Quiz 1 Flashcards
(6 cards)
1
Q
Gross Domestic Product (GDP)
A
monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period.
2
Q
Need
A
basic requirement for survival, including food, clothing, and shelter.
3
Q
Opportunity Cost
A
cost of the next best alternative use of money, time, or resources.
4
Q
Productivity
A
measure of the amount of output produced in a specific time period with a given amount of resources.
5
Q
Scarcity
A
fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants.
6
Q
Want
A
something we would like to have but is not necessary for survival.
