This document discusses key economic concepts such as standard of living, opportunity cost, cost productivity, and inflation. It was written by Kelsey Winchester and focuses on measuring quality of life relatively, the value of alternative uses of resources, adjusting productivity and labor costs for seasonal changes, and defining inflation as the annual percent change in consumer prices.

1. Standard of Living-A relative measure of the quality of life of a person or group has Opportunity Cost-the cost of a resource, measured by the value of the next-best, alternative use of that resource Cost Productivity-Revised productivity , hourly compensation, and unit labor costs seasonally adjusted Inflation-An increase in the overall level of prices in an economy, usually measured as the annual percent change in its consumer price index By: Kelsey Winchester