UNIT 1- ECONOMIC PRI Word Scramble
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Question | Answer |
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
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