Expert Answer 100% (1 rating) Previous question Next question Transcribed … As with all things in economics, nothing is simple. Yet, there is no doubt that the economy and the things we learn through economics affects our everyday lives. Salary is a function of two main components: the minimum salary for which employees will work and the amount employers are willing to pay to keep the employee. Hence, we can determine which foreign countries are economically strong or weak. But why does the price go up? There are many research paper writing services available now. For an economy as a whole, income must equal expenditure. A traditional economy is a family-based or tribe-based economy. Economics is a complex subject filled with a maze of confusing terms and details which can be difficult to explain. These are important questions economists examine and it comes with a few basic terms. The total income of everyone in the economy and the total expenditure on the economy's output of goods and services. Macroeconomics is very complicated, with many factors that influence it. While microeconomics looks at single factors that affect individual decisions, macroeconomics studies general economic factors. For an economy as a whole, income equals expenditure because the income of the seller must be equal to the expenditure of the buyer. Answer: C Type: Basic Understanding Page: 2 GDP for 2013 includes only production that occurs during 2…, Terms pertaining to the whole body as a whole, A cell structure that controls which substances can enter or l…, Control center of the cell, determines the structure and funct…, The process by which a cell divides into two new daughter cells, a threadlike structure of nucleic acids and protein found in t…, A reproductive process that involves only one parent and produ…, a mature haploid male or female germ cell that is able to unit…, the max number of individuals in a population that can be supp…, a group of the same age that can be followed through time, the study of factors that determine the size and structure of…, any characteristic that varies depending on population density, Contains the digestive and reproductive organs, Movement away from the median plane of the body, Movement toward the median plane of the body, Places the body in a worldwide accepted position, the smallest unit of the body capable of independent existence, in latin this word means: something received, fertilization of the egg by the sperm to form a zygote, a gelatinous substance composed of water, protein, sugar acids…, surrounds and protects the cell; regulates what passes in and…, (ATP) is a compound that store chemical energy, Decrease in size of a body part or organ caused by a decrease…, Eating and releasing, breaking down energy, Material enclosed by cell membrane, jelly, Economics relating to the country as a whole, The way in which income flows around the country, A medieval philosophical and theological system that tried to…, surrounds and protects the cell; regulates what passes in an o…, controls the operations of the cell; directs cell division and…, chromosomes contain these; there are several thousand in an or…, process of building up large proteins from amino acids, process whereby complex nutrients are broken down to simpler s…, structure surrounding and protecting the cell. To cope with increased levels of production, unemployment levels should fall and wages should rise. The U.S. Bureau of Economic Analysis provides official macroeconomic statistics. 5. The GDP deflator is the ratio of nominal GDP to real GDP. government should not interfere with the operation of the economy. Macroeconomics is the branch of economics that studies the economy as a whole. Show transcribed image text . This will result in higher interest rates (less borrowing, less spending, and investment) and less demand, which will ultimately push down the price level (inflation) and result in less real output. is essentially: "In ways that minimize the cost per unit of output.". Which of the following statements is true? In economics, what does scarcity mean? Elasticity ties into demand and some products and services are more elastic than others. Holly argues that "taxes should be increased on beer because college students drink too much." The unemployment rate tells macroeconomists how many people from the available pool of labor (the labor force) are unable to find work. B) That a production-possibilities curve cannot accurately represent the tradeoff between two goods. Macroeconomics is the study of the behavior of the economy as a whole. 3. Once a series of figures is collected over a period of time, they can be compared, and economists and investors can begin to decipher business cycles, which are made up of the periods alternating between economic recessions (slumps) and expansions (booms) that occur over time. SCARCITY: THE CORE PROBLEM If I stop buying cars, Detroit has to lay off workers and close plants. Which of the following is a distinguishing feature of laissez-faire capitalism? Because all expenditure in the economy ends up as someone's income, GDP is the same regardless of how we compute it. The opposite is true if demand is greater than the supply available because that commodity is more desirable and harder to obtain. Much of what we study in economics has to do with money and the markets. Quite often, prices go up because supply is down and demand is up. is concerned with individual economic units and specific markets. Figure 1 illustrates how the total number of patent applications filed with the U.S. Patent and Trademark Office, as well as the total number of patents granted, surged in the mid-1990s with the invention of the Internet, and is still going strong today.. C) How scarce resources are allocated to fulfill society's goals. Each country's GDP is analyzed by entities like the World Bank and International Monetary Fund (IMF). As you might expect, many of the factors that play into economics have to do with the financial markets. For an economy as a whole, income must equal expenditure because Select one: a. the number of firms is equal to the number of households in an economy. Which of the following best describes the invisible-hand concept? Central banks use monetary policy to increase or decrease the money supply, and use fiscal policy to adjust government spending. To further complicate things, economic situations like a recession can throw many things off. 1. Assuming this market is representative of the economy as a whole, this economy: a. faces fluctuating output levels whenever there is a demand shock. Chapter 1: Economics: The Core Issues Looks like you’ve clipped this slide to already. desires. b. the production side of the economy, exclusively. High quality with cheap rates. The economic function of profits and losses is to: signal that resources should be reallocated. Some of the conclusions are: Unions raise wages of unionized workers by roughly 20% and raise compensation, including both… But again, it's really not as easy as creating jobs that will lead to more consumer spending. And, because more consumers' wages will go to taxes, demand will also decrease. From there we can begin to look at the reasons why the cycles took place, which could be government policy, consumer behavior, or international phenomena among other things. Economics is divided into two general categories: microeconomics and macroeconomics. Only a genuine service will treat their customer with quality research papers. This is one theory for encouraging economic growth, particularly in tougher times. Aggregate Expenditure Equals GDP Aggregate Expenditure Equals Total Production. Microeconomics focuses on specific decision-making units of the economy; macroeconomics examines the economy as a whole. Patents Filed and Granted, 1981–2012. This statement indicates that. These factors are analyzed with various economic indicators that tell us about the overall health of the economy. Aggregate demand is the total amount of goods and services demanded in the economy at a given overall price level at a given time. ⇒ www.HelpWriting.net ⇐, 1 Weird Trick To Easily Cure Vitiligo For Good In As Little As 7 Days - Guaranteed! Page 1. To further complicate things, economic situations like a recession can throw many things off. all factors other than the price of bananas (for example, consumer tastes and incomes) are assumed to be constant. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.
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