Scarcity
Something essential for survival such as food or medical care.
What is a "Need?"
All natural resources used to produce goods and services.
What is "Land?"
The amount of money a business receives in excess of its expenses.
What is a "Profit?"
The study of economic behavior and decision=making in a nation's whole economy.
What is "Macroeconomics?"
The act of redirecting resources from being consumed today so that they may create benefits in the future.
What is an "Investment?"
Physical objects that someone produces , such as food, clothing or video games.
What are "goods?"
The effort people devote to tasks for which they are paid. Examples include the medical care provided by a doctor and classroom instruction provided by a teacher.
What is Labor?
Level of Economic Prosperity.
What is "Standard of Living?"
The study of economic behavior and decision-making in small units such as a "household".
What is "Microeconomics?"
Spreading out your investments to reduce risk.
What is "Diversification?"
The study of how people seek to satisfy their needs and wants by making choices.
Any human-made resource that is used to produce other goods and services.
What is "Capital?"
The process of bringing new methods, products or ideas into use.
What is "Innovation?"
The total value of all final goods and services produced in a country in a given year.
What is the "Gross Domestic Product?"
Information to a potential investor in an investment report may be found in this.
What is a "Prospectus?"
This occurs when consumers want more of a good or service that producers are willing to make available at a particular price.
What is a "Shortage?"
The Most desirable alternative somebody gives up as the result of a decision.
What is "opportunity Cost?"
1) What goods and services should be produced?
2) How should these goods and services be produced?
3) Who consumes these goods and services?
What are the "Three Key Economic Questions?"
The alternating patten of periodic expansion and contraction.
What is the "business cycle?"
The money an investor receives above and beyond the sum of money that has been invested.
What is "return?"
People who decide how to combine resources to create new goods and services.
What is an "Entrepreneur?"
The resources used to make all goods and services.
What are the "Factors of Production?"
A set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries or natural disasters.
What is a "safety net?"
This refers to the value of hard work.
What is "work ethic?"
A collection of financial assets. This may include stocks, bonds, cash, real estate etc.
Portfolio