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Economics Final Exam Concepts Review

Economics Final Exam Concepts Review - Economics Final Exam...

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Economics Final Exam 1 Running head: ECONOMICS FINAL EXAM CONCEPTS REVIEW Economics Final Exam Concepts Review Joey D. Finley University of Phoenix
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Economics Final Exam Concepts Review The term economics in general is the basis of the class and all the workings within the United States as a nation and as a global concept. The world refers to economics now as an exchange of money for goods, but economics can refer to anything given in exchange for something in return. Economics actually plays a role in everyday life and choices. Economics can be described with the ten principles of economics that include various scenarios from business between one another and governmental control. Economics concentrates on how supply and demand can determine costs, prices, and availability of goods and services. Economics is the social science that studies not only the consumption of resources, but also studies production of the resource, the distribution of the resource and how that resource of both goods and services are being consumed by the consumers. CEO’s and CFO’s must learn and understand economics supremely if they expect to make sound profits for their firms. Knowing the difference between real GDP and nominal GDP is important in showing improvement from one year to the next. Real GDP is the measure of the amount produced that is not affected by changes in price, being the production of goods and services valued at constant prices, during a base year. Nominal GDP is just the measurement of the amount of production of goods and services valued at current prices. The difference between the two is that while
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