Economics I flashcards
- Level 1
- English
- 10 cards
Learn Economics with 10 free flashcards (level 1): meanings, example sentences, pictures and audio pronunciation. Includes Supply, Demand, Inflation, GDP (Gross Domestic Product) and more.
Study this BrainPod in Braintain. Spaced repetition brings each card back right before you forget it.
Get the free appAll 10 cards
Supply
The total amount of a product or service available for purchase.
“An increase in the supply of smartphones has made them more accessible to a wider audience.”
Demand
The desire of consumers to buy a product or service.
“The demand for electric cars has surged due to growing environmental concerns.”
Inflation
The rate at which the general level of prices for goods and services is rising.
“High inflation means the cost of living is increasing rapidly.”
GDP (Gross Domestic Product)
The total value of all goods and services produced in a country over a specific time period.
“Economists use GDP as a primary indicator of a country's economic health.”
Recession
A significant decline in economic activity spread across the economy, lasting more than a few months.
“During a recession, unemployment rates often rise, and consumer spending declines.”
Interest Rate
The amount charged by a lender to a borrower for the use of assets.
“Interest rates affect the cost of loans, influencing decisions on buying homes or cars.”
Unemployment
The state of being jobless and looking for a job.
“Governments often launch programs to reduce unemployment rates.”
Budget
An estimate of income and expenditure for a set period of time.
“The finance minister presented the annual budget, outlining government spending plans.”
Investment
The action or process of investing money for profit.
“Investing in the stock market can be a way to build wealth over time.”
Market
Any structure that allows buyers and sellers to exchange any type of goods, services, and information.
“The stock market can be volatile, reflecting changes in the economy.”