Carol Watts Unit 4 Assignment

Carol Watts Unit 4 Assignment - Chapter 6 2002 English...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
2002 2003 2004 English Textbooks $50 $55 $57 Math Textbooks $70 $72 $74 Economics Textbooks $80 $90 $100 UNIT-4 ASSIGNMENT Chapter 6 2.) What is most of the time true for an individual may not always hold true for our whole economy. When and individual saves, they add to their wealth which will increase consumption in the future. But if everyone saves, businesses lose sales, which can lead to layoffs. As a result of this, individuals have lower incomes and now have to consume less. 4.) A business cycle expansion can last less than five years, while a long-run growth can last over several decades. Long-run economic growth is a rising trend in aggregate output over long periods of time. Long-run growth per capita is key to rising wages and raises the standard of living. The reason we must care is that the long-run growth rate of GDP and population growth rate will cause the living standards to decrease unless the long-run growth rate of GDP is at least as much as the growth rate of the population. Chapter 7
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Carol Watts Unit 4 Assignment - Chapter 6 2002 English...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online