| A | B |
|---|
| household | a basic economic unit in which one or more people choose to live together and share resources |
| interest | the cost of borrowing money |
| invisible hand | the force Adam Smith believed would guide free market economics ensuring that prosperity would come to all |
| wage | what an invidual receives, usually in the form of money, for providing a service |
| tax | money the government collects from individuals and corporations to fund the services it provides |
| transaction | the exchange of money, goods, or services through buying, selling, or exchange |
| value | what something or someone is worth, in economic terms defined soley as monetary value |
| budget | a statement outlining the spending plans of a government or an individual for the coming year |
| deficit | the amount remaining if the amount of money spent is greater than the amount received |
| economics | the study of the economy |
| economy | the production, distribution, and exchange of goods and services, usually measured in terms of the money which facilitates these activities |
| GDP | the total value of the goods and services produced in a country in a given year |
| UN System of National Accounts (UNSNA) | an international system of account that displays a country's economic activities, in other words, only those activities that involve monetary transactions |
| unemployment rate | the percentage of a country's labour force (those people who are working or looking for work) that does not have work |
| revenue | various incomes and payments received by a government, corporation, or an individual |
| neo-liberalism | economic theory which opposes state intervention in the economy and believes in the free operation of the market |
| inflation | a general increase in prices usually attributed to a situation in which there is too much money chasing too few goods thus driving up the price of all goods by driving down the value of money |
| macroeconomics | usually refers to economic issues that concern the performance of the economy on a national scale |
| microeconomics | deals with the economic activity of individuals or small groups |
| free market | a market in which there are no regulations as to what can be bought, sold, or traded therefore nothing to ensure the well-being of all peoples and the environment |
