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econ and buisn
Humanitys exam
| Question | Answer |
|---|---|
| define economics | the production, consumption, and transfer of wealth. |
| define opportunity cost | |
| define economic problem | unlimited needs and wants but only limited resources to produce them |
| define GDP / real GDP / GDP per capita | GDP represents the total monetary or market value of all finished goods and services produced within a country’s borders during a specific time period. GDP can be calculated using three approaches: expenditures, production, or incomes. |
| define economic growth | |
| define economic downturn | |
| define recession | |
| define unemployment | |
| define unemployment rate | |
| define inflation | |
| define consumer price index (CPI) | |
| define business cycle | |
| define living standards/ material living standards / non material living standards | |
| define human development index | |
| define trend line | |
| define Gini coefficient | |
| define Lorenz curve | |
| define income distribution | |
| define demand | |
| define law of demand | |
| define increase in quantity of demand | |
| define increase in demand |
Created by:
Avahannah
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