Njkonhji

Key Terms

Unit 1
* Barter system: a system of exchange, which involves the swapping of goods between individuals
* Capital goods: goods used to produce other goods, such as tools,equipment and machinery
* Consumers: individuals who use or ‘consume’ goods and services to satisfy their needs and wants
* Consumer goods: goods produced for general use by the public. They can bedurable and non-durable
* Customers: individuals, or other businesses, that buy goods and services supplied by businesses
* De-industrializations: the decline in manufacturing
* Division oflabor: specialization in specific tasks or skills by individuals
* Factors of production: resources used by business to produce goods and services
* Markets: anywhere that buyers and sellerscommunicate to exchange goods and services
* Money: any substance which is generally accepted as a means of exchange
* Needs: human requirements which must be satisfied for survival
*Opportunity cost: the benefit of the next best option foregone when making a choice between a number of alternatives
* Primary production: activities which involve the extraction of raw materials fromthe earth and the growing of food
* Secondary production: activities such as manufacturing which transform raw materials into finished goods
* Specialization: in business, the production of alimited range of goods
* System: parts that work together to achieve an objective; a system can be communications system, a business, an economic or a political system
* Tertiary production:activities which involve the provision of services
* Wants: human desires which are unlimited

Unit 2
* Business or enterprise: an organization whose principal economic purpose is to producegoods and services
* Entrepreneur: an individual who, typically sets up and runs a business and takes the risks associated with this

Unit 3
* Copyright: legal ownership of material such...