Economics: Key Concepts

by FlashQuest

16 cards intermediate Free

The ideas economists reach for daily: supply and demand, GDP, inflation, elasticity, externalities, and market structure.

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What is the value of the next-best alternative you give up when making a choice called?
Opportunity cost
What is a sustained rise in the general level of prices called?
Inflation
What measures the total market value of final goods and services produced within a country in a period?
GDP

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