Social and Economic Dynamics Quiz

Inflation is primarily caused by an increase in demand, leading to higher prices.

Microeconomics focuses on studying the behavior of individual economic agents and markets.

The term for the total value of all goods and services produced within a country is Gross Domestic Product (GDP).

Deflation in economics refers to a general decrease in the price level of goods and services.

Money is not considered a factor of production in economics, as it is a medium of exchange.

Ceteris paribus is a Latin term meaning 'all else being equal,' used in economic analysis to isolate the effect of one variable while holding others constant.

GDP stands for Gross Domestic Product, representing the total value of goods and services produced within a country.

A mixed economy features a combination of public and private ownership of resources.

A command economy is characterized by centralized planning and control by the government.

Opportunity cost is the economic concept that quantifies the value of the next best alternative forgone when making a choice.

Elasticity in economics measures how responsive the quantity demanded of a good is to a change in its price.

Perfect competition is characterized by a large number of buyers and sellers in the market.

The unemployment rate is calculated by dividing the number of unemployed individuals by the total labor force.