Economics EOC Review part 1
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Other
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12th Grade
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Practice Problem
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Hard
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1.
FLASHCARD QUESTION
Front
A system by which goods and services are produced and distributed is the:
Back
economy
2.
FLASHCARD QUESTION
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)
3.
FLASHCARD QUESTION
Front
The thing that you give up (the next best alternative) when you make a decision is known as
Back
Opportunity Cost
4.
FLASHCARD QUESTION
Front
The reason why you can't have everything you want is because of
Back
Scarcity
5.
FLASHCARD QUESTION
Front
A general increase in prices
Back
inflation
6.
FLASHCARD QUESTION
Front
How much people want something
Back
demand
7.
FLASHCARD QUESTION
Front
How much of something is available
Back
supply
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