Economic Fundamentals Quiz

Scarcity = Limited resources and unlimited wants Opportunity costs = The value of the next best alternative foregone Supply and demand = Interaction of buyers and sellers in a market Free trade and trade barriers = Effects on economic activities and international trade

Unemployment rate = Percentage of the labor force without a job Gross domestic product (GDP) = Total value of goods and services produced in a country Gross domestic product per capita = Measure of national wealth per person Rate of inflation = Increase in the general price level of goods and services

Production-possibilities curve = Illustrates the trade-offs in production between two goods Supply-and-demand graph = Shows the relationship between quantity supplied and demanded at different prices Key economic measurements = Interpretation of unemployment rate, GDP, GDP per capita, and inflation rate Free trade and trade barriers = Comparison of their effects on economic activities and international trade

<p>Scarcity and opportunity costs = Interpretation of a production-possibilities curve and trade-offs Interaction of supply, demand, and price = Interpretation of a supply-and-demand graph using schedules Issues of free trade and trade barriers = Comparison of their effects on economic activities and international trade Key economic measurements = Interpretation of unemployment rate, GDP, GDP per capita, and inflation rate</p> Signup and view all the answers

<p>Production-possibilities curve and opportunity costs = Understanding trade-offs and scarcity Supply, demand, and price interaction = Understanding market equilibrium and price determination Free trade and trade barriers = Understanding benefits and costs of participating in international trade Key economic measurements = Interpreting national wealth and economic performance</p> Signup and view all the answers

<p>Interpreting a production-possibilities curve and applying the concepts of opportunity costs and scarcity</p> Signup and view all the answers

<p>Interpreting a supply-and-demand graph using supply-and-demand schedules</p> Signup and view all the answers

<p>Comparing the effects of free trade and trade barriers on economic activities, including the benefits and costs of participating in international trade</p> Signup and view all the answers

<p>Interpreting economic data, including unemployment rate, gross domestic product, gross domestic product per capita as a measure of national wealth, and rate of inflation</p> Signup and view all the answers

<p>Understanding the econo</p> Signup and view all the answers