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Make one note per concept, such as GDP, elasticity, equilibrium or inflation, with its definition, formula and direction of change. Quiz yourself on what moves when one parameter changes. The trap is reciting a curve without knowing what its axes mean. Lumi helps you retain definitions, formulas and mechanisms.

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Economics · teach this card to Lumi

GDP measures the market value of final goods and services produced in a country in a period. Opportunity cost is the value of the next best alternative given up. A price ceiling set below equilibrium causes a shortage. Demand is elastic when price elasticity is greater than one in absolute value.

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GDP measures the market value of _____ and services produced in a country in a period.

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