Unit 5 Europe Economy - Part II

________ ________ ________ is the value of all goods and services produced in a country within a single year. This is also one of the economic indicators used to determine whether a country is strengthening or weakening.

• Opportunity cost

• gross domestic product

• standard of living

• literacy rate

________ ________ ________ is the way people live with the money they have and the amount of convenience/ comfort their money does or does not provide.

• Opportunity cost

• gross domestic product

• standard of living

• literacy rate

________ ________ is what you must give up by making a choice.

• Opportunity cost

• gross domestic product

• standard of living

• literacy rate

The number of people who can read and write is the ________ __________.

• Opportunity cost

• gross domestic product

• standard of living

• literacy rate

_________ are items produced and sold for profit.

• consumer

• good

• service

• scarcity

_________ are tasks that one person does for another person for a price.

• consumer

• good

• service

• scarcity

_________ is not having an adequate supply to meet the current demand of a good.

• consumer

• good

• service

• scarcity

The Standard of Living is directly related to __________ of a coutry.

• consumers

• entrepreneurship

• opportunity cost

• literacy rate

How can an entrepreneur raise a country's GDP? By creating ________.

• close businesses

• create jobs

• spend more money

• file bankruptcy