Economics Flashcards

2416242972	Investment	refers to the use of resources by businesses, individuals, or government to increase productive capacity by developing new technology, obtaining new capital resources, or improving the skills of the work force.	0
2416301336	Productivity	is defined as the quantity of goods and services produced by an individual, a company, a sector of the economy, or an economy in a given amount of time.	1
2416319090	Inflation	may be defined as a rise in the general level of prices in an economy.	2
2416490334	Profit	The difference between the total revenue and the total cost of a business.	3
2416498826	Profit motive	A person's motivation to make a profit, and to earn money as an entrepreneur.	4
2416538301	Gross Domestic Product (GDP)	The most inclusive measure of an economy's output. It is defined as the market value of the total output of final goods and services produced in one year.	5
2416554452	Opportunity costs	the most important alternative that is given up as a result of a specific economic decision.	6
2416888945	Economic growth	When the economy experiences an increase in the actual amount of goods and services produced in a given time,	7
2417450054	Production	refers to the activity of combing resources to make goods and services.	8
2417476452	Resource	anything used to produce goods and services	9
2417848223	Entrepreneurship	the risk-taking that occurs when a person starts a new business.	10
2417921964	Business cycle	the continuous sequence of ups and downs in the economy	11
2417925176	Recession	decline in business activity.	12
2417930201	Depression	recession that continues for too long.	13
2417949587	Expansion	economic growth.	14
2418026552	Boom	Economic expansion in the business cycle	15
2418037940	Bust	Economic recession in the business cycle	16
2460013592	Land	all natural resources: including land, water, air, and wildlife.	17
2460024588	Capital	the money, buildings, machinery, and equipment used to produce goods and services.	18