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Humanitys exam

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Question
Answer
define economics   the production, consumption, and transfer of wealth.  
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define opportunity cost    
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define economic problem   unlimited needs and wants but only limited resources to produce them  
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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.  
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define economic growth    
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define economic downturn    
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define recession    
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define unemployment    
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define unemployment rate    
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define inflation    
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define consumer price index (CPI)    
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define business cycle    
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define living standards/ material living standards / non material living standards    
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define human development index    
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define trend line    
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define Gini coefficient    
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define Lorenz curve    
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define income distribution    
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define demand    
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define law of demand    
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define increase in quantity of demand    
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define increase in demand    
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Created by: Avahannah
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