Definitions

Question 1

Economics

Answer 1

The study of a nation and how it manages scarcity

Question 2

Opportunity cost

Answer 2

Best alternate opportunity foregone when a choice is made

Question 3

Income

Answer 3

Money being received at a constant rate

Question 4

Gross domestic product

Answer 4

The total value of goods produced and services provided

Question 5

Cash injection

Answer 5

Quick supply of money usually to improve financial position

Question 6

Scarcity

Answer 6

A situation where there is a lack of resources

Question 7

Standard of living

Answer 7

The degree of wealth and material comfort available to a person or community

Question 8

Macroeconomics

Answer 8

A branch of economics concerned with large sale economics

Question 9

Microeconomics

Answer 9

Singular factors effects of individual decisions

Question 10

PPF table

Answer 10

Production Possibility Frontier. Measures the varying amounts of two products that can be produced when both depend of the same finite resource

Question 11

Variable

Answer 11

A quantity that may change in value or context

Question 12

Ceteris Paribus

Answer 12

All things equal

Question 13

Supply

Answer 13

Total amount of a good or service

Question 14

Demand

Answer 14

The consumers desire to purchase goods and services

Question 15

Equilibrium

Answer 15

When the supply equals the demand for a product

Question 16

Price elasticity

Answer 16

The change of consumption of a product in relation to the change of price

Question 17

Monopoly

Answer 17

A market place that has one singular seller

Question 18

Monopolistic competition

Answer 18

Imperfect competition many firms offer products

Question 19

Oligopoly

Answer 19

A market that is dominated by a small group of large sellers