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Economic Principles

QuestionAnswer
What is an asset? property owned by a person or company regarded as having value and available to meet debts
captial is capital goods which are inputs to produced final products
entrepreneur person starting own business
gross domestic product total value of goods produced and services provided in a country durong a year
income money recived for work
labor work or human effort
factor of producation land, labor capital
loernz curve a graph illustrating income distributive
land natural resoucres
market share % of the market controlled
national income total nat income from all sources
appurtunity costs value of the thing sacrificed
per cpita income nat income divided by population
productivity efficiency
profit earnings after subtracting expenses and costs
principle of security never adequate resources
technology knowledge or science
tradeoff sacrifices in economic decisions
Created by: nicolesingh
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