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Indietro

Quiz friday

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Termini in questo insieme (18)

  • Scarcity

    occurs when unlimited wants (everyone wants everything) exceed the limited resources available to fulfill those wants.

  • Economics

    the study of Choices consumers, business managers, and government officials make to attain their goals given their scarce resources.

  • Marginal

    mean “extra or additional”.

  • Trade-offs

    the idea, that because of scarcity, increasing the production of one good will result in the

    decrease in production of another

  • Opportunity Cost

    the single highest valued alternative that must be given up to engage in an activity.

  • Economic Variable

    Something that is measurable that can have different values.

    Ex: Per capita income, population, number of crimes committed per 100,000 People, race by percentage of population or religion

  • Entrepreneur

    a person who starts a new business, takes financial risks, and works to make a profit.

  • Innovation

    the practical implementation of new or improved ideas that create measurable value for society, customers, or organizations

  • Technology

    the practical application of scientific knowledge to solve problems, achieve goals, or simplify human tasks

  • Firm, Company, or Business

    A business is any commercial or professional activity undertaken to generate profit, a company is a formally registered legal entity distinct from its owners, and a firm is a specialized business organization typically structured as a partnership providing professional services.

  • Goods

    physical, tangible items that can be produced, bought, sold, and transported

  • Services

    intangible economic activities and performances delivered by providers to consumers

  • Revenue

    the total amount of money a business earns by selling goods or services before any expenses are subtracted.

  • Profit

    the financial gain that remains when a business earns more money from sales than it spends on costs and expenses

  • Household

    a fundamental unit consisting of one or more people living in the same housing unit who make joint economic decisions regarding income, resource allocation, and consumption

  • Factors of Production or Economic resources

    The foundational inputs required to create goods and services

  • Capital

    durable, man-made assets used as inputs to produce other goods and services or generate income

  • Human Capital

    the collective value of the skills, knowledge, health, and experience that people bring to their work and the economy