an increase in the amount of money in the economy., a decrease in the value of individual dollars.

Topic 7 Lesson 1: The Basics of Economics Flashcards

1

Which of the following is NOT one of the factors of production?

2

What is it called when one company controls an entire industry?

3

As price of a good goes up, the amount of that good produced

4

Inflation is

5

Gross Domestic Product is

6

Which of the following factors of production cannot be increased by people?

7

A consumer's next best choice is called

8

As the price of a good decreases, demand for the good

Topic 7 Lesson 1: The Basics of Economics