Key Terms Instructions: Please Define the Following Key Terms

question 3

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
The Prince

Understand the significance of money in facilitating trade and the concept of coincidence of wants.

Grasp the concept and significance of the circular flow model in understanding economic activities.

Identify the distinguishing features and advantages of different business structures, including corporations.

Distinguish between the market system's incentives and the impact of government intervention on economic efficiency.

---

Definitions:

Economic Success

The achievement of financial health and sustainability, often measured by factors like income, employment rate, and GDP growth.

Latino

A person of Latin American origin or descent, often used interchangeably with Hispanic, although they have distinct definitions based on geography and culture.

Inequalities in Income

The uneven distribution of income within a population, leading to disparities in wealth, access to resources, and quality of life among different social and economic groups.

Inequalities in Wealth

The uneven distribution of assets, wealth, and income among individuals or across different groups in society.