Econ.
Associate’s Degrees & Bachelor’s degrees typically take __to__ years to acquire.
two to Four
An estimate of income and expenditure for a future period.
BUDGET
Scarcity means...
In short supply, not enough.
Physical objects that can be bought, sold, and owned.
GOODS
Consumption is...
To use something or take it in.
COST in economics mean...
what must be given up in order to get something.
Money or value that an individual or business entity receives in exchange for providing a good or service or through investing capital. (Money In)
INCOME
BENEFIT in econ. means...
a helpful or good effect.
Work for which a person or business is willing to pay.
SERVICES
Distribution is...
How resources are divided between people.
When can we get a Master’s Degree and how long to graduate?
2-3 years of full-time study after a Bachelor’s Degree.
A sale in which buyers compete for an asset by placing bids.
AUCTION
A Resource is...
Anything that can be used to meet human needs/wants
The highest degree, which signifies mastery in a specific field.
Doctoral Degree
PROFIT is...
The difference between the amount earned and the amount spent in buying, operating, or producing something.
PROFIT= TOTAL REVENUE - TOTAL COSTS
FIXED COSTS is...
THINGS A BUSINESS PAYS FOR WHOSE PRICE REMAINS THE SAME REGARDLESS OF HOW MUCH THE BUSINESS PRODUCES.
Payments made or liabilities incurred in exchange for goods or services. (Money Out)
EXPENDITURES
A Renewable Resource is...
resources that continue to exist after being consumed or can replenish themselves over a period of time.
Benefits or costs of an action that influence people's decisions and behavior.
INCENTIVES
VARIABLE COST is...
THINGS A BUSINESS PAYS FOR THAT CHANGE DEPENDING ON HOW MUCH THE BUSINESS PRODUCES.
OPPORTUNITY COST means...
What is given up when choosing one option over another.
The types of things needed for economic activity
PRODUCTION FACTORS
COST-BENEFIT ANALYSIS means...
Any systematic process of evaluating the benefits and drawbacks of a decision.
Refers to an investment already incurred (lost/paid) that can't be recovered.
SUNK COST
A Non-Renewable Resource is...
a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption. Ex.-Gas/Oil, Diamonds,