Vocabulary List #2
1. Inflation: a general increase of the price of goods and services in an economy
2. Deflation: a general decrease of the price of goods and services in an economy
3. Collectivism: An economic theory where theres c
Vocabulary List #1
1. Scarcity: having a shortage of an item or good
2. Needs: goods or services that are required for human survival
3. Wants: goods or services not required for human survival but are desired
4. Entrepreneur: a pers
Vocabulary List #3
1. Protectionism: an economic policy where trade between countries is restrained through tariffs,
quotas, and other regulations in order to allow fair competition.
2. Interdependence: an economy where theres a high
Unit 1 Macro Exam Test Corrections
1. The problem of economics is that there is a scarcity. There are only a certain amount of
resources to satisfy human wants and needs. There is always the question of what to prod
3 rd Period
1. Conglomerate- Different things (businesses) put together to make a whole but still remain
distinct from each other.
Merger- A combination of two of the same businesses.
Unit 2 Macro Test Corrections
1. The activities that result from the product market are household, business, government, and
foreign. The household sector includes everyone, all consumers, all people, and every memb