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Economic Chap 3,4

Indicators, Roles

QuestionAnswer
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
Created by: dwalkinshaw
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