Chapter 1 & 2 EPF

When the average price of goods goes up sharply

• Capital

• Surplus

• Inflation

• Utility

When the quantity supplied is greater than the demand

• Capital

• Surplus

• Inflation

• Utility

The idea that there is never enough of anything to satisfy everyone

• Capital

• Scarcity

• Opportunity Cost

• Utility

Any resources used by humans to make other goods and services

• Capital

• Scarcity

• Opportunity Cost

• Utility

The alternative that you give up in order to do something else (Next Best Alternative)

• Capital

• Scarcity

• Opportunity Cost

• Utility

The study of how people produce, distribute, and use goods and services

• Economics

• Globalization

• Utility

• Gross Domestic Product

The growing integration of the world's economies

• Economics

• Globalization

• Utility

• Gross Domestic Product

The measure of happiness or satisfaction

• Economics

• Globalization

• Utility

• Gross Domestic Product

The total value of goods and services produced in a country

• Economics

• Globalization

• Utility

• Gross Domestic Product

People who purchase goods and services

• Economics

• Globalization

• Utility

• Consumers