Economics Basics

When prices rise, causing the purchasing power of money to fall, this is called:

The price at which quantity supplied equals quantity demanded is:

The fundamental economic problem of having unlimited wants but limited resources is:

The measure of GDP that accounts for changes in prices over time is:

The ability to take risks and organize resources to create and manage a business is:

The point where supply and demand curves intersect represents:

The total quantity of a good or service that producers are willing to sell at various prices is:

Resources used to produce other goods and services, including factories, machinery and tools are:

GDP divided by the total population of a country is:

Land, labor, capital, and entrepreneurship are known as:

Structural unemployment can be caused by technological change.

Fiscal policy is implemented by the US Supreme Court

The value of the next best alternative given up when making a choice is:

Consumer Price Index (CPI) is expressed as a percentage from a base year.

Sustainable Economic Growth is characterized by unstable inflation rates.