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The division of things into shares or proportions
Meaning of Allocation?
The branch of economics that studies the behaviour and performance of an economy as a whole
Meaning of Economics?
An act of trading goods or services between two or more parties without the use of money
Meaning of Barter?
The study of individuals', households' and firms' behaviour in decision making and allocation resources
Meaning of Microeconomics?
The condition in which economic resources are being used to produce the maximum amount of goods and services
Meaning of Capital Good?
A commodity accepted by general consent as a medium of economic exchange
Meaning of Money?
Natural assets occuring in nature that can be used for economic production or consumption
Meaning of Natural Resources?
One that consumes, especially on that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.
Meaning of Consumer?
The value of what you have to give up in order to choose something else.
Meaning of Opportunity Cost?
Products bought for consumption by the average consumer
Meaning of Consumer Goods?
Someone who creates or supplies goods and services.
Meaning of Producer?
The ability of an individual or organization to to obtain goods or services before payment, based on an agreement to pay later
Meaning of Credit?
A graphical representation of the different amounts of a product that a business or economy can produce based on a shared resource.
Meaning of Production Possibilities Curve (P.P.C)?
The seperation of a work process into a number of tasks, with each task performed by a person or a group of persons.
Meaning of Division of Labour?
The branch of knowledge concerned with production, consumption, and transfer of wealth.
Meaning of Economics
A measure of economic performance that compares the amount of goods and services produced with the amount of inputs used to produce those goods and services.
Meaning of Productivity?
An expert in Economics.
Meaning of Economist?
A service or other asset used to produce goods and services that meet human wants and needs.
Meaning of Resource?
When all goods and factors of production in an economy are distributed or allocated to their most value
What is Efficiency?
The demand for goods or services is greater than the availability of them.
Meaning of Scarcity?
An individual that indentifies a need in the marketplace and works to fulfill it
Meaning of Entrepreneur
Earning a total family income at a level that enables a family unit to support itself without receipt of a cash assistance grant.
Meaning of Self-Sufficiency
The process of discovering new ways of combining resources.
Meaning of Entrepreneurship?
Intangible Commodity.
Meaning of Service.
Marketplace where securities, commodities, derivatives, and other financial instruments are traded.
Meaning of Exchange?