Chapter III Flashcards
1
Q
Define microeconomics and the tools used to understand how prices are determined, and describe the process for achieving market equilibrium.
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2
Q
Define gross domestic product (GDP), and explain how GDP is calculated.
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3
Q
3|
Describe the phases of the business cycle, and distinguish among the economic indicators used to analyze business conditions.
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4
Q
Define unemployment and the various categories of unemployment.
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4
Q
Define unemployment and the various categories of unemployment.
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5
Q
Describe the determinants of interest rates, define inflation and discuss the costs of inflation.
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6
Q
Discuss monetary policy and fiscal policy, including the balance of payment accounts, and list the tools used by governments to implement these policies.
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