Economic Concepts and Phenomena Quiz

Non-excludable and non-rivalrous, provided by the government for the benefit of all.

The total value of all goods and services produced within a country's borders in a given period.

The fundamental principle determining prices based on the interaction of supply and demand.

The concept that self-interested individuals unknowingly promote the public good by pursuing their own interests.

A theoretical market structure with numerous buyers and sellers, homogeneous products, and perfect information.

The change in total cost when one more unit of output is produced.

The degree to which quantity supplied changes in response to a change in price.

The value of the next best alternative that is sacrificed when a choice is made.

A sustained rise in the average price level of goods and services in an economy.

Adding more of a variable input eventually leads to smaller increases in output.

A market situation where there is only one seller with significant control over supply.

Government's use of taxation and spending to influence the economy.

The extra benefit gained from consuming one more unit of a good.

Illustrates the theoretical relationship between tax rates and tax revenue.

How much quantity demanded changes when the price changes.

A country's advantage in producing a good with lower opportunity cost compared to others.

A graphical representation of the inverse relationship between inflation and unemployment.

The depletion of a shared resource due to individual self-interest.

The measure of satisfaction or happiness that a consumer derives from a good or service.

The proposition that consumers may anticipate future taxes and adjust their behavior accordingly.