Economics Glossary
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| Barter | Paying for goods or services with other goods or services, instead of with money.
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| Customer | A person who pays for goods or services
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| Business Cycle | The long-run pattern of economic growth and recession.
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| Supply | Supply is the amount of a good or service available at any particular price.
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| Demand | Demand refers to the amount of a good or service that people are both willing and able to buy.
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| Rights | Rights are freedoms we have that are protected by our laws
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| 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.
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| Public Sector | Companies and corporations that are government run are part of what is known as the public sector
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| 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
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| 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.
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