Intro to Economics

Front

Supply and Demand

Back

An economic model of price dtermination.

Front

GDP (Gross Domestic Product)

Back

Total market value of all final products produced in a country during a single year.

Front

Product

Back

Either a good or service

Front

Standard of Living

Back

the quality of life of the people living in a country

Front

Stock Market

Back

A stock exchange

Front

Bear Market

Back

a downward trend in financial markets.

Front

Bull Market

Back

an upward trend in the financial market

Front

Opportunity Costs

Back

the potential forgone profit from a missed opportunity

Front

3 Basic Economic Questions

Back

What to produce?

How to produce it?

For whom to produce?

Front

Profit motive

Back

the desire for financial gain as an incentive in economic activity