humanities economics

idek

economy

the system a place uses to produce, buy, and sell goods and services

household sector

includes all resident households within a specific economy

business sector

total of all consumers in a country

resources

a source of supply or support

land

all natural resources used in the production of goods and services

labour

productive work done for wages

capital

resources used to produce goods and services or generate income

enterprise

an organisation that produces goods or services with the goal of making profit

goods

tangible items that satisfy needs and wants

services

intangible activities that provide utility or satisfaction

supply

number of products a producer/seller is willing and capable to provide to consumers

demand

how much of a product a consumer is willing to buy at different prices

salary

fixed amount of money or compensation paid to an employee in return for their labour

wage

monetary compensation paid to an employee in exchange for their labour

financial sector

part of economy made up of firms and institutions that provide financial services to retail consumers

financial intermediaries/institution

an entity that acts as the middleman between two parties in a financial transaction

borrow

act of obtaining something with repayment and interest

superannuation funds

a long term investment that grows overtime

investment

purchase of an asset with the objective of generating appreciation or income

mortgage

a loan used to purchase or maintain a home or other real estate

government sector

portion of the economy controlled and funded by all levels of government

need

things essential to survival

want

something desired but not needed

opportunity cost

money or benefits lost by not selecting a particular option during decision making

cyclical unemployment

joblessness that occurs due to fluctuations in the business cycle

seasonal unemployment

occurs during certain times of the year due to regular, predictable fluctuations in labour demand

structural unemployment

occurs due to changes in an economy and its labour force

frictional unemployment

occurs when people are transitioning between jobs or entering the workforce

hidden unemployment

occurs when people are not officially counted as unemployed but would probably work if they had the opportunity