Economics and Business Definitions 9B

Question 1

Opportunity Cost

Answer 1

The cost of the next best alternative use of resources

Question 2

Scarcity

Answer 2

The shortage or short stock of supplies

Question 3

Natural resources

Answer 3

resources that are naturally produced from the earth

Question 4

GDP

Answer 4

(Gross Domestic Product) An estimate of the value of goods and services made by one country in a year.

Question 5

Depression

Answer 5

A decline of total GDP that has gone on for more than 2 years

Question 6

Scarcity

Answer 6

A decline of total GDP that has gone on for more than 6 months

Question 7

Labour Resources

Answer 7

Man made resources that involve natural labor

Question 8

Capital Resources

Answer 8

Resources produced by companies such as plastic or macdonalds

Question 9

CPI

Answer 9

Consumer Price Index

Question 10

Economy

Answer 10

A large set of inter-related consumption of goods and services

Question 11

Demand

Answer 11

The wants for goods and services

Question 12

Supply

Answer 12

The number of resources used for financial consumption

Question 13

Market

Answer 13

the exchange of goods and services from the buyers and sellers

Question 14

Employed

Answer 14

Someone who works a specific number of hours for a salary

Question 15

Unemployed

Answer 15

Someone who

Does not have a paid job but is available to work

Question 16

Labour force

Answer 16

Specific people in a group of people who are able to work

Question 17

Automation

Answer 17

Some Thing that is don’t without the impact of humans