Economics Introduction

The amount of a good or service that is wanted is called:

• supply
• demand
• equilibrium
• inflation

The amount of a good or service provided is called:

• supply
• demand
• equilibrium
• inflation

The total value of goods and services produced within the a country during one year.

• Gross Domestic Product (GDP)

• Gross National Income (GNI)

• Gross Food Cafeteria (GFC)

• Human Consumption Chart (HCC)

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Factors of Production

• Market Economy

• Profit

• Economics

Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________.

• Labor

• Capital

• Revenue

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics

• Philosophy

• Capitalism

The four factors of production.

• Machines, Money, Oil, Plastic

• money, big cars, money, diamond rings

• Natural Resources, Labor, Capital, Entrepreneurship

Name for the risk-taking businessmen who start businesses and are one of the factors of production.

• Land

• Labor

• Capital

• Entrepreneurship

This measurement is used to determine how well a country's economy is doing.

• Stock Market Prices

• Gross National Assessment

• Gross Domestic Product

Phrase that means how good a person's quality of life is.

• Opportunity standard

• Standard of living

• rent control