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Economics

TermDefinition
GDP The total sum of all goods and services sold in one financial year in one country.
Demand The amount of goods and services that people are willing and able to buy.
Supply The amount of goods and services a company is willing to supply.
Tax A fee charged (or levied) by a government on a product, income or activity with the purpose of funding government expenditure.
Opportunity cost The next best alternative forgone
Investment
The production of goods that will be used to produce other goods, in other words, the creation of capital
Savings The process of setting aside a portion of income for future use.
Unemployed When one is able and willing to work but does not have a job
Inflation A sustained increase in the general price of goods and services in an economy of a period of time.
Created by: Flowing river
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