Basic Concepts
This is the money a business earns after subtracting all its expenses.
What is Profit?
Money collected by the government from individuals and businesses to fund public services.
What is Taxation?
The state of being without a job despite actively looking for work.
What is Unemployment?
Goods or services brought into a country from abroad for sale.
What is an Import?
The use of machines and software to perform tasks previously done by humans.
What is Automation?
A plan for how much money you expect to earn and spend over a period of time.
What is a Budget?
Financial help given by the government to support a specific industry or group.
What is a Subsidy?
Government programs designed to provide financial assistance to those in need.
What is Welfare?
Goods or services produced domestically and sold to another country.
What is an Export?
Meeting current needs without compromising the ability of future generations to meet theirs.
What is Sustainability?
The money you receive regularly from your job or investments.
What is Income?
Rules or directives made by an authority to control behavior, often for safety or fairness.
What is Regulation?
The unequal distribution of wealth, income, or opportunities among people.
What is Inequality?
A tax specifically placed on imported goods to make them more expensive.
What is a Tariff?
The introduction of new methods, ideas, or products to improve efficiency.
What is Innovation?
When a business spends more money than it earns, it records this negative result.
What is a Loss?
Government policy that deals with spending and taxation to influence the economy.
What is Fiscal Policy?
A condition where people lack the minimum amount of income needed to meet basic needs.
What is Poverty?
Money, machinery, and resources used to produce goods and services.
What is Capital?
An economic system aimed at minimizing environmental impact and using renewable resources.
What is a Green Economy?
This term describes the entire system of production, distribution, and consumption of goods in a region.
What is an Economy?
Policy controlled by the central bank that manages interest rates and the money supply.
What is Monetary Policy?
The percentage of the working-age population that currently has a job.
What is the Employment Rate?
The percentage charged on a loan or paid on a savings account by a bank.
What is Interest?
The measure of how efficiently resources are converted into goods and services.
What is Productivity?