Economics EOC Review part 1

Front

A system by which goods and services are produced and distributed is the:

Back

economy

Front

The total value of goods and services produced within the borders of a country during a specific time period, usually one year.

Back

GDP (Gross Domestic Product)

Front

The thing that you give up (the next best alternative) when you make a decision is known as

Back

Opportunity Cost

Front

The reason why you can't have everything you want is because of 

Back

Scarcity

Front

A general increase in prices

Back

inflation

Front

How much people want something

Back

demand

Front

How much of something is available

Back

supply

Front

an economic rule stating that the quantity demanded and price move in opposite directions

Back

law of demand

Front

a product that can be used in place of another product

Back

substitute

Front

What is the government payment to an individual, business or other group for certain action? Options: subsidy, capital, labor, goods

Back

subsidy