EPF Unit 1.1

The study of large - scale economies; economic decisions of a nation/government

• macroeconomics

• microeconomics

• trickle down economics

• market economy

The study of the behaviors and decisions made by individuals, households, and firms; economic decisions of individual and firms

• macroeconomics

• microeconomics

• command economy

• market economics

An economic system where the decisions of what, how and for whom to produce are based on custom or habit

• Command Economy

• Mixed Economy

• Traditional Economy

• Market Economy

An economic system where the major economic decisions are made by the central government

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

A system in which economics decisions and pricing are guided by the interactions of citizens and businesses

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Economic system that has characteristics of both a market and command economy

• Traditional Economy

• Mixed Economy

• Market Economy

• Command Economy

what you have to give up to buy what you want in terms of other goods or services

• free choice cost

• opportunity cost

• market cost

• unknown cost

Measures the overall change in consumer prices based on a representative basket of goods and services over time

• Consumer Price Index (CPI)
• Gross Domestic Product (GDP)
• Unemployment Rate
• Interest Rate

the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period

• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Purchasing Power Parity (PPP)
• Human Development Index (HDI)

an economic system where the prices for goods and services are determined by the open market and the forces of supply and demand, without government intervention or regulation

• Free Market

• Socialism
• Restrictive Market

• Fascist Market