ECON REVIEW

ECON REVIEW - Money has no meaning BOOMING ECONOMY CHAPTER...

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Scarcity- Hyper Inflation What is Maco? What is MICRO? Meaning as a whole Micro+macro= economic fear A value judgement Page 7 positive and negative economics Projection possibility production curve Opportunity costs alternitive choice sacrifices GDP-gross domestic product should be going up more than the population growth GDP/ POP= per capita income IS THIS MACRO OR MICRO? Unemployment increases, is that macro or micro, ENTIRE ECONOMY IS MACRO SPECIFIC COMPANY MICRO The government owns everything., that’s communism The beauty of capitalism is the private something. MIXED economy, government intervention in the economy ie social security, federal retirerance, welfare, medical, compition as a consumer, choice, everson, Ralph What is technology? An increasing output that leads to efficiency We have the best technology in the world but we don’t sell it because its all military and top secret Armaments Invisible hand- ADAM SMITH FATHER OF ECONOMICS Mutual relationionship between business and household Sellers and buyers in a market.
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Unformatted text preview: Money has no meaning BOOMING ECONOMY CHAPTER 3 The law of deamand- as income goes up, demand goes up, as income goes downm, demand goes down. Citrus Paribus- the 6 things that effect supply and demand When one of the citrus paribus changes, demand or supply will change. PAGE 50 Law of supply/ Law of demand As a seller, the higher the prices the more quantity you will buy citrus paribus. (subsidies and technology) Lower prices or higher prices Chapter 4 Price ceiling- maximum price fixed by the government. Federal Government. Surplus and shortage Major determanent of the law of demand?-Price floor and Price Ceiling Legal flow of business. Corporation. Partenership. What are the advantages and disadvantages with solo-disadvantage, you cant get much money. What are the advantages with the corporations? PAGE 71 about the legal system What are the major revenue to the federal government. Coporate income. Excise Military, education, welfare, social security. Highways...
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ECON REVIEW - Money has no meaning BOOMING ECONOMY CHAPTER...

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