Economics Ch. 1 Lesson 3 Quiz

An increase of a nation's total output of goods and services over time. 

• Economic Growth 
• Surplus 
• Productivity 
• Human Capital 

Measure of the amount of output produced in a specific time period with a given amount of resources. 

• Productivity 
• Gross Domestic Product 
• Ecology
• Economic Growth

A location or other mechanism that allows buyers and sellers to exchange a specific product.

• Market
• Amazon
• Business
• Economy 

Market in which all of the factors of production are bought and sold.

• Factor Market
• Free Market
• Stock Market
• Product Market

A market in which goods and services are bought and sold.

• Factor Market
• Free Market
• Stock Market
• Product Market

Graph, figure, equation, or diagram used to 

• Product Market
• Cost-benefit Analysis
• Economic Model 
• Productivity Analysis

A way of comparing the benefits of an action to the expected cost.

• Cost-benefit Analysis
• Economic Model 
• Productivity Analysis
• Assumptions

Economy where privately owned businesses make the majority of the decisions with limited government involvement. 

• Free Enterprise Economy 
• Market Economy 
• Command Economy 
• Product Economy 

Quality of life based on the ownership of necessities and luxuries that make life easier.

• Standard of Living
• Surplus
• Gross Domestic Product
• Consumption

Economic growth requires _______________ and _______________. 

• Risk, Sacrifice 
• Products, Consumers
• Investments, Capital 
• All of these