THE ECONOMY Flashcards
What is an economy
a system in which people produce , sell and buy things : or of how money is made and sed in a country or a region (controls all the activity reaction to the production and consumption of goods)
what does the word production mean
it means the making of goods or providing services
what does the word consumption mean
it means buying and using those goods and services
what does the word ‘goods’ mean
they are objects that we use
what does the word ‘services’ mean
they re acts does for people
name the three role players in an economy or the participants in an economy
- businesses
- government
- households
what us a household
a person or a group living people living in the same residence. they own the factors of production
what is the government
a group of people who exercise control over the citizens of a country
what is a business
it is an organisation where people work together to produce goods an provide services
