Year 8 Economics Definitions

permanently enclosed marketplace or street where goods and services are exchanged or sold.

an organisation engaged in the production and trade of goods and services.

an economic system in which a country's businesses are controlled by private owners for profit, rather than by the state.

the act or process of trying to get or win something others are also trying to get or win. Businesses _____________ against each other when they provide a similar good and service to people.

an act of giving one thing for another thing.

items sold or exchanged that can be seen and touched.

a business that operates on a very small scale. Usually contain 1-5 people as employees.

agreement where one company contacts and hires another company to complete a job.

an association to two or more people. _______________ can exist between more than two people as well.

how efficiently business or government use resources to produce goods and services.