Economy terms 11-21
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Public sector | the part of the economy that is run by the government; jobs are rarely subject to economic forces
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| imports | the goods and services that are brought into a country
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| 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.
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| land | refers to where a business is located. The property and building could be owned or rented
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| labor | term used to describe the human effort needed to produce goods and services
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| exports | the goods and services a nation sends abroad
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| private sector | privately owned businesses, corporations, etc.
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| capital | the money that a business needs to get started and keep operating
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| depression | the severe economic slowdown of the economy, in which people lose jobs and plants close.
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| entrepreneur | one who starts a business
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teacherang19
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