fin lit-money in action income Flashcards
1
Q
what is scarcity
A
when our resources are limited but our wants/needs are unlimited
2
Q
what is a human resource
A
a resource that uses human skills (mental or phyical used to produce goods/services
3
Q
what are unlimited wants
A
we want more than we can produce with scarce resources
4
Q
what are royalties
A
a contractual payment by a person for the use of assets belonging to another person
5
Q
what are salaries
A
a fixed regular payment (monthly or weekly)
6
Q
what are dividends
A
money you earned from owning shares in the stock market
7
Q
what are wages
A
a payment usually of money for labor or services usually according to a contract and on an hourly basis
