Humanitys exam
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| 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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