ECONOMICS: LAW OF SUPPLY AND DEMAND, NATIONAL INCOME

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

The amount of goods available:

• Supply
• Demand
• Utility
• Equilibrium

Demand can be best defined as

• an individuals need or desire for a good or service at a given price.
• how much of a good or service is being produced.

This is the value of all goods and services produced in the economy in a year. It measures the economic performance of a country.

• National Income
• Econmic Growth
• Circular Flow of Income

A higher GDP generally correlates to a(n) ___________ standard of living.

• higher

• lower

• unrelated

GDP is the total value of all final goods and services produced in a country in a year.

• True

• False

Including all production with a countries borders + all production by domestic business abroad is called as

• GDP(GROSS DOMESTIC PRODUCT)

• GNP(GROSS NATIONAL PRODUCT)

• GNI(GROSS NATIONAL INCOME)

GDP divided by Population =

• GDP

• GNP

• GDP per Capita

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer