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14 Cards in this Set

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  • Back
What is Macroeconomics?
looking at the economy as a whole demand associated with consumers
What is the product approach?
the exchange of products between producers & consumers
In the Product approach are the producers on the supply side or the demand side? And what is it they are reciving from the consumers?
Supply side
$
In the Product approach are the consumers on the supply side or the demand side? And what is it they are reciving from the producers?
demand side
goods & services
What two approachs make up the circular flow?
Product approach & cost earnings approach
In the Cost Earnings approach are the producers on the supply side or the demand side? And what is it they are reciving from the consumers?
demand
land, labor, capital
In the Cost Earnings approach are the consumers on the supply side or the demand side? And what is it they are reciving from the producers?
supply
wages, divident/profits/intrests, rent
What are the factors of production?
Land, Labor, Capital
What is the Cost Earnings approach?
the exchange of land, labor, and capital between producers & consumers
Define capital.
the money consumers give businesses which allows businesses to buy goods to produce goods
GDP is
the total flow of products
what is the lobor force?
those people working + those looking for work
How do you find the unemployment rate?
take the number of people who are looking for work and divide it by the labor force
What are the goals of the Economy?
keep intrest rates low
have spending go up
have inflation stay low