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Econ #1

QuestionAnswer
Scarcity Condition caused by not meetings peoples demands
Opportunity Cost What a person gives up when they choose one thing over another
Trade-off Accepting less of one thing in order to receive more of another
Economic Systems The ways in which people deal with the problems of scarcity and opportunity cost
Money Anything that serves as a medium of exchange
Markets Arrangement that allows buyers and sellers to meet and exchange goods and services
Supply Different amounts of goods and services that will be offered at a certain price or time
Demand Various goods and services That will be purchased at a certain price or time period
Competition More than one buyer or seller in a market
GDP The market value of all final goods and services produced by an country in one year
Unemployment Number of people without a job that are actively seeking one
Inflation An increase in average price of all things in an economy
Deflation A decrease in the average price level of all products in an economy
Monetary policy Actions that affect the amount of money and the cost of credit available in the economy
Fiscal policy Changes in taxes or government spending that are designed to affect demand
Exchange Rate The price of one nations currency in terms of anothers
Capital The tools, equipment, and factories used in the production of goods
Factors of production Things needed to produce any good or service
Laissez-faire No government interference in the economy
Want Not a basic need for survival
Created by: JacobmSmithLCHS
Popular American Government sets

 



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