Chapter 6.1 Basic Economic Terms 1
Basic Economic Terms Quiz
Test your knowledge of fundamental economic concepts with our Basic Economic Terms Quiz! This engaging quiz consists of 11 carefully crafted questions designed to challenge your understanding of both microeconomics and macroeconomics.
- Learn key economic terms.
- Understand the fundamentals of supply and demand.
- Explore the relationship between consumers and producers.
The total wealth earned or created in a country in a year
Aggregate demand
Externalities
Gross national product (GNP)
Macroeconomics
In a state of balance, for example when supply meets demand
Endogenous
Factors of production
Econometrics
Equalibrium
Concerns the economic factors affecting individuals consumers and companies
Microeconomics
Macroeconomics
Exogenous
GNP
(or inputs) resources used by firms in their production process, namely land and natural resources, labour, capital, and information
Microeconomics
Endogenous
Externalities
Factors of production
The application of mathematical and statistical models to economic theories and problems
Econometrics
Macroeconomics
Exogenous
Equalibrium
The study and analysis of the economy as a whole
Factors of production
Macroeconomics
Aggregate demand
Microeconomics
Coming from or controlled from within (inside), e.g. Variables that are totally under the control of a company, government, etc.
Exogenous
Gross national product (GNP)
Aggregate demand
Endogenous
(or spillovers) costs imposed on others without receiving compensation, or benefits received by others without them paying the proper costs
Equalibrium
Externalities
Microeconomics
Econometrics
The total amount spent in a country by consumers, companies, and government
Gross national product (GNP)
Macroeconomics
Aggregate demand
Endogenous
Coming from or controlled from without (outside); uncontrollable variables
Exogenous
Microeconomics
Factors of production
Externalities
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