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Market Economies
Capitalist economies where resources are allocated by supply and demand, leading to lower costs and more choices for consumers.
Planned Economies
Economic systems where the government controls resources and production for equal wealth distribution.
Mixed Economies
Economies that combine elements of market and planned systems, with both government-controlled and market-responsive resources.
Tuition Fee
The amount charged by educational institutions for students to attend classes.
Merit-Based Scholarship
Financial award for students based on achievements rather than financial need.
Scholarship
A financial award to help cover education costs based on various criteria.
Government Grants
Funds provided by the government for specific purposes, often without repayment.
Financial Aid
Funding provided to students to help with education costs.
Student Loan
Financial aid that must be repaid with interest.
Acceptance Rate
The percentage of applicants admitted by a college or university.
GPA
Grade Point Average, a standard measurement of academic performance.
Educational Credit
A unit of measurement for the completion of a specific course or study.
Curriculum
The outline of topics, goals, and methods for teaching.
Full Professor
A senior academic rank, typically the highest a professor can achieve.
Abundance
A large quantity or plenty of something.
Commercial Services
Services provided by businesses for profit to other businesses or consumers.
Direct Services
Services directly provided to consumers, like healthcare and haircuts.
Employment Structure
The organization of jobs within a society, industry, or organization.
Basic Economic Problems
Fundamental issues that arise due to limited resources and unlimited wants.
Market Mechanism
The process by which supply and demand determine prices and quantities in a free market.
Income Distribution
How total income is shared among members of society.
Standardized Goods
Products that are consistent in quality and features, such as sugar and rice.
Judiciary
The branch of government responsible for interpreting and applying the law.
Passing Laws
The process by which a government creates and enacts new laws.
Low-Cost Housing
Affordable housing options for individuals with lower incomes.
Tax
A financial charge imposed by the government to fund public services.
Liable to Pay Tax
Having a legal obligation to pay taxes based on income or property ownership.
Raising Revenue Through Taxation
Generating income for the government by collecting taxes.
Customs Duties
Taxes on imported or exported goods collected at international borders.
Value-Added Tax (VAT)
A tax added to goods and services at each production or sale stage.
Privatization
The transfer of ownership from the government to private individuals or companies.
Efficiency
The ability to achieve the best outcome with the least time or resources.
To Raise Capital
To gather money needed for a business or project.
Capital Markets
Places where companies and governments can raise money by selling stocks and bonds.
Foreign Capital
Money or investments from foreign countries funding local businesses or industries.
Issuing Vouchers
Giving out coupons for goods or services as financial help.
Enterprise
Any organization or venture engaged in economic activity.
Diversify in Business
Expanding into new products or markets to reduce risk.
Pendulum of Control
Describes how control shifts between centralized authority and decentralized autonomy.
Comprehensive
Including all or nearly all elements or aspects of something.
Laissez-Faire
An economic idea supporting minimal government interference in business.
Government Interference
Actions taken by the government to regulate economic activities.
Government-Run Companies
Businesses owned by the government to provide essential services.
Central Planning System
An economic system where the government makes all production decisions.
Contractors
Individuals or companies hired to perform specific tasks based on a contract.
Level Playing Field
Creating a fair competitive environment without advantages for one side.
Proponents
People who support an idea.
Trade Unions
Organizations formed by workers to protect their rights and improve conditions.
Excise Taxes
Taxes on specific goods like alcohol and tobacco, included in the product price.
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