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11 Cards in this Set
- Front
- Back
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The amount of income left to an individual after taxes have been paid, available for spending and saving
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disposable income
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name 2 shortcomings for GDP and explain 1
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-underground economy
-leisure time-you can do things quicker now |
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2 ways economists measure GDP growth
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-increase in real GDP
-increase in real GDP per capita |
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an economy that is experiencing economic growth is better able to...
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meet people's wants and resolve economic problems
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growth...
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lessens the burden of society
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what lessens the burden of society
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growth
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what are the main sources of economic growth
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1/3 more imports
2/3 improved productivity |
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what is the immediate cause of cyclical change and level of real output in unemployment
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change in the total level of spending
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what is the difference between nominal GDP and real GDP
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real GDP is nominal minus inflation
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what is the effect of the business cycle on durable goods
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durable goods are hit harder than non-durable goods
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what are the twin problems in the business cycle
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-inflation
-unemployment |
