social

Question 1

A basic system where households and firms trade directly.

Answer 1

simples economy

Question 2

The government collects taxes and provides services (e.g., education, roads).

Answer 2

simple economy with government

Question 3

Trades goods, services, and investments with other countries.

Answer 3

open economy

Question 4

Isolated and self-reliant without trade with other nations.

Answer 4

closed economy

Question 5

Measures the total value of goods and services produced in a country

Answer 5

national output

Question 6

Tracks the percentage of people looking for work but cannot find it.

Answer 6

unemployment

Question 7

The rate at which prices for goods and services rise over time.

Answer 7

inflation

Question 8

Represents total goods/services produced in the economy at different prices.

Answer 8

aggregate supply

Question 9

Represents total goods/services consumers are willing to buy at different prices.

Answer 9

aggregate demand

Question 10

The intersection of AS and AD determines the economy’s equilibrium.

Answer 10

interaction