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1.Economic Principle

QuestionAnswer
Asset any item possessing value
Capital As a factor of production
Entrepreneur person who starts his own business
Factors of Production land, labor, capital, technology
Gross Domestic Product (GDP) the total market value of all goods
Income money received in exchange for labor
Labor (Factor of Production) work or human effort
Land (Factor of Production) natural resources
Lorenz Curve a graph illustrating income distribution
Market Share the percentage of market controlled
National Income the total national income from all sources
Opportunity Costs the value of the thing sacrificed
Per Capita Income national income divided by population
Personal Distribution of Power The manner in which the economy's personal ordisposable income is divided among different icome classes or different households or families.
Production Possibilities Curve A graphical representation of the alternative combinations of the amounts of two goods or services that an economy can produce by transferring resources from one good or service to the other.
Productivity The quality, state, or fact of being able to generate, create,enhance, or bring forth goods and services.
Profit earnings after subtracting expenses and costs
Principle of Scarcity never adequate resources
Technology the branch of knowledge that deals with the creation anduse of technical means and their interrelation with life,society, and the environment, drawing upon such subjectsas industrial arts, engineering, applied science, and purescience.
Trade off an exchange that occurs as a compromise
Created by: pestilence
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