Economics and Finance: Basic Terminology

What is the term for the situation when there is a limited supply of a good or service?

• Scarcity

• Inflation

• GDP

• Monopoly

What is the term for the value of the next best alternative that is given up when making a choice?

• Supply and Demand

• Opportunity Cost

• Imports and Exports

• Interest Rate

What is the term for the general increase in prices of goods and services over time?

• Trade Deficit

• Gross Domestic Product

• Inflation

• Stocks and Bonds

What is the term for the total value of all goods and services produced within a country in a given period of time?

• Tariffs

• Investment

• GDP

• Competition

What are the terms for the buying and selling of goods and services between countries?

• Imports and Exports

• Monopoly and Competition

• Interest Rate and Investment

• Stocks and Bonds

What is the term for a situation where a country's imports exceed its exports?

• Trade Surplus

• Trade Deficit

• Tariffs

• Demand Curve

What are the terms for taxes imposed on imported goods and barriers that restrict free trade?

• Scarcity and Opportunity Cost

• GDP and Inflation

• Tariffs and Trade Barriers

• Interest Rate and Investment

What is the term for the percentage charged by a lender for the use of their money?

• Investment

• Interest Rate

• Monopoly

• Competition

What is the term for the purchase of goods or assets with the expectation of generating income or profit?

• Stocks and Bonds

• Demand Curve and Supply Curve

• Imports and Exports

• Investment

What is the term for a market structure where there is only one seller of a particular product?

• Monopoly

• Competition

• GDP

• Inflation