Unit 3: Macroeconomics

Front

What is the study of how society manages its scarce resources called?

Back

Economics

Front

What does GDP stand for?

Back

Gross Domestic Product

Front

Which term describes goods and services sold to other countries?

Back

Exports

Front

What is a government tax on imports or exports called?

Back

Tariff

Front

Which economic system is based on private ownership of money? Options: Socialism, Communism, Capitalism, Autarky

Back

Capitalism

Front

What is the term for economic independence or self-sufficiency?

Back

Autarky

Front

What is the tendency of a shared resource to be overused and depleted called?

Back

Tragedy of the Commons

Front

What does the term "per capita" mean?

Back

Per person

Front

What is a market?

Back

A place where goods and services are made

Front

What are commodities?

Back

A valuable thing that can be bought and sold