Goods-profit Flashcards
1
Q
Gross domestic product (gdp)
A
Total dollar value of all final goods and services produced in a country during a year
2
Q
Inflation
A
Increase in general level price
3
Q
Market economy
A
Resources are owned by the people
4
Q
Mixed economy
A
Both command and market Economy
5
Q
Needs
A
Basic necessities
6
Q
Opportunity cost
A
Value of the next best alternative that you did not choose
7
Q
Personal income
A
Salaries and wages
8
Q
Profit
A
Money left over after business acquires
9
Q
Productivity
A
Production output
10
Q
Goods
A
Things you can touch and see
