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16 Cards in this Set

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microeconomics
deals with the specific factors that affect an economy (such as how particular products are marketed or the behavior of individual customers)
equilibrium price
point at which supply demanded meets quantity supplied
Sherman Antitrust Act of 1890

Clayton Antitrust Act 1914
prohibited trusts, monopolies, and other arrangements

Prohibited price discrimination
Macroeconomics
deals with the economy as a whole (employment, GDP, inflation)
Private Sector
portion of the economy not directly controlled by the government
(combines households & businesses)
Public Sector
the affairs and services controlled by the government
business cycle
2 phases
- recession and expansion
Unemployment Rate
The number of Unemployed DIVIDED by the civilian labor force.

Unemployed / Labor Force =
Forms of Unemployment
...caused by
1. Frictional- workers CHANGING jobs
2. Structural- changes in the economy
3. Cyclical- swings in the business cycle
4. Seasonal- weather and seasons
5. Technological- technological developments
Gross Domestic Product (GDP)

Gross National Product (GNP)
- Complete measure of Total OUTPUT
(excludes unreported activities)
= C + I + G + F
- Measure of Total Income RECEIVED by citizens
Sectors of Macro Economy

GDP=
Consumer, Investment, Government, Foreign sectors

= C + I + G + F
Consumer Price Index

Producer Price Index
- measures changes in the price levels of consumer goods and services

- changes in prices paid by producers for their output
per capita
- Per each Person

Latin phrase meaning
"per head"
Real GDP
GDP adjusted to reflect accurate inflation and deflation, as opposed to nominal GDP.
fiat money
legal tender

- coins and bills
Stages of Economic Development
1. Agricultural stage
2. Manufacturing stage
3. Service Sector Stage