Section 1.2 Flashcards
1
Q
Economics
A
the study of the choices and decisions that affect making, distributing, and using goods and services
2
Q
GDP
A
(Gross Domestic Product) the value of all goods and services produced within a country
3
Q
Profit
A
the money left after all costs and expenses of a business are paid
4
Q
Competition
A
as a characteristic of free enterprise, the struggle among companies for customers
5
Q
Copyright
A
legal protection of a creator’s intellectual property or products
6
Q
Demand Elasticity
A
change in price affects demand
