Answered: Match the terms with the related…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Match the terms with the related concept by placing the term next to the correct definition.

_____________ refers to a condition where someone cannot afford the basic neccesities of life.

_____________ refers to disparity between high income and low income workers

_____________ indicates the percentage of people that cannot afford the basic neccesities of life

_____________ refers to a situation where a region lacks the resources to have self sustaining economic growth.

_____________ represents the income level needed for a basic standard of living.

Welfare
A poverty trap
Scarcity
Inequality
An income trap
The poverty line
Poverty
Income distribution
The poverty rate

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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