Economics G9

4. it involves a person or business buying a licence to trade using another firm's name, logos, brands, and trademarks
6. it occurs when two or more firms join together to form just one firm
8. the purchase of private sector assets by the government
11. it occurs when demand exceeds supply because the price is lower than the market equilibrium
12. the difference between a firm's total revenues and its total costs
13. the willingness and the ability of customers to pay a given price to buy a good or service
14. an organisation which aims to protect the interests of its worker members, i.e. their terms and conditions of employment, including pay
15. products that are jointly demanded, e.g. tennis balls and tennis racquets
16. any commodity that can be used as a medium of exchange for the purchase of goods and services, e.g banknotes and coins

1. it occurs when a person puts away part of their current income for future spending
2. the study of particular markets and sections of the economy, rather than the economy as a whole
3. the transfer of the ownership of assets from the public sector to the private sector
5. the mobility that refers to the extent to which labour is willing and able to move to different locations for employment purposes
7. the act of swapping items in exchange for other items through a process of bargaining and negotiation, due to the absence of money in the economy
9. the three sectors of industry depend on each other, and cannot operate independently to produce goods and services
10. physical items such as tables, cars, toothpaste, and pencils