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| The percentage of a sum of money charged for its use. |
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| The imposition of taxes; the practice of the government in levying taxes on the subjects of a state. |
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| A personal tax levied on annual income. |
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| A capital tax on property imposed by municipalities; based on the estimated value of the property . |
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| A tax based on the cost of the item purchased and collected directly from the buyer. |
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| A clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount . |
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| A partial payment made at the time of purchase; the balance to be paid later. |
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| That part of a nation's balance of payments dealing with imports and exports, that is trade in goods and services, over a given period. If exports of goods exceed imports, the trade balance is said to be favorable; if imports exceed exports, the trade balance if said to be unfavorable. |
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| Commodities (goods or services) bought from a foreign country. |
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| To export products or raw materials means to sell them to another country. |
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| Capitalism is an economic and political system in which property, business, and industry are owned by private individuals and not by the state. |
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| Communism is the political belief that all people are equal and that workers should control the means of producing things. |
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| Socialism is a set of left-wing political principles whose general aim is to create a system in which everyone has an equal opportunity to benefit from a country's wealth. Under socialism, the country's main industries are usually owned by the state. |
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| Production is the process of manufacturing or growing something in large quantities. |
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| Consumption is the act of buying and using things. |
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| Capital is a large sum of money which you use to start a business, or which you invest in order to make more money. |
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| Labor is very hard work, usually physical work. |
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| Cost in terms of foregoing alternatives. |
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| In business, overhead, overhead cost or overhead expense refers to an ongoing expense of operating a business (also known as Operating Expenses - rent, gas/electricity, wages etc). |
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| Capital goods are used to make other products. |
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| Consumer goods are items bought by people for their own use, rather than by businesses. |
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| Durable goods or durables are goods such as televisions or cars which are expected to last a long time, and are bought infrequently. |
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| A service is something that the public needs, such as transport, communications facilities, hospitals, or energy supplies, which is provided in a planned and organized way by the government or an official body. |
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| Primary Economic Activity |
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Definition
| Using natural resources: farming, fishing, lumbering, mining. |
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| Secondary Economic Activity |
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Definition
| Changing natural resources into new products: manufacturing, refining, etc. |
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| Economic activity involving providing services such as banking or retail. |
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| Economic activity involving the collection, processing, and distribution of information. |
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| A small and inadequate amount. |
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| In economics, a want is something that is desired. |
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| A need is something that is necessary for humans to live a healthy life. |
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| Buying expensive services and products in order to flaunt your wealth. |
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| A tax imposed on imported goods. |
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| The quantity of goods of a specific kind that a country permits to be imported without restriction or imposition of additional duties. |
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| An embargo is the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it. |
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| A grant paid by a government to an enterprise that benefits the public. |
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| In economics, supply is the amount of some product which will be available to customers. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell. |
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| The ability and desire to purchase goods and services. |
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| A general and progressive increase in prices. |
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