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Economics IGCSE chapters 1 and 2
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What does GDP measure?
Country's total output for the year
Name two macroeconomic objectives
Controlling inflation, Economic growth
What is microeconomics?
Study of small economic systems
What is macroeconomics?
Study of large economic systems
What is interest rate?
Price paid to lenders for borrowed money
What does GDP stand for?
Gross domestic product
What is deflation?
Period where level of aggregate demand is falling
What is aggregate demand?
Total demand from consumers
What is inflation?
A general and continuous rise in prices
What are the factors of production?
Land, labor, capital, entrepreneurship
What can lead to economic growth?
New technology, improved efficiency, education and training, new resources
What is economic growth?
Increase in the level output by a nation
What does production possibility curve show?
The maximum number of goods that can be produced with all the given resources
What does PPC stand for?
Production possibility curve
What are consumer goods?
Products purchased by households and individuals
What are capital goods?
Products purchased by other companies to produce other goods
Give an example of opportunity cost
What is opportunity cost?
Cost of the next best alternative given up
What is the basic economic problem?
Wants are unlimited, but resources are scarce
What does Economics study?
Allocation of scarce resources
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