BE2.0

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.