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6 Cards in this Set
- Front
- Back
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Demand
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The quantity of a product that people are able and willing to pay for.
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Supply
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The quantity of a product or service that businesses are able and willing to provide at a particular price.
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Standard of Living
(Lifestyle) |
The way you live as measured by the quality of goods and services you can afford.
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Public Goods
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Something needed by a community and provided by it's government.
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Collective Decision Making
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Citizens decide collectively how scarce resources will be used and what will be provided for our common good
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Labor or Worker Productivity
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The quantity of a good that the average worker can produce in one hour.
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