Social Studies 232 Economics and Government Section

Front

Supply and demand refers to:

Back

The relationship between the availability of goods and consumer desire

Front

The concept of opportunity cost refers to:

Back

The value of the next best alternative given up when a decision is made

Front

A market economy is characterized by:

Back

Private ownership and market-based decisions on production and pricing

Front

Scarcity refers to:

Back

The limited nature of society’s resources

Front

In a command economy, the government typically:

Back

Controls all aspects of the economy, including production and distribution

Front

Gross Domestic Product (GDP) measures:

Back

The total income of a country's citizens

Front

Inflation refers to:

Back

An increase in the overall price level of goods and services

Front

Monetary policy is typically controlled by:

Back

The Federal Reserve

Front

Fiscal policy involves:

Back

Government decisions on taxation and spending

Front

A recession is characterized by:

Back

A decline in economic activity, including GDP and employment