Word Power
What defines an entrepreneur?
What is: An individual who creates and introduces new products or services.
Who was creative destruction coined by?
Who is Joseph Schumpeter!!
What is: Profit = Total Rev- Total cost
What are wages?
What is: payments made to workers in exchange for their labor, typically calculated on an hourly or salary basis
Coined by Joseph Schumpeter, this term is defined as when new innovations replace old ones leading to
economic and social transformation.
What is Creative Destruction
who are the key drivers of economic progress?
What is Entrepreneur
What is the income from the selling of products which is price x quantity sold
Revenue
What is the 30% rule?
What is: you should spend no more than 30% of your income on housing costs or it can burden your income.
improvements that drive economic
progress is called what:
What is Innovation
what are the two ways Schumpeter though shaped Capitalism?
What is Supply and Demand and Innovation
whats the difference between explicit cost and implicit cost?
what is: one involves direct, out-of-pocket payments, while the other represents the value of foregone opportunities with no actual cash spent.
Name the differences between Living wage and Minimum wage:
Minium Wage: Is the entry level starting pay.
Living wage: A location specific wage that covers basic living essentials such as food, shelter, child childcare etc.