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6 Cards in this Set

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