Econ Mod 10 & 11 Vocab 1

Front

Circular flow diagram?

Back

A visual representation of the interaction between households and firms in an economy.

Front

In a command economy, who makes economic decisions?

Back

Government authorities

Front

Division of labor in economics:

Back

Allocation of tasks among workers to produce goods or services.

Front

Central focus of economics?

Back

Studying how humans make choices in conditions of scarcity.

Front

Economies of scale:

Back

Efficiency gained as production increases.

Front

Exports in economics

Back

Goods and services made domestically and sold abroad

Front

Fiscal policy involves:

Back

Government spending and taxes

Front

Globalization in economic terms

Back

The trend of buying and selling crossing national borders.

Front

Market where firms sell and households buy?

Back

Goods and services market

Front

GDP is defined as the measure of total production in an economy.

Back

The measure of the size of total production in an economy.