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Chapter 6.1 Basic Economic Terms 1

An educational infographic highlighting key economic terms and concepts such as supply, demand, and factors of production, in a colorful and engaging style.

Basic Economic Terms Quiz

Test your knowledge of fundamental economic concepts with our Basic Economic Terms Quiz! This engaging quiz consists of 11 carefully crafted questions designed to challenge your understanding of both microeconomics and macroeconomics.

Learn key economic terms.
Understand the fundamentals of supply and demand.
Explore the relationship between consumers and producers.

11 Questions3 MinutesCreated by LearningEagle42

The total wealth earned or created in a country in a year

Aggregate demand

Externalities

Gross national product (GNP)

Macroeconomics

In a state of balance, for example when supply meets demand

Endogenous

Factors of production

Econometrics

Equalibrium

Concerns the economic factors affecting individuals consumers and companies

Microeconomics

Macroeconomics

Exogenous

GNP

(or inputs) resources used by firms in their production process, namely land and natural resources, labour, capital, and information

Microeconomics

Endogenous

Externalities

Factors of production

The application of mathematical and statistical models to economic theories and problems

Econometrics

Macroeconomics

Exogenous

Equalibrium

The study and analysis of the economy as a whole

Factors of production

Macroeconomics

Aggregate demand

Microeconomics

Coming from or controlled from within (inside), e.g. Variables that are totally under the control of a company, government, etc.

Exogenous

Gross national product (GNP)

Aggregate demand

Endogenous

(or spillovers) costs imposed on others without receiving compensation, or benefits received by others without them paying the proper costs

Equalibrium

Externalities

Microeconomics

Econometrics

The total amount spent in a country by consumers, companies, and government

Gross national product (GNP)

Macroeconomics

Aggregate demand

Endogenous

Coming from or controlled from without (outside); uncontrollable variables

Exogenous

Microeconomics

Factors of production

Externalities

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