It’s time to get down to basics as we take a look at one of the more complex topics when it comes to business and finance; economics! It sounds easy on paper – it’s just the study of production, distribution, and consumption of goods and services – but it involves a lot of math and analysis you might not understand when starting out. What can you understand, however? Let’s take a look.
Slight inflation
Slight deflation
Extreme inflation
Extreme deflation
Stagflation
They are too large and would skew data
They are negligible in size and scope
They do not generate wealth
They only measure a producer's impact on GDP
They only measure the government's impact on GDP
Equilibrium
Shortages
Surpluses
Inflation
Deflation
Demand
Supply
Ownership
Equilibrium
Diminishing marginal returns
Consumer spending
Investment
Government spending
Transfer payments
Exports
A change in consumer tastes or preferences
New technology
Consumer taxes
Employment figures
None of the above
$100 K
$400 K
$200 K
$500 K
$1000 K
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Here's an interesting quiz for you.