Economics - The study of how people make choices about using resources like money, time, and materials., Business - An organisation or company that makes or sells goods and services to earn money., Goods - Physical items that people can buy or use (e.g. food, clothes, toys)., Services - Things that people do for others (e.g. teaching, haircuts, transport)., Consumer - A person who buys and uses goods or services., Producer - A person or business that makes goods or provides services., Needs - Things we must have to live (e.g. food, water, shelter)., Wants - Things we would like to have but don’t need to survive (e.g. video games, holidays)., Supply - How much of a good or service is available., Demand - How much people want a good or service., Market - A place (physical or online) where buyers and sellers exchange goods and services., Profit - The money a business makes after paying costs., Loss - When a business spends more money than it earns., Trade - The exchange of goods and services between people or countries., Imports - Goods or services brought into a country from overseas., Exports - Goods or services sold from one country to another., Specialisation - When a person, business, or country focuses on making or doing one thing really well., Resources - The things used to make goods and services (natural, human, and capital resources)., Opportunity Cost - The choice you give up when you decide to do or buy something else., Budget - A plan that shows income (money coming in) and expenses (money going out)., Savings - Money you choose not to spend so you can use it later., Investment - Using money to try to make more money in the future (e.g. shares, property)., Employment - Having a job and earning money., Unemployment - When people who want to work cannot find a job., Globalisation - How countries are connected through trade, travel, communication, and culture.,

Economics

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