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Unit1: Topic 6: How the economic system works

Teacher: Mrs Rennie Student: ...................

How the economic system works

1Banking industry  _____ a type of organisation that is not run for profit, but also is not part of the government.
2Capacity building  _____ that part of the economy run by individuals or groups, rather than the government, to make a profit.
3Charity sector  _____ banks, buildings societies and other businesses that offer financial products and services; part of the private sector.
4Communist economy  _____ that part of the economy that comprises national and local government, and the services provided by government, such as education, healthcare, the military and the police.
5Corporate social responsibility (CSR)  _____ profit after corporation tax is paid.
6Corporation tax  _____ an economy( of which the UK is an example, as are the economies of most countries in the world) that falls between the extremes of a communist economy and a free-market economy.
7Economic downturn  _____ business self-regulation that drives a company to act in an ethical manner – ie to make socially responsible decisions, such as recycling or reducing its pollution.
8Economic growth  _____ the idea that individuals and organisations have a duty to act in a way that is best for society as a whole.
9Free-market economy  _____ the rate at which prices are increasing.
10Full employment  _____ the value of sales that a business makes in a year.
11Gross domestic product (GDP)  _____ a period of economic decline during which income and production fall overtime.
12Gross profit  _____ making donations to a specific charity as deductions directly from a salary.
13Inflation rate  _____ profit before corporation tax is paid.
14Mixed economy  _____ the difference between the price for which a product sells and the cost of making and selling it.
15Net profit  _____ a type of market economy in which private individuals and companies make decisions, motivated by profit, without government interference.
16Non-governmental organisation (NGO)  _____ the total value of all goods made and services provided by a country in a year.
17Payroll giving  _____ a period during which economic activity slows down, potentially leading to a recession.
18Price  _____ making local communities self-sustaining.
19Price stability  _____ an increase in the output or production of a country, as measured by incomes and sales.
20Private sector  _____ that part of the economy that is made up of non-governmental, non-Corporate bodies, such as charities, community groups and social enterprises.
21Profit  _____ a type of market economy in which government makes all of the decisions.
22Public sector  _____ an enterprise that aims to increase social well-being rather than to make money, but which can be either not for profit or for profit.
23Recession  _____ when everyone in a country who is willing and able to work in paid employment has a job(in practice, classed by the UK government as an unemployment rate of 2% or less).
24Social enterprise  _____ charities and other non-governmental organisations that are run not for profit, but for the good of society.
25Social responsibility  _____ a tax that a business pays on its profits.
26Third sector  _____ the percentage of the work force that is of employment age and actively looking for a paid job.
27Turnover  _____ the purchase price of a good or service.
28Unemployment rate  _____ keeping inflation low.

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