chapter 7 - the economy, finance and money

• imports - goods and services brought from overseas
• direct tax - tax on income or profits of individuals or businesses
• Indirect tax - tax such as VAT which is charged on the goods and services bought by individuals or businesses
• administrative efficiency - managing a governments work well so as to avoid delay and achieve the best value for money
• austerity - reduction in peoples wealth resulting from government measures to reduce public expenditure
• standard of living - a measure of the wealth and material support available to individuals and communities
• risk management - a process for identifying, assessing and prioritising risks of different kids
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