Humanities Economics and Business

Economy

The system used to produce, buy and sell goods and services. Consists of consumers, businesses and governments.

Goods

Physical items that satisfy wants and needs.

Services

Actions or work done for others.

Demand

The amount consumers want to buy.

Supply

The amount producers are willing to sell.

Relative Scarcity

Limited resources compared with unlimited wants.

Opportunity Cost

The next best alternative given up.

Innovation

A new or improved idea, product or process.

Entrepreneurship

Starting and running a business while taking risks.

Corporate Social Responsibility

Businesses acting ethically and helping society/environment.

Wage

Money earned for work.

Profit

Money left after costs are paid.

Superannuation