_____, Meaning Soul, and _____, Referring to the Study of a Subject

question 188

Short Answer

_____, meaning soul, and _____, referring to the study of a subject, are the two Greek roots that were put together to define this discipline.

Master the ability to match specific accounting terms to their correct definitions or descriptions effectively.

Understand the basic principles and definitions of economics including the allocation of scarce resources and opportunity cost.

Comprehend the concept of opportunity cost in practical scenarios, such as governmental spending decisions.

Identify key factors that enable full production in an economy, including technology and resource utilization.

---

Definitions:

Compounding

The process whereby interest is added to the principal sum, so that from that moment on, the interest that has been added also earns interest.

Demand Curve

A graph representing the relationship between the price of a good and the quantity demanded, with price on the vertical axis and quantity on the horizontal axis.

Loanable Funds

The money available for borrowing in the financial markets, determined by savings and investments.

Savers

Individuals or entities that set aside a portion of current income for future use, often by depositing money in savings accounts or investing in securities.