Economic Opportunities
Definition
Economic opportunities refer to the chances that individuals or businesses have to improve their standard of living through employment, wage increases, and the development of new ventures.
Analogy
Think of economic opportunities like a buffet. The more options you have (like different dishes), the better your chance of finding something you enjoy and benefit from.
Related terms
Market Economy: An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Capitalism: An economic system characterized by private ownership of goods and services for profit.
Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
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