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UNIT 1 ECONOMICS KEY TERMS

ADDED VALUE - the difference between the price of a good or service and the
cost of its material inputs.
ASSESTS- anything that is useful or valuable to a business.
AUTOCRATIC MANAGEMENT - style of management where decisions are made
by the owner or manager…

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CREDITOR ­ a person or company that the business, it is a long term loan often
secured on the company's property.

DEBENTURE ­ a form of external finance for a business, it is a long-term loan
often secured on the company's properties.
DEMAND - the amount of a good or…

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MARKET POSITIONG ­ how the consumers see individual products or brands in
relation to their competitors. Businesses may well attempt to re position their
products in attempt to boost sales.
MARKET SEGMENTATION ­ the splitting up of the market into groups of
consumers with similar characteristics. Common groups include age,…

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TURNOVER ­ the total income generated by a business' sales of its goods and
services over a period of time.
UNEMPLOYMENT ­ the problem of people that re not working.
UNLIMITED LIABILITY - the owner/s of a business is/are responsible for all the
debits of a business should it fail.…

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