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Business Mgt 9

QuestionAnswer
Human Capital The measure of economic value of an empoyee's slill set
Want to feel a need or a desire for
Need a requirement, necessary duty, or obligation
Trade Off 7. The exchange of one thing for another of more or less equal value, esp. to effect a compromise
Scarcity Insufficiency or shortness of supply; dearth
Land Natural resources as a factor of production.
Adam Smith Scottish economist
Capital Your or a business’s wealth, whether in money or property
Welfare 16. the good fortune, health, happiness, prosperity, etc., of a person, group, or organization; well-being
Socialism 13. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution
Externality an external effect, often unforeseen or unintended, accompanying a process or activity
Oppurinity Cost The cost of an alternative that must be forgone in order to pursue a certain action
Inelastic Relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price
Physical Capital Refers to any non-human asset made by humans and then used in production
Microeconomics The study of the operations of the components of a national economy, such as individual firms, households, and consumers
Created by: Madanc
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