Economic Concepts and Terminology

Front

An ______ is a system of producing, selling, and buying goods and services.

Back

Economy

Front

The value of the thing you give up in the tradeoff is called an _______ _____

Back

Opportunity Cost

Front

_____ is the money an individual or business has left after paying expenses.

Back

Profit

Front

Workers sell their labor in exchange for payment, called ______.

Back

Income

Front

Most countries have _____ economies, which combine elements of traditional, market, and command economic systems.

Back

Mixed

Front

These government goods and services that the public consumes are called _____ _____.

Back

Public Goods

Front

One indicator, _____ _______ _____ (___), is the value of all goods and services produced within a country in a single year.

Back

Gross Domestic Product (GDP)

Front

Many of the world’s wealthiest and most powerful nations are ______ ______, countries with strong economies and a high quality of life.

Back

developed nations

Front

________ is the use of money today in a way that earns future benefits.

Back

Investment