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16 Cards in this Set
- Front
- Back
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microeconomics
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deals with the specific factors that affect an economy (such as how particular products are marketed or the behavior of individual customers)
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equilibrium price
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point at which supply demanded meets quantity supplied
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Sherman Antitrust Act of 1890
Clayton Antitrust Act 1914 |
prohibited trusts, monopolies, and other arrangements
Prohibited price discrimination |
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Macroeconomics
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deals with the economy as a whole (employment, GDP, inflation)
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Private Sector
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portion of the economy not directly controlled by the government
(combines households & businesses) |
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Public Sector
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the affairs and services controlled by the government
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business cycle
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2 phases
- recession and expansion |
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Unemployment Rate
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The number of Unemployed DIVIDED by the civilian labor force.
Unemployed / Labor Force = |
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Forms of Unemployment
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...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 |
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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 |
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Sectors of Macro Economy
GDP= |
Consumer, Investment, Government, Foreign sectors
= C + I + G + F |
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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 |
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per capita
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- Per each Person
Latin phrase meaning "per head" |
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Real GDP
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GDP adjusted to reflect accurate inflation and deflation, as opposed to nominal GDP.
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fiat money
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legal tender
- coins and bills |
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Stages of Economic Development
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1. Agricultural stage
2. Manufacturing stage 3. Service Sector Stage |
