The way in which participants in the economy such as producers and consumers rely on each other to produce and consume goods and services.
