BEE EOY Revision - Economics and Business

A comprehensive set of vocabulary flashcards covering the BEE End of Year revision list for Economics (Government Finances, Unemployment, Growth, Inflation) and Business (Marketing, HR, Operations).

Government Spending

The total expenditure by the public sector on goods, services, and infrastructure to meet economic and social objectives.

Opportunity Cost

The next best alternative given up when a government chooses one way of spending money over another.

Taxation

Compulsory payments made by individuals and businesses to the government to finance public spending.

Unemployment

A situation where people who are of working age and are willing and able to work cannot find a job.

GDP (Gross Domestic Product)

A measure of economic growth that represents the total value of all goods and services produced in a country over a specific time period.

GDP per capita

A measure of a country's economic output per person, calculated as $\frac{\text{GDP}}{\text{Total Population}}$, often used to compare living standards.

Inflation

A general and sustained increase in the average price level of goods and services in an economy over time.

Cost of Living

The amount of money required to sustain a certain level of living, which increases as inflation causes rising prices.

Marketing

The process of identifying, anticipating, and satisfying customer requirements profitably through the marketing mix.

Target Markets

Specific groups of consumers at which a company aims its products, services, and advertising methods.

Market Research

The activity of gathering information about consumers' needs and preferences to help businesses make informed decisions.

Human Resources (HR)

The department of a business responsible for managing employees, including their recruitment, training, and motivation.

Motivation

The internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job.

Operations

The functional area of a business responsible for the production of goods and services, focusing on production methods and productivity.

Productivity

A measure of the efficiency of production, typically expressed as the ratio of outputs produced to the inputs used in the process.

Efficiency

The ability to produce goods or services using the minimum amount of resources (time, money, or materials) to avoid waste.

Four types of unemployment

frictional, structural, cyclical, and seasonal unemployment