Econ Study Guide 2024

Front

Supply and demand is a fundamental concept in economics that describes the relationship between what?

Back

Price and quantity of goods

Front

Economics is the study of how people manage resources in the face of what fundamental problem?

Back

Scarcity

Front

Scarcity is defined as:

Back

The limited availability of resources to meet unlimited wants.

Front

Define the term 'Inflation'.

Back

An increase in the general price level of goods and services.

Front

What is the definition of 'Gross Domestic Product (GDP)'?

Back

The total value of goods and services produced within a country in a year.

Front

Define the term 'Fiscal Policy'.

Back

A government's policy regarding taxation and spending.

Front

Define the term 'Economic Systems'.

Back

A set of principles and techniques by which a society decides and organizes the ownership and allocation of economic resources.

Front

Cooperation is best defined as:

Back

A process where individuals work together for a common goal.

Front

What is the term used to describe the exchange of goods and services without using money?

Back

Barter

Front

A sole proprietorship is a type of business structure. What is its defining characteristic?

Back

Owned and run by one individual