The Fabulous Fifteen Economic Concepts

The Fabulous Fifteen Economic Concepts Students Should Know

The Terrific Twelve plus:

Government and Taxes: Government provides various kinds of goods and services in our economy. Government pays for the goods and services it provides through taxing and borrowing.

"Spillovers" and the Environment: Spillovers (externalities) are benefits or costs associated production and consumption which fall on someone other than the producers or consumers of the product. Pollution is an example of a spillover cost. Painting one's house is an example of a spillover benefit.

Gross Domestic Product (GDP): GDP is the total dollar value of all final goods and services produced in one year in a country. Also known as nominal, or money GDP.

The Tremendous Twenty