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Commerce 1

Commerce 1 Test

TermDefinition
What are the main parts of the Circular Flow of Income? Consumers, Businesses, Wage Income, Labour, Financial Institutions, Government and Foreign Sector.
G.D.P Gross Domestic Product. Value of goods and services.
Product Con Output of goods and services.
Sector Large part of an economy model.
Flow Movement or goods or money in a model.
Commerce Trading of goods and services.
Needs Basic requirements of life.
Want Non-essential goods and services.
Service Thing that one person does for another.
Consumer goods Goods we buy for our own personal use.
Capital goods Goods used in the production process.
Retail Stores Used by costumers to purchase goods varying in size and quantity. Retail stores can be found in shopping centres, corner shops and department stores.
Factory outlets Stores which sell items cheap then retail store prices. They are directly from the factory and are located in industrial areas. Example: FWS, DFO and Bunnings.
Direct Selling Selling goods and services not via shop, usually door to door.
Cooling off period A 10 day period from the day of the transaction in case
Created by: oppa
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