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Economic Chap 3,4
Indicators, Roles
Question | Answer |
---|---|
Inflation | increase in price levels,weakness in our economic system |
per capita output | measures production of each person, divide GDP by total population |
Citizen role | make decisions for the good of all people |
Base year | the year chosen to compare an item, such as price to any other year |
Standard of living | how well people live in a society |
current price | the dollar value of an item today, inflation is included |
Supply | quantity of a product or service at a particular time |
Gross Domestic Product | the dollar value of an item today, inflation is included |
Dollar Vote | when you buy a product or service you are actually telling them what to produce |
Demand | quantity of a product or service that consumers are willing and able to produce at a particular time |
Constant price | The price which we set in order to compare the same items in different years |