Economic Opportunities
Definition
Economic opportunities refer to chances for individuals or businesses to improve their standard of living through employment or entrepreneurial ventures.
Analogy
Imagine economic opportunities as doors in a hallway. Some doors lead to small rooms (low-paying jobs), some lead to larger rooms (higher-paying jobs), while others open up into entire suites (entrepreneurial ventures). The key is finding which door suits your skills and ambitions best.
Related terms
Entrepreneurship: This involves starting a new business venture from scratch, taking on financial risks in hopes of profit.
Job Market: This term refers to the supply/demand relationship between employers who offer jobs and people seeking employment.
Income Inequality: This term describes an uneven distribution of income within a population.
"Economic Opportunities" appears in:
Subjects (2)
Study guides (1)
Practice Questions (1)
- Which event led to a massive migration of Americans to the West in search of economic opportunities?
Resources
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