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Level 1

term one glossory


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modern society
industrialised society producing products for trade
traditional society
communities hunt and harvest
bartering
goods exchanged for money
commodities
items used for trade
silent barter
trading without communication
promissory notes
notes buyers promise sellers they will pay a specific amount
currency
a medium of exchange
representative money
money that represents the money you have in the bank
BCE
before the common era
CE
common era
surplus
when you have more of something then you need
urbanisation
movement of people from rural areas to cities
medium of exchange
money that you can trade for goods and servces
unit of account
money that is a standard measure of how much goods and services
store of value
money that holds its value over time
consumer economy
businnesses encorage consumers to spend money on their products
unsustainable
it cannot go on forever
needs
things that people cant survive without
wants
things that people would like to have but dont have o have
prosperous
to be successful and rich
basic /primary needs
the physical and safety needs that have to be met for a person to survie
secondary needs
needs on which our survival does not depend on
economic promble
the problem caused by the limited resoures to satify unlimited needs and wants
capital
the money that the country has for produsing goods andn sevices
labour
the people of the country capacity to work
factors of production
the input used to produce goods and sevices
sector
a part or segment of something
primary
the most improtant
secondary
coming second
tangible
something you can touch
tertiary
the third level
producers
people who use resourses to make goods or provide sevices
consumers
people who buy goods or use sevices
consumer goods
goods that businesses manufacture for the mass market
mass market
market for goods that are prouduceds in large quantities
greenhouse gases
gases that trap heat in the earths atmosphere
developing country
a country whose industry and economy is still developing and whose citizens have low average incomes and standards of living
developed country
a country that is industrialised and technological, where average incomes and standard of living are high
informal business
a business that is not taxed and is not monitored or regulated by the government
formal buisness
buisiness that pays tax , are monitored and regulated by the geverment
trading buisnesses
businesses that make money from trading or selling goods
manufacturing businesses
businesses that make money from manufacturing or making goods
service buisness
buisness that makes money from selling services
economically active
when someone is employed or actively looking for work