VOCABULARY UNIT 2: ECONOMIC ACTIVITY AND SOCIETY (3ºESO)

UNIT 2: ECONOMIC ACTIVITY AND SOCIETY

ADDED VALUE

More or better features for which a higher price can be charged.

ASSETS

Things of value owned by a person, household, company, country, etc.

BANKRUPT

When you lose all your money, etc.) that are used to produce other goods or services.

CAPITAL GOODS

Goods (e.g. equipment, buildings, machinery, etc, that are used to produce other goods or services.

CAPITALIST ECONOMY/MARKET ECONOMY

Economic system base don free competition, prívate property, respect for individual autonomy and the free market.

DEMAND

What people want to buy

DEPLETION

Large reduction in the amount of something.

ECONOMIC AGENTS

Public administrations, households and companies, that have an influence on the economy.

ECONOMIC GEOGRAPHY

Field of Geography that connects economic activity with here it takes place.

ENERGY SOURCES

Resources used to produce electricity: coal, natural gas, oil, nuclear energy.

FACTORS OF PRODUCTION

Resources used to produce goods and provide services.

FREE MARKET

System in which the price of goods and services is determined by the law of supply and demand.

GROSS DOMESTIC PRODUCT (GDP)

The monetary value of all goods and services produced in an area in a given year.

HUMAN DEVELOPMENT INDEX (HDI)

Measure of quality of life based on income level, Access to education and life expectancy at birth.

INEQUALITY

Situation where some people have much more than others.

MARKET ECONOMY/CAPITALIST ECONOMY

Economic system base don free competition, prívate property, respect for individual autonomy and the free market.

MIXED SYSTEMS

Economic system in which the State intervenes in the market economy to control inequalities.

MONOPOLY

When a single company dominates the market.

NATURAL RESOURCES

Elements provided by nature that humans use for economic activities.

OLIGOPOLY

When a small number of companies control the market.

OVEREXPLOITATION

Using too much of a resource

PLANNED ECONOMY/COMUNISM

Economic system in which the economy is centrally planned by the State.

PRIMARY SECTOR

Economic activity directly involving natural resources.

REVENUE

Income

SECONDARY SECTOR

Industrial and construction activities.

SECTORS OF THE ECONOMY

Primary, secondary and tertiary.

SERVICE INDUSTRY

Provision of services to businesses and final consumers.

STAGES OF ECONOMIC ACTIVITY

Production, distribution and consumption.

SUBCONTRACT

To give part of the work on a project to another company

SUPPLY

What people want to sell

SUSTAINABILITY

Balance between protecting the environment and human activity.

TERTIARY SECTOR

Economic activity related to services.

WEALTH

Money and property