Year 9 Economics Glossary

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4. Payment per hour for labour
7. Situation where demand is greater than supply
10. Organization with authority to make decisions for the population
12. All human effort, both physical and intellectual
13. Money paid at a particular rate for the money lent
15. market Place where goods and services are bought and sold (Coles, Seek.com, Fremantle markets) Same as Market
16. Payment earned by entrepreneurs
19. Goods and services which we desire but don’t need
20. An organization that sells goods
21. chain Complex group of firms in many countries each producing a component of a final product.
24. An economy where people produce only enough goods and services for their own family
27. Income flows which are added to the Circular Flow of Income model (investment, govt. spending, exports)
29. Payment per year for labour
30. Reward for the use of resources
32. Organisations that make goods and services
34. Goods and services bought from overseas
35. The study of how people use scarce resources to satisfy needs and wants
36. Actions done for consumers by producers
40. A system which allows private ownership of the factors of production
42. Basic necessities for life
43. Purchase of new capital
44. National Company A company which operates in several countries with its headquarters in the parent country. (Apple)

1. of production Raw materials used to make goods and services (land, labour, capital & enterprise)
2. All resources provided by nature
3. Financial assistance given to people by the Government
5. market Place where factors of production are bought and sold.
6. Institution which handles money for households and firms
8. Action of only doing one part of the process
9. A system where all factors of production, distribution and consumption of goods and services are controlled by the government
11. Cost The cost of the next-best alternative opportunity
14. Final users of goods and services to satisfy their needs and wants
17. Basic units used to make goods and services
18. Place where goods and services are bought and sold.
22. Income flows that are removed from the Circular Flow model. (savings, tax, imports)
23. A system where factors of production are owned by the government
25. Where actions by one party have impacts on another, particularly economically.
26. Goods and services sold overseas
28. Physical items used by consumer and services for a profit
31. Ability to combine all resources to make something (plan, recipe, system etc)
33. Used to pay for goods and services
37. National Company A company that operates in many countries with independent headquarters in each.(McDonalds)
38. Equipment used to make goods and services
39. Compulsory government levy
41. That part of earnings not spent
45. Payment for use of land