| A | B |
|---|
| Goods | Physical objects that can be bought at a price, e.g. a packet of crisps |
| Basic needs | Food, water, shelter, clothes and warmth, i.e. things that are essential for existence |
| Capital | Manufactured goods that are used to produce other goods and services. |
| Consumers | People who buy goods or services for their own use. |
| Profit | The difference between the selling price and the cost of production. |
| Services | Non-physical products, ranging from education to medical care and from tourism to entertainment. They are also bought, or paid for, sometimes through taxes and rates, e.g. state education. |
| Wants | Desires to obtain goods or services that one does not have. |
| Demand | The number of goods or services that buyers are willing and able to buy over a period of time. |
| Market forces | The foreces of demand and supply which help to decide the price and control what should be produced. |
| Markets | Putting buyers and sellers in touch so that an exchange of goods or services can take place. |
| Products | Any goods or services |
| Supply | The number of goods or services offered for sale over a period of time. |
| Chain of Production | The various stages, from raw material to finished product, through which goods pass before they are sold to a consumer. |
| Gross domestic product (GDP) | The total value of all goods and services produced by a country in a year. |
| Primary production | Getting raw materials, such as oil, fish or coal, from the land or sea, or using the earth to grow things such as crops or trees. |
| Secondary production | Processing raw materials into finished goods. |
| Tertiary production | Providing a service to any branch of industry or direct to a consumer. This includes distributing and transporting goods. |
