What is the definition of opportunity cost in economics?
The loss of potential gain from other alternatives when one alternative is chosen.
What is the difference between marginal cost and total cost?
Marginal cost refers to the cost of producing one more unit of a good, while total cost refers to the cost of production for all units produced.
What is the definition of inflation in economics?
The rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling.
What is the difference between a recession and a depression in economics?
A recession is a significant decline in economic activity that lasts for a few months or longer, while a depression is a severe and prolonged downturn that lasts for several years.
What is the difference between a monopoly and an oligopoly in economics?
A monopoly is a market structure in which there is only one seller of a good or service, while an oligopoly is a market structure in which a few firms dominate the market.
What is the definition of GDP in economics?
GDP, or Gross Domestic Product, is the total value of goods and services produced within a country's borders in a given time period.
What are the three types of unemployment in economics?
Frictional, structural, and cyclical unemployment.
What is the difference between a bear market and a bull market in economics?
A bear market is a market in which prices are falling, and investor confidence is low, while a bull market is a market in which prices are rising, and investor confidence is high.
What is the definition of supply and demand in economics?
Supply refers to the amount of a good or service that is available for purchase, while demand refers to the desire or willingness of consumers to buy that good or service.
What is the difference between a trade surplus and a trade deficit in economics?
A trade surplus occurs when a country exports more than it imports, while a trade deficit occurs when a country imports more than it exports.
What is the definition of a budget deficit in economics?
A situation in which a government spends more money than it receives in revenue for a given fiscal year.
What is the difference between a progressive and a regressive tax system in economics?
A progressive tax system is one in which the tax rate increases as income increases, while a regressive tax system is one in which the tax rate decreases as income increases.
What is the definition of a market economy in economics?
An economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's individual citizens and businesses.
What is the difference between fiscal policy and monetary policy in economics?
Fiscal policy refers to the use of government spending and taxation to affect economic output, while monetary policy refers to the actions of a central bank to influence the supply and cost of money.
What is the definition of a mixed economy in economics?
An economic system in which both the private sector and government play important roles in the production and distribution of goods and services.
What is the definition of opportunity cost in economics?
The loss of potential gain from other alternatives when one alternative is chosen.
What is the difference between marginal cost and total cost?
Marginal cost refers to the cost of producing one more unit of a good, while total cost refers to the cost of production for all units produced.
What is the definition of inflation in economics?
The rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling.
What is the difference between a recession and a depression in economics?
A recession is a significant decline in economic activity that lasts for a few months or longer, while a depression is a severe and prolonged downturn that lasts for several years.
What is the difference between a monopoly and an oligopoly in economics?
A monopoly is a market structure in which there is only one seller of a good or service, while an oligopoly is a market structure in which a few firms dominate the market.
What is the definition of GDP in economics?
GDP, or Gross Domestic Product, is the total value of goods and services produced within a country's borders in a given time period.
What are the three types of unemployment in economics?
Frictional, structural, and cyclical unemployment.
What is the difference between a bear market and a bull market in economics?
A bear market is a market in which prices are falling, and investor confidence is low, while a bull market is a market in which prices are rising, and investor confidence is high.
What is the definition of supply and demand in economics?
Supply refers to the amount of a good or service that is available for purchase, while demand refers to the desire or willingness of consumers to buy that good or service.
What is the difference between a trade surplus and a trade deficit in economics?
A trade surplus occurs when a country exports more than it imports, while a trade deficit occurs when a country imports more than it exports.
What is the definition of a budget deficit in economics?
A situation in which a government spends more money than it receives in revenue for a given fiscal year.
What is the difference between a progressive and a regressive tax system in economics?
A progressive tax system is one in which the tax rate increases as income increases, while a regressive tax system is one in which the tax rate decreases as income increases.
What is the definition of a market economy in economics?
An economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's individual citizens and businesses.
What is the difference between fiscal policy and monetary policy in economics?
Fiscal policy refers to the use of government spending and taxation to affect economic output, while monetary policy refers to the actions of a central bank to influence the supply and cost of money.
What is the definition of a mixed economy in economics?
An economic system in which both the private sector and government play important roles in the production and distribution of goods and services.