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Capital (goods)
Goods that are used in a production process
Consumables
Products and services that fulfil the needs of consumers
consumer
Someone who buys products and services
Economics
Economics studies how people try to fulfil their needs through scarce goods
Entrepreneurship
Combining the nature, labour and capital good factors during production
Free good
A good that is not scarce
Labour
The mental and physical work of the people involved in the production process
Means
Items through which needs can be fulfilled
Nature
Everything nature can offer for production
Needs
People's wishes
Production factors
Types of production factors are: labour, nature, capital and entrepreneurship
Scarce good
A good for which production factors must be used to obtain it
Self-sufficiency
Making products yourself
Alternative use
Means can be used in various ways
Budget (budget plan)
Overview of the expected income and expenses
Budget line
A line that indicates the available spending options with a specific budget
Daily expenses (daily expenditure)
Regularly recurring expenses that are paid from the household budget
Fixed costs
Unavoidable, regularly recurring expenses
Non-recurring (high) charges
(Large) expenses that only occur occasionally
Barter
Exchanging products
Division of labour
Dividing tasks among individuals
Economy of scale
A business can and starts to manufacture more products
Indirect barter
Selling a product for money
Labour productivity
The number of items an employee can produce within a specific time period
Specialisation
Focusing on a limited number of activities
Credit card
Card used to make purchases on credit
Debit card
A means of using scriptural money
External value of money (of a euro)
The amount of foreign currency you can purchase with a euro
Fiat money
The value of money is based on confidence
Giro collection form
A payment form that is used to pay a bill
Internal value of money (of a euro)
The number of goods and services you can purchase with a euro in your own country
Intrinsic value of money
The material value of money
Money
A generally accepted means of exchange
Nominal value of money
The value indicated on notes and coins
Notes and coins
Tangible money
Online banking
Paying via the Internet
Scriptural money
Money deposited in bank and giro accounts
Transfer form
A way of transferring money from your own account to another account
Percentage point
The absolute difference between two percentage figures
