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Market
Any way of bringing together buyers and sellers to buy and sell goods and services
Market economy
An economy in which scarce resources are allocated by the market forces of supply and demand
Primary sector
The direct use of natural resources, such as the extraction of basic materials and goods from land and sea
Secondary sector
All activities in an economy that are concerned with either manufacturing or construction
Tertiary sector
All activities in an economy that involve the idea of a service
Product market
Market in which final goods or services are offered to consumers, businesses and the public sector
Factor market
Market in which the services of the factors of production are bought and sold
Specialisation
The process by which individuals, firms, regions and whole economies concentrate on producing those products that they are best at producing
Exchange
The giving up of something that the individual or firm has, in return for something they wish to have but do not possess
Division of labour
Where workers specialise in, or concentrate on, one area of the production process
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