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SPA ECON 3
Question | Answer |
---|---|
state in which people do not have enough resources to satisfy their every desire | scarcity |
buying and selling; doing business | commerce |
in economics, doing business, usually one country doing business with another | trade |
something that is owed; an obligation to pay back borrowed money | debt |
the ability to complete a task with as little use of resources as possible | efficiency |
the right or privilege to do what you want | freedom |
An increase in the capacity of an economy to produce goods and services, compared from one period of time to another | growth |
freedom from financial worries; safety | security |
resistance to sudden change; likely to remain the same | stability |
exchanging one thing for another; a compromise | trade-offs |
rewards that motivate people to behave in certain ways | incentives |
transfering ownership from the government to private owners | privatization |
transfering ownership from private owners to the government | nationalization |