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

the total value of economic goods produced and services provided (not including intermediate inputs) in a country during one year

pay, as agreed upon with the employer, without deductions

cashless bank credit that is shifted back and forth on an account (e.g. direct debit)

comparison of expenses and income

economic activity that does not directly incorporate the production of material goods (e.g. education, administration)

amount of money at one's disposal, in order to make payments (net wages, other sources of income, e.g. alimonies)

obligatory social insurance which covers 80% of salary during military, civil service and maternity leave (e.g. maternity leave 14 weeks)

costs in a budget that are the same every month

goods that are unlimited and free, for example, air and sun

any circulating medium of payment, store of value, value measure; including coins (minted by state), paper money (banknotes)

an institution (bank) that provides monetary services (receiving, lending, exchanging, and safeguarding money deposits)

part of the circular flow of economic activity; exchange of money (salaries, payments for goods and services) between companies and households

a financial institution primarily engaged in providing the necessary capital (deposits, loans) and offers its financial services primarily to company customers

essential needs that must be met to survive e.g. housing and food

something that serves a purpose, fills a need; articles of trade; wares; merchandise

part of the circular flow of economic activity; exchange of goods and services and factors of production between companies and households

personal needs which contribute to happiness (e.g. car, smartphone)

obligatory social insurance for the invalids and promotes their rehabilitation into the world of work

goods that are used to make consumer goods (e.g. machines and buildings)

factor of production that includes all forms of resources used to produce goods and services (monetary and physical resources)

a person or organisation that invests money

the value of money in terms of what it can buy at a specified time compared to what it could buy at a different period established as a base

needs that arise from living in a community and can only be met through a cooperative effort (e.g. roads, schools and hospitals)

business rivals or rivalry between businesses

someone who buys and uses goods and services (individual or household)

goods for private use or consumption, e.g. food and furniture

an arrangement in which a bank posts your expenditures (withdrawals) alongside your income (deposits)

compensation (through supplementary insurance) for loss of pay from employer when an employee is unable to work due to illness, accident or maternity

a person or company that buys goods or services

a company, organization, or country that supplies or sells a product or a service

payment of money or its equivalent as remuneration over a period of time for the performance of work, paid by the employer to employee  in exchange for labour or services

a department or division in a company that represents a link to the market; it has the function of identifying and satisfying customer needs

remuneration paid after social benefits contributions are deducted

insurance which covers accidents during non-working hours