The proportion of people within a population who fall into certain age groups, e.g. young (0-14 years), of working age (15-65 years) and old (65 years and beyond)

The fixed costs per unit

A record of the flows of money into and out of a country

Ways in which new firms are prevented from entering a particular industry

The interest rate that a central bank will charge to lend money to commercial banks and on which other financial organisations base their interest rates

The amount of money received before additional payments are added or any deductions, such as income tax are made

Includes all man-made resources

A record of the money flowing into and out of a country from investments, savings and foreign currency transactions to stabilise the exchange rate

Where a large number of firms compete with each other to satisfy the wants and needs of a large number of consumers

Fixed amounts (consisting of principal and interest) paid to a creditor at regular intervals on a loan.

A leftward shift in the demand curve showing that a smaller quantity is demanded at each price than was previously.

The sustained fall in the general level of prices of goods and services in an economy over time.

An increase in the general price level in an economy caused by an increase in aggregate demand.

The population of a country that consists of people who do not earn an income themselves and rely on others to provide them with the goods and services they need. It includes young children, the elderly, people who cannot work due to illness or disability, as well as those in full-time education.

The total amount received including additional payments.

An improvement in the living standards and quality of life of the population of a country as it transitions from being reliant on the primary sector for employment and output towards the secondary and tertiary sectors.

The percentage increase in the value of goods and services produced in an economy over time (usually a year).

Where an increase in the level of production results in a fall in the average costs of production.

How effective the firm is in using factors of production to generate its output

The factors of production a country has available to produce goods and services.

The difficulties in transferring factors of production so that they may be used by an alternative industry.

Goods and services that are ready to be used by the end consumer (both households and firms) when they are purchased, such as televisions, cars, pizza, etc.

Non-renewable resources that will eventually run out.

A system where the value of the currency is controlled by government intervention in the foreign exchange market.