Economic Opportunities
Definition
Economic opportunities refer to chances for people to improve their standard of living through employment. It can also mean opportunities for businesses to increase their profitability.
Analogy
Imagine economic opportunities as doors in a hallway. Some doors lead to small rooms (low-paying jobs), while others lead to larger rooms filled with treasures (high-paying jobs). The more education and skills you have (keys), the more doors you can open.
Related terms
Economic Development: This is an effort that seeks to improve economic well-being and quality life for communities through creating jobs and sustainable growth.
Income Inequality: This term refers to an unequal distribution of income within a population.
Unemployment Rate: This measures the number of people actively looking for work as a percentage of the labor force.
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