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Key terms - Economics (A - M)

In alphabetical order aaabcehillpt
https://www.economicsonline.co.uk/Definitions/List.html
Quiz by NoahGBurns
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Last updated: October 11, 2021
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First submittedOctober 11, 2021
Times taken106
Average score60.0%
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Definition
Answer
total amount demanded in an economy over a given period of time
Aggregate demand
total output produced by an economy’s firms over a period of time
Aggregate supply
ability of a consumer or producer to decide which G, S or resource to purchase or provide
Choice
shows how income circulates around an economy, from households to firms and back
Circular flow
fall in the average level of prices over time
Deflation
willingness and ability of consumers to purchase a G or S
Demand
state of balance in an economy
Equilibrium
goods and services produced by a country’s firms which are sold abroad
Exports
resource inputs needed by producers in order to create an output of G and S
Factors of production
foreign G and S bought by a country’s households, firms, government agencies etc.
Imports
rise in the average level of prices sustained over time
Inflation
rate charged by a lender of money or credit to a borrower
Interest rate
arrangement between buyers and sellers to exchange G or S for money
Market
additional cost incurred in the production of one more unit of a G or S
Marginal cost
single seller with no competitors
Monopoly
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