economics Flashcards
wages
the amount of money a worker is paid based on the work they provide
supply
the total amount of a good or service available to consumers
demand
desire and willingness to pay for specific goods and services
resource allocation
the way we distribute scarce resources to producers and consumers
taxes
money that the government collects from the public to pay for goods and services (GST, income tax)
externality
the impact that economic activities can have on people who are not involved in the activity
outsourcing
obtaining goods and services from outside suppliers to reduce cost
workers union
an organisation formed to promote collective bargaining with employers over wages
child labour
the employment of children in an industry or business which is considered illegal
demographics
statistical data relating to the population and particular groups
factors of production
the impacts that are used in order to make economic profit (land, labour, capital, enterprise)
profit
the amount of money earns by a business after all expenses have been paid off
consumer
a person who buys things to use
economics
the study of how people and society use resources to satisfy their needs (what, how, now)
manufacturer
a business that produces a good and sells the goods on to the retail store who then sells the product to the end consumer
