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Commerce Topic 3 Definitions 2011

Business cycle/economic cycle The tendency of economies to move, over time, through periods of boom and slump.
Capital Manufactured resources
Economic growth An increase in a country's output of goods and services
Enterprise The skills and ability to take risks and create profit
Entrepreneurship The skill involved with being an entrepreneur
Entrepreneur An individual who takes risks and organises the factors of production
Exports Goods, services and capital assets sold overseas
Financial stability The consistencey of our financial markets
Imports Goods, services and capital assets purchased from overseas
Inflation The rise in general prices and the reduction in the value of money.
Interest rates The rate at which the reward for giving up use of money.
Investment The purchase of capital equiptment
Labour The resources provided by people in the production process
Laissez-fair system An economic system where the government intervenes as little as possible
Land Natural resources such as farmland and fishing grounds
Market economy A system where resources are owned by households
Mixed economy A society where resources are owned by both private industries and the government
Price mechanism The mechanism in which the price of goods and services is changed by supply and demand
Recession A period of negative economic growth
Scarce resources A lack of resources to meet all consumer needs and wants
Total output/Gross domestic product (GDP) A measure of economic activity which includes the total value of all goods and services
Unemployment The number of workers without a job who are willing and able to work
Wage rate Pay per time period
Created by: PCGEEK