market - an organized way for producers and consumers to trade goods or services, currency - money; usually paper or coins that can be exchanged for goods and services , Exchange Rate - the rate at which one currency will be exchanged for another currency, Revenue - the money collected by selling goods and services, Profit - the money a company has left after subtracting the cost of doing business, specialization - when a business focuses on producing specific goods or services, Competition - two or more businesses trying to earn money from the same customer, Primary Industry - Collects resources; e.g.. Farming, mining, logging, Secondary Industry - Uses materials to create new products; e.g. manufacturing, Tertiary Industry - Provides services to people and secondary industries; e.g. banking, restaurants, retail, Quaternary Industry - Focuses on research and information; e.g. Education, software developers, finance, Inflation - an increase in the price of goods and services over time., Recession - a decline in economic growth for 6 months or more,

Y8 Economic Process Key Words

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