Economics
What is Scarcity?
the state of being scarce or in short supply; shortage.
Savings and investment?
attempting to grow some of your money by buying assets that have the potential to increase in value or pay a higher interest rate, such as stocks, bonds, or real estate
Opportunity cost?
the loss of potential gain from other alternatives when one alternative is chosen
Business cycle?
the rise and fall of economic activity over time
3 factors of production?
land, labor, and capital, to earn a profit
Profit?
the money a business makes after all its expenses have been subtracted from its income
Supply and demand?
if the supply increases and demand stays the same the price will go down
Monetary Policy?
a set of tools used by a nation's central bank to control the money supply and credit conditions, aiming to promote economic growth, stable prices, and maximum employment
GDP gross domestic product?
the total value of all the final goods and services made by a nation's economy in a specific time
Budgeting?
allow or provide a particular amount of money in a budget.