GLOSSARY UNIT 6 (SOCIALSCIENCE)

Economic activity: the different processes involved in the production and consumption of goods and services

Economic agent: a person, group or institution involved in the economy

Goods: tangible economic products, such as food, that are usually consumed after production

Services: economic activities, such as banking or education, that are intangible

Production: an activity that provides goods and services for consumption. the production of goods combines natural resources, skills, financial investment and labour

Distribution: the marketing, delivery and sale of goods and services

Marketing: the act of researching, promoting and advertising a product or service in order to sell it

Consumption: the use of a product or service to satisfy needs or desires

Supply: availability of something of use or sale

Demand: the desire to own something in the market and the willingness to pay for it

Inflation: a rise in the general level of prices of goods and services in the economy or a decrease in value of the purchasing power of money

Profit: the monetary gain of a business after all expenses have been met

Tax: a monetary contribution to the government requires of people, groups or business

Raw material:  An unprocessed natural product used in manufacture

Telecommuting: To communicate by means of telecommunication

Employer: To engage the services of; put to work

Employee:  a person who is hired to work for another or for a business, firm, etc, in return for payment

Self-employed: Earning one's livelihood directly from one's own trade or business rather than as an employee of another

Active population: people currently employed in the production of goods and services  and the people who are unemployed or looking for their first job