Unit 38 - Business and the Economic Environment Economic Glossary
32 views 0 purchase
Course
Unit 38 - Business and the Economic Environment
Institution
PEARSON (PEARSON)
Book
BTEC Level 3 National Business Student Book 2
Unit 38 - Business and the Economic Environment
Economic Glossary: It is a helping sheet to understand most of the economic words/terms that is used in this unit!
Hope it can help to understand this unit much better!
THERAPEUTIC CRISIS INTERVENTION EXAM STUDY GUIDE (TCI- 7TH EDITION) EXAM WITH NGN QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS ...
STOTT PILATES WRITTEN EXAM 2024 WITH NGN QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST VERSION 2024 WITH GUARANTEED SUCCES...
NC BLET 2021 RESPONDING TO VICTIMS EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100% CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS | LATEST VERSION 2024 WIT...
All for this textbook (161)
Written for
BTEC
PEARSON (PEARSON)
Business 2010 QCF
Unit 38 - Business and the Economic Environment
All documents for this subject (28)
Seller
Follow
Abdulalahaljobore
Reviews received
Content preview
Economic Glossary
Term Definition
Economy An economy is the economic system of a country. It is the way
that trade, industry and wealth of a country is measured. It is
all about how we make decisions (choices) in world where
recourses are limited. E.g., how things are made, bought, sold
and used.
Industry An economic activity concerned with the processing of raw
materials and manufacture of goods in factories. E.g.,
productions, selling goods ,supplying etc.
Wealth Is the value of all the resources that are possessed by an
individual or society whether it is a valuable possession,
resources or money. E.g. the wealth of England is measure the
bank of England (how much money in the bank)
Allocation 1. The action or process of allocating or distributing
something.
2. to give something to someone as their share of a total
amount, to use in a particular way:
The government is allocating £10 million for health
education.
Financial A financial institution (FI) is a company engaged in the
institution business of dealing with financial and monetary transactions
such as deposits, loans, investments, and currency exchange.
Consumption The using up of a resource:
industrialised countries should reduce their energy
consumption
Business cycle The business cycle describes the rise and fall in production
output of goods and services in an economy. Business cycles
are generally measured using the rise and fall in real gross
domestic product (GDP) or GDP adjusted for inflation.
Aggregate Formed or calculated by the combination of many separate
units or items; total:
the aggregate amount of grants made
Microeconomic Microeconomics is the science of how people make decisions
at the small scale. It is different from macroeconomics which
looks at how the economy works as a whole ("on aggregate"
Macroeconomi Macroeconomics is a branch of the economics that studies how
c the aggregate economy behaves
Scarce (especially of food, money, or some other resource) insufficient
for the demand:
as raw materials became scarce, synthetics were
developed
Opportunity The loss of potential gain from other alternatives when one
Cost alternative is chosen.
Utility The state of being useful, profitable, or beneficial:
he had a poor opinion of the utility of book learning
Margin The edge or border of something.
fluctuations An irregular rising and falling in number or amount; a variation.
Trough In economics, a trough is a low turning point or a local
minimum of a business cycle.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Abdulalahaljobore. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $0.00. You're not tied to anything after your purchase.
