| A | B |
|---|
| Supply curve | As prices increase, production will increase |
| Elasticity | How much one variable changes in response to another |
| Monopoly | Only one firm produces a particular good |
| Tariff | Tax on the import or the export of a good |
| Factors of production | Land, labor, capital, and entrepreneurship |
| Unemployment rate | Percent of Population seeking work unsuccessfully |
| Gross Domestic Product | Measure of a country's economic activity |
| Inflation rate | Pace at which prices are rising |
| Interest rate | Price one pays to use someone else's money |
| Consumer price index | Tracks price changes using a standard "basket of goods" |
| Invisible hand | Producers & consumers acting in their own self interest will create overall benefit |
| Demand curve | As prices increase, fewer items will be purchased |
