macro econ test review - Standard of Living The degree to...

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Standard of Living: The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable Economic Growth: A process of steady increases in the quantity and quality of the goods and services the economy can produce Average Labor Productivity: (Total Output)/(Number of People Employed)= Output Per Employed Worker Trade imbalances When exports and imports differ significantly Trade deficit: exports < imports Trade surplus: exports > imports Monetary Policy: Determination of the nation’s money supply Fiscal Policy: Decisions that determine the government’s budget, including the amount and composition of government expenditures and government revenues Fiscal policy influences the balance between government spending and taxes: A deficit occurs when government spending is greater than tax revenue. A surplus occurs when government spending is less than tax revenue.
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