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Definition
| a system of exchange which involves the swapping of goods between individuals |
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Definition
| goods used to produce other goods, such as tools, equipment and machinery |
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Definition
| individuals who use or "consume" goods and services to satisfy their needs and wants |
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Term
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Definition
| goods produced for general use by the public. They can be durable and non-durable |
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Term
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Definition
| individuals who buy goods and services supplied by businesses |
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Term
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Definition
| the decline in manufacturing |
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Term
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Definition
| specialisation in specific tasks or skills by individuals |
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Term
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Definition
| resources used by business to produce goods and services |
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Term
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Definition
| anywhere that buyers and sellers communicate to exchange goods and services |
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Term
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Definition
| any substance which is generally accepted as a means of exchange |
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Term
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Definition
| human requirements which must be satisfied for survival |
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Term
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Definition
| activites which involve the extraction of raw materials from the earth and the growing of food |
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Term
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Definition
| activites such as manufacturing which transform raw materials into finished goods |
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Term
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Definition
| in business, the production of a limited range of goods |
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Term
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Definition
| parts that work together to achieve an objective, a system can be a communications system, a business, an economic or political system |
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Definition
| activities which involve the provision of services |
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Term
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Definition
human desires which are unlimited
for example: desire for money |
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