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Chapter 32
Time For Business - 1st Year
| Term | Definition |
|---|---|
| Economy | refers to the way in which goods and services are made, sold and used in a country |
| Economic system | is the method that countries use to distribute economic resources and trade goods and services |
| The public sector | is the part of the economy that is owned and controlled by the government |
| The private sector | refers to businesses owned by private individuals that produce and sell goods and services with the aim of making profit |
| A centrally planned economy | is one where the government has a lot of control over economic resources and decision-making |
| A free market economy | is one where private individuals control resources, own businesses and make all the decisions about what goods ad services will be produced |
| A mixed economy | is one that combines elements of free market and centrally planned systems |
| Public-private partnerships | when the government works with private sector enterprises to provide important services or infrastructure |
| Third sector/voluntary sector | consists of social enterprises and not-for-profit organisations such as charities and voluntary organisations |
| Social enterprises | Unlike private sector businesses, have a social or environmental aim |
| The circular flow of income | shows how economic resources and wealth move through an economy |
Created by:
Sarah C. Lynch
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