Economics & Business

3. The process that involves all the countries of the world being linked together, resulting in an exchange
5. To take money from a bank or financial institution with the intention of paying it back over a period of time with interest
7. Planner A professional who assists customers with planning their finances
8. Saving for retirement - contributions are made by the employer and employee
10. The organised exchange of goods, services or resources between buyers and sellers
13. Budget When government revenue is less than government expenditure
14. Agreement An agreement made directly at the enterprise level between employers and employees about wages and working conditions
17. Focusing on the production of a particular good or service in order to produce it more efficiently
18. A market in which shares in publicly listed companies are bought and sold
20. Cost The cost of the next best alternative use of resources
22. Performance How well an economy is performing measured by whether it is achieving its economic objectives

1. The way scarce resources are distributed among producers, and how scarce goods and services are divided among consumers
2. Advantage When a business is able to outperform similar businesses in a market. The ability to outperform may be due to factors such as skilled personnel, the ability to reduce costs and ability to improve quality
4. When the general level of prices paid for goods and services over a certain period of time increases
6. The way in which participants in the economy, such as producers and consumers, rely on each other to produce and consume goods and services
9. Rates The amount a borrower must pay to the lender for the use of assets such as money- usually expressed as a percentage for the total amount borrowed
11. Choices Considering alternatives to make the best decision, weighing up costs and benefits of each potential course of action
12. Standards The level of wealth, material goods, comfort and life necessities available to people living in a geographical area
15. of Scale Producing larger quantities of a good or service that results in reduced
16. A set of economic and political ideas stating that private individuals should own productive resources such as land and capital from which they can earn profit
19. Having limited resources to achieve unlimited needs and wants
21. Buying, selling or exchanging goods or services between people, countries