11. Factors of Production
A. Goods and Services
B. Land, Labor, Capital, Entrepreneurship
C. Supply and Demand
D. Consumption and Investment
12. Types of Unemployment
A. Seasonal Unemployment
B. Structural Unemployment
C. Demand-Deficient Unemployment
D. Frictional Unemployment
13. Economic Indicators
A. Consumer Confidence
B. Stock Market Volatility
C. Gross National Income (GNI)
D. Retail Sales
14. Comparative Advantage Principle
A. Absolute Advantage
B. Balanced Trade
C. Countries Specialize in Goods with Lowest Opportunity Cost
D. Protectionism
15. Tragedy of the Commons
A. Economic Boom
B. Overproduction Syndrome
C. Overuse of Shared Resources Leading to Their Depletion
D. Market Failure
16. Types of Taxes
A. Consumer Tax
B. Progressive Tax, Regressive Tax, Proportional Tax
C. Import Tax
D. Excise Tax
17. Economic Development vs. Economic Growth
A. Synonymous Terms
B. Growth Implies Development
C. Growth is an Increase in GDP, Development is a Broader Concept
D. Development Implies Growth
18. Monopolistic Competition Characteristics
A. Single Seller
B. Many Sellers, Differentiated Products
C. Price Taker
D. Price Maker
19. Keynesian Economics
A. Advocates Laissez-faire
B. Emphasizes Supply-Side Policies
C. Focuses on Government Intervention to Stabilize the Economy
D. Supports Say’s Law
20. Types of Market Failures
A. Perfect Competition
B. Monopoly
C. Externalities, Public Goods, Imperfect Information
D. Oligopoly
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