business + economics

Market Structure

A system in which consumers (buyers) and producers (sellers) engage in the exchange of goods and services.

Consumer

A person who buys goods and services to satisfy their needs or wants.

Producer

A person or business that makes and sells goods and services.

Household Sector

All consumers in the market system, typically family units that purchase goods and services.

Business Sector

The collection of producers who create and sell goods and services.

Circular Flow of Money

The economic model that describes how money moves through the economy between households, businesses, and the government.

Entrepreneur

An individual who sets up a business, taking on financial risks in the hope of making a profit.

Innovation

The process of creating something new or significantly improved, such as a good, service, or process.

Invention

The development of something that is completely new, as opposed to improving existing products.

Financial Sector

The part of the economy that manages the flow of money, including savings and loans.

Public Services

Services provided by the government such as healthcare, education, and law enforcement, funded by taxes.

Infrastructure Development

Investment in physical systems such as roads, bridges, and public transport that support economic growth.

Social Welfare Programs

Government programs designed to provide financial support and assistance to vulnerable populations.

International Trade

The exchange of goods and services between countries, allowing them to benefit from different production efficiencies.

Retail Market

A type of market where goods and services are sold directly to consumers.

Labour Market

The market where employers seek to hire workers and individuals seek employment.

Financial Market

Markets where financial securities, such as stocks and bonds, are bought and sold.

Stock Market

A platform for buying and selling shares in publicly traded companies.

Consumers

Individuals or households that purchase goods and services to satisfy their needs and wants.

Producers

Businesses or individuals who create and sell goods and services.

Market System

A framework where consumers and producers interact to exchange goods and services.

Financial Sector

The part of the economy that facilitates the borrowing, lending, and investing of monetary resources.

Entrepreneur

A person who sets up a business and takes on financial risks with the aim of making a profit.

Invention

The creation of something entirely new that has not previously existed.

Innovation

The process of improving existing products or services or creating new methods.

Business Opportunity

A favorable combination of circumstances that create chances for a business to succeed.

Real Flows

The physical transfer of resources and goods in the market system.

Households

The consumer sector consisting of individuals or groups living together, purchasing goods and services.

Labour Market

The marketplace where employers seek to hire workers and individuals offer their labor.

Financial Market

A collection of markets where financial instruments are traded, including borrowing and lending.

Stock Market

A market where shares of publicly traded companies are bought and sold.

Taxation

The process by which governments collect money from citizens to fund public services and infrastructure.

Overseas Sector

The segment of the economy that involves trade with international markets, including exports and imports.

Public Services

Services provided by the government to its citizens, funded by tax revenue.

Infrastructure Development

The investment in physical systems that support the operation of a society, such as roads and schools.

Social Welfare Programs

Government programs designed to provide assistance and support to vulnerable populations.

Australian Securities Exchange (ASX)

The primary stock market in Australia where shares of companies are traded.

Mortgage Loan

A loan specifically for purchasing real estate, where the property serves as collateral.

Market Participants

The various entities involved in market exchanges, including consumers, producers, the financial sector, government, and overseas market participants.