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Yr 8 Economics

Economics Glossary

TermDefinition
Barter Paying for goods or services with other goods or services, instead of with money.
Customer A person who pays for goods or services
Business Cycle The long-run pattern of economic growth and recession.
Supply Supply is the amount of a good or service available at any particular price.
Demand Demand refers to the amount of a good or service that people are both willing and able to buy.
Rights Rights are freedoms we have that are protected by our laws
Responsibilities Economic responsibilities are the most basic social responsibilities of business. These include providing goods and services to society at a reasonable cost, providing jobs & paying tax.
Public Sector Companies and corporations that are government run are part of what is known as the public sector
Private Sector The private sector is the part of the economy that is run by individuals and companies for profit and is not state controlled
GDP Gross domestic product, a measure of economic activity in a country. It is calculated by adding the total value of a country's annual output of goods and services.
Created by: BexLearey
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