Economic Vocabulary
... banking needs of the federal government and regulates the money supply RESERVE REQUIREMENT-the amount of money banks must have on hand PROGRESSIVE TAXES-a tax that takes a larger percentage of income from high-income groups that from low-income groups COMPETITION-the economic rivalry among businesse ...
... banking needs of the federal government and regulates the money supply RESERVE REQUIREMENT-the amount of money banks must have on hand PROGRESSIVE TAXES-a tax that takes a larger percentage of income from high-income groups that from low-income groups COMPETITION-the economic rivalry among businesse ...
Economic Growth FRQs
... 4. Assume the economy of Andersonland is in a long-run equilibrium with full employment. In the short run, nominal wages are fixed. a) Draw a correctly labeled graph of short-run aggregate supply, long-run aggregate supply, and aggregate demand. Show each of the following. i) Equilibrium output, la ...
... 4. Assume the economy of Andersonland is in a long-run equilibrium with full employment. In the short run, nominal wages are fixed. a) Draw a correctly labeled graph of short-run aggregate supply, long-run aggregate supply, and aggregate demand. Show each of the following. i) Equilibrium output, la ...
Macroeconomics
Macroeconomics (from the Greek prefix makro- meaning ""large"" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics.Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price index, and the interrelations among the different sectors of the economy, to better understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific marketsWhile macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income). Macroeconomic models and their forecasts are used by governments to assist in the development and evaluation of economic policy.