EPF Unit 1 Set 1 LEq 1-3

Front

Study of large-scale economies, such as nations

Back

Macroeconomics

Front

Study of behavior and decisions made by individuals and businesses.

Back

Microeconomics

Front

having more than you want or need

Back

surplus

Front

Study of how people, businesses, and governments choose to use limited resources.

Back

Economics

Front

A statistic about an economy that helps analyze its health and direction.

Back

indicator

Front

Total value of all the goods and services produced in a particular country in one year.

Back

Gross Domestic Product (GDP)

Front

monopoly

Back

one producer

Front

Pure competition

Back

A lot of firms, a lot of consumer sovereignty

Front

Consumer sovereignty

Back

Consumers hold the power to influence production decisions.

Front

Something that makes it difficult to enter a market.

Back

barrier