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