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AP MACRO

TermDefinition
Economics Social science; study of scarcity and choice to achieve max satisfaction of human economic want
4 resources of economics labor, land, capital, entrepreneurship
capital all manufactured goods used to make other goods
entrepreneurship risk taking, innovation, organization of resources for production
wants limitless/varied
needs clean air, water, food, clothing, shelter
scarcity requires ________ a choice to make
Choice implies _________ opportunity cost
opportunity cost sacrifices; the real cost is what you have to give up
macroeconomics whole economy overall; focuses on economic aggregates
microeconomics individual parts of economy
positive economic analysis "what is" no value judgements; statement of facts
normative economic analysis what should work; "right" "wrong" "best"
business cycle the alternation between economic downturns and upturns in macroeconomy
peak when business activity reaches temporary maximum
recession decline in total output, income, employment (6mo +)
trough bottom of recession period
recovery output and employment expanding
how do we know current position in business cycle? employment, unemployment, GDP (gross domestic product)
population divided into 3 groups people under 16, labor force, "those not in labor force"
employed persons any work for pay/profit during survey week, all who did 15 hours minimum unpaid in family business, temporary absent
unemployed don't have a job but actively looking for work
aggregate output economy's total production of goods and services for given time periods
inflation rise in overall price level; food and gas not included
deflation fall in overall price level
expansion phase the economy is going up and getting better
Created by: auweb921
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