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11 Cards in this Set

  • Front
  • Back
standard of living
- the degree to which people have access to goods and services
how is standard of living related to economic growth?
- the more we grow/produce, the more we can consume
what is economic growth?
- a STEADY increase in the quantity and quality of goods that an economy can produce
what is output per person?
- total output/# of people in an economy
what is average labor productivity?
- total output/# of workers
trade deficit
- exporting less than importing
trade surplus
- exporting more than importing
monetary policy
- determination of the money supply
- controlled by Federal Reserve Bank
fiscal policy
- determines government's budget
- controlled by the government
structural policy
- changes the underlying structure of an economy
what is the problem with aggregation?
- it obscures important details
ex: it may say that the standard of living has improved, but that may be just for a certain small sector which affects the economy as a whole due to aggregation