Economic Activites
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Earning | Gaining money by working, owning a business, or receiving investment returns
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| earnings | Money gained from earning
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| productivity | The amount of goods/services an employee produces
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| advance | To get a promotion and/or raise in salary
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| workplace trend | A direction in which the workplace is moving
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| workplace opportunity | A chance to get a job, advance in a career, or start or expand a business
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| standard of living | The style of living that a person can afford, according to his/her income
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| market economy | A free enterprise system in which consumers respond to the economy as they wish --- in their earning, spending, saving, and borrowing
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| gross domestic product | The total output of goods and services in a nation
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| responsible | Showing a responsible approach to choices, considering obligations to others
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| Spending | Using money to purchase goods and services
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| prosperity | A period in which individuals/businesses are financially successful and thriving
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| recession | An economic period of six months or more when growth is slowed down
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| supply | The amount of goods/services available at any point in time
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| demand | The amount of goods/services consumer want to buy at any point in time
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| Law of Scarcity | Individuals, families, businesses and nations have limited resources with which to meet the unlimited needs and wants of consumers/citizens
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| trade-off | The choice of one item while giving up another
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| opportunity cost | The highest-valued alternative that must be given up when a choice is made
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| Saving | Putting aside money for later use
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| durable goods | Items with lasting value, the purchase of which is considered a form of savings
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| savings rate | The amount of money people save in an economy
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| financial security | Having enough money saved to be able to withstand crises and emergencies
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| Borrowing | Obtaining money, goods, or services in exchange for promise of future payment
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| credit | Borrowing; buying now, paying later
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| interest rate | Percentage of amount borrowed to be added to the amount loaned and paid back
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| inflation | A period in which demand for goods/services is high and prices to rise
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Created by:
Shatoria
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