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