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)

One of the various statistical measures that show the relative stability of an economic system

• Indicator

• Gross Domestic Product
• Inflation Rate
• Unemployment Rate