Economy Flashcards
Economic growth
Is the increase in the production of goods and services in a economy.
A rising tide lifts all boats
Means when the economy grows all sectors of the economy and population are benefit
Trickle-down effect
Means the benefits given to the wealthy will eventually be passed to everyone
Wealth gap
Refers to the unequal distribution of money and assets among different people or groups in a society, where some have more wealth than others
Consumption
The using up of the resources
Income
Money that is earned from doing work
Steady-state economy
Is a balanced scale where the overall size of economy activity stays constant over time
Extravagant
Spending to much more than the necessary
Affluent
Rich
Hardship
A condition that is difficult to suffering
Obsession
A fixed idea that you can’t stop thinking about
Pragmatism
A practical way of dealing with problems
Grudgingly
Unwillingly (de mala gana a regaña dientes
Folly
Stupidity
Bulk
The greatest part
