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Level 4

term four glossory


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production
when a business uses raw materials in a produce good that the market needs
input
things that you put into the production process to make goods and services
output
things that you get out of the production process
sector
a way of grouping business activities
primary sector
the economic sector im which business use land and natural resourses as raw materials
secondary sector
economicsector in which people use the primary sector to process or manufacture things people can use
tertiary sectors
the economic sector in which business offers finished goods and sevices to the pubic
non renewarble
cannot be renewable when it runs out
scares
in a short or limited space
economic growth
an increase in an economy's abillty to produse goods and sevices overa specific period of time
gross dometic product
the total value of all of the ggods and sevices that the country produces over a specific period
productivity
a measure of how much you get out of the effort you put in
automated
when a machine is used to change a manual process into an automaric process thta is quicker and more efficient
credit
an arragement you make a shop for example to buy something now and pay later
commodity money
money that has its own value such as coins made sliver or gold
surety
when a person or organisation promise to pay a debt if the person or organisation who is supposed to be paying it fails to do so
foreign exchange
a sevice foreign currency are changed in our country currency for small fee
stokvet
a savings club that has sevral members each pays money into the funds every month every month a diffrent members get paid out the amount of money in thye funds
start up capital
the capital you need to start a new business
loan capital
money you borrow from friends or family or bank you need back sometimes with interest