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UNIT 1- ECONOMIC PRI

UNIT 1 ECONOMIC PRINCIPALS

QuestionAnswer
Asset Asset- Economic Resources/ Anything of Value
Capital Capital- Sums of money or assets put to productive use/ Something that can be used to produce a service
Enterpreneurship Entrepreneurship- is the act and art of being an entreoreneur
Gross Domestic Product Gross Domestic Product- is the market value of all officially recongnized final good and services produced within a country
Factor Of Production Factors of Production- the inputs to the production process/ reasources to produce something
Income Income- The consumption and savings opportunity gained by an entity within a specified timeframe/ money you receive
Labor Labor- productive activity, especially for the sake of economic gain./ human work
Land Land- any part of the earth's surface not covered by a body ofwater; the part of the earth's surface occupied bycontinents and islands:
Lorenz Curve Lorenz Curve- Graphicaal represetation of the cumulative distribution function of the empirical probility distribution of wealth
Market Share Market Share- Percentage of a market accounted for by a specific entity
National Income National Income- The Government expenditures
Opportunity Costs Opportunity Costs- IS the cost of any activity measured in terms of the value of the next bst alternative for gone.
Per Captia Income Per Capita Income- Average income or income per person is the mean income within an economic aggregate
Personal Distribution of Income Personal Distribution of Income- how income is distributed on people
Production Possibilities Curve Production Possibilities Curve- is a graph that compares the production rates of two commodities that use the same fixed total of the factors of production.
Productivity Productivity- efficiency
Profit profit- Money Made
Principal of Scarcity Principle of Scarcity- Scarce- Not having much- COSTS SKYROCKET
Technology Technology- science
TradeOff Tradeoff- sacrifice
Created by: armend1996