Economics Unit Review Mini-Flashcard

Front

The money an individual/business has left after paying expenses is called:

Back

profit

Front

Supply and ______ helps determine how much something should cost.

Back

demand

Front

If the cost of computers falls, then…

Back

the demand for computers goes up.

Front

An individual or group who purchases goods is a?

Back

consumer

Front

A great way to save money is by focusing on what we ____ instead of what we WANT.

Back

need

Front

Government makes most economic decisions. Options: Market, Command, Traditional, Mixed

Back

Command

Front

Consumers decide what goods and services are produced.

Back

Market

Front

The U.S. has which type of economy?

Back

Mixed

Front

GDP stands for:

Back

Gross Domestic Product

Front

__________ is the opposite of communism, and it means private individuals and businesses make their own economic choices.

Back

Capitalism