Society, General Knowledge for Vocational Schools (ABU), Vocabulary, Chapter 2

fee that e.g. a bank pays for receiving money (savings interest) or demands for a loan (debt interest)

medium of exchange that is transferred from buyer to seller during the purchase of goods or services

material standard of life wherein a population has many goods and services at its disposal

a person’s quality of life (material standard of life, health, justice, freedom or an intact nature)

factor of production that includes the knowledge and capabilities (e.g. education, experience) of a person

economic agents and entities such as producers, consumers, banks, governments

classification of professional occupations into three fields of production: 1st sector: agriculture, 2nd sector: industry and business, 3rd sector: services

model that describes the interactions between the most important economic agents and entities (household, business, state, bank, foreign countries)