Geography (Unit VI)

-Economic activity: The different processes involved in the production and consumption of goods and services.

-Economic agent: A person, group or institution involved in the economy.

-Goods: Tangible economic proudcts, such as food, that are usually consumed after production.

-Services: Economic activities, such as banking or education, that are intangible.

-Production: An activity that provides goods and services for consumption. The production of goods combines natural resources, skills, financial investment and labour.

-Distribution: The use of a product or service to satisfy needs or desires.

-Marketing: The act of researching, promoting and advertising a product or service in order to sell it.

-Consumption: A business that producess or markets the goods and services that reach the market.

-Supply: Availability of something for use or sale.

-Demand: The desire to own something in the market and the willingness to pay for it.

-Inflation: A rise in the general level of prices of goods and services in the economy or a decrease in value of the purchasing power of money.

-Profit: The monetary gain of a bussiness after all expenses have been met.

-Tax: A monetary contribution to the government required of people, groups, or businesses.

-Raw material: Is the basic material from which goods, finished products, or intermediate materials are manufactured or made.

-Employer: A person or a business that employs workers.

-Employee: An individual who works part-time or full-time under a contract of employment.

-Active population: It refers to all the people who can work.

-Inactive population: It refers to all the people who can't work.