A tax imposed as a proportion of consumer spending on specified goods or services. Also known as a “value-added” tax.

The portion of income which is not spent on consumption. Saving can be undertaken by individuals and households, by businesses, or by governments.

A form of output which consists of a function performed for one person by another – such as cooking and serving a meal, teaching a lecture, completing a telephone call, or delivering a package. Distinct from goods.

Financial assets which represent the ownership of a small proportion of the total equity (or net wealth) of a corporation. Shares can be bought and sold on a stock market.

A place where shares of joint stock corporations are bought and sold. Most modern stock markets no longer have a physical presence, but rather consist of connected computer networks.

Any agent or sector in the economy (household, business, or government) experiences a surplus when its income exceeds its expenditure.