This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: • Producer Sovereignty o Producers have the power to decide which products and services society will produce and consume • Consumer Choice o Market condition that exists when consumers are presented with options from which they can choose to buy or not • Health of the Economy o Consumer attitudes – indicators of economic confidence Consumer Confidence Index o Index of leading economic indicators – summary of components e.g. new orders for consumer G&S, new business formation, new housing starts, intentional unemployment insurance etc. o Measures of economic growth Gross Domestic Product (GDP) – total value of all goods and services produced in the US, regardless of ownership, over a period of time such as one year, measured in dollars • Real GDP o Adjusted for inflation • Per capita GDP o Per capita – per man, woman, and child • Per capita real GDP o Per man, woman, and child adjusted for inflation...
View Full Document
This note was uploaded on 02/23/2012 for the course ECON 162 taught by Professor Mammen during the Fall '12 term at UMass (Amherst).
- Fall '12