o Defined as higher prices
o The increase of prices take place over a WIDE range of goods
o If we have too many dollars or too few goods, we would expect to see inflation. If
both occur at the same time, we would expect SUBSTANTIAL inflation.
Taxation is payment to a state or government so that public and common goods can
The primary goal of taxation is to fund the financial needs of the government.
Other reasons for taxation include:
Raising an army
What is unemployment?
- When people are without work and are seeking new employment over the age of 16
- Economic output generally grows over time but never at a constant rate
- There are measurement problems when measuring unemployment
Principles of Macroeconomics Section OL2 Spring Semester 2014-02-10
Since 2011, wine sales in the United States have declined. However, the forecasts for
the year 2014 are more optimistic and should rise from 6 to 10 percent. In an article e
What is most likely depicted in the graph beloW?
x ' an increase in demand
a decrease in demand
Ci) an increase in supply
a decrease in supply
Assume that this market has lourf
STM: Market Limits:
For this STM, I will give the student the grade of 9.5. They explained every single part od the
lesson with detailed and graphs. They also gave us good examples. The only thing I would