Economics Basics for Grade 9

Front

Economics

Back

Study of resources, production, distribution

Front

Supply and Demand

Back

Market forces determining price

Front

Inflation

Back

General increase in prices

Front

GDP

Back

Gross Domestic Product, economic health

Front

Market Economy

Back

Economic system based on supply and demand

Front

Opportunity Cost

Back

Cost of next best alternative

Front

Scarcity

Back

Limited resources, unlimited wants

Front

Monopoly

Back

Single seller in a market

Front

Fiscal Policy

Back

Government spending and taxation

Front

Microeconomics

Back

Study of individual markets