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Economy terms 11-21

TermDefinition
Public sector the part of the economy that is run by the government; jobs are rarely subject to economic forces
imports the goods and services that are brought into a country
opportunity cost the economic opportunity that is lost because another opportunity that is taken. The item we are forced to do without because our budget does not allow for it.
land refers to where a business is located. The property and building could be owned or rented
labor term used to describe the human effort needed to produce goods and services
exports the goods and services a nation sends abroad
private sector privately owned businesses, corporations, etc.
capital the money that a business needs to get started and keep operating
depression the severe economic slowdown of the economy, in which people lose jobs and plants close.
entrepreneur one who starts a business
Created by: teacherang19