Social Science, GLOSSARY UNIT 6

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 products, that are usually consumed after production.
SERVICES: economic activities that are intangible.
PRODUCTION: an activity that provides services for consumption.
DISTRIBUTION: the marketing, delivery and sale of goods and services.
MARKETING: the act of researching, promoting and advertising a product or service in order to sell it.
CONSUMPTION: the use of a product or service to satisfy needs or desires.
SUPPLY: avaliability of something for use or sale.
DEMAND: the desire to own something in the market nad 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 business after all expenses have been met.
TAX: a monetary contribution to the government required of people, groups or businesses.
RAW MATERIAL: material on which a particular manufacturing process is carried out.
TELECOMMUTING: the use of home computers, telephones, etc, to enable a person to work from homw while maintaining contact with colleagues, customers, or a central office.
EMPLOYER: a person, business, firm, etc, that employs workers.
EMPLOYEE: a person who is hired to work for another or for a business, firm, etc, in return for payment.
SELF-EMPLOYED: earning one's living in one's own business or through freelance work, rather than as the employee of another.
ACTIVE POPULATION: section of people working, unemployed or looking for their first job.
DISABLED: lacking one or more physical powers, such as the ability to walk or to coordinate one's movements, as from the effects of a disease or accident, or through mental impairment.
RETIRED: having given up one's work, office, etc, esp on completion of the normal period of service.
FULL-TIME CONTRACT: contract in which employees must work during all the hours established on the agreement.
PART-TIME CONTRACT: contract in which employees must work during a fewer number of hours than the established on the agreement.