Economics Introduction

Front

The amount of a good or service that is wanted is called:

Back

demand

Front

The amount of a good or service provided is called:

Back

supply

Front

The total value of goods and services produced within a country during one year.

Back

Gross Domestic Product (GDP)

Front

There are 4 _______________. They are land, labor, capital and entrepreneurship.

Back

Factors of Production

Front

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

Back

Capital

Front

The study of how people seek ways to meet their wants and needs by making choices is called?

Back

Economics

Front

The four factors of production.

Back

Natural Resources, Labor, Capital, Entrepreneurship

Front

Name for the risk-taking businessmen who start businesses and are one of the factors of production.

Back

Entrepreneurship

Front

This measurement is used to determine how well a country's economy is doing.

Back

Gross Domestic Product

Front

Phrase that means how good a person's quality of life is.

Back

Standard of living