ECON 0110 Study Guide - Quiz Guide: Black Market, Net Domestic Product, Retirement Age
Document Summary
Macro: big, whole us economy overall econ gf"s. , overall inflation rate, overall unemployment. Micro: small, individual consumers /bus"s influences on price of 1 product reasonable small bus. Employment act of 1946: it is the policy and responsibility of the federal govn"t to promote maximum employment, prod. Wwii ending, soldiers return & work defense industry contraction/ women enter workforce unemployment rate ^^^ Economic policy: govn"t action to influence the economy. Fiscal policy: changes in tax laws or govn"t spending: determined by congress/ the president. Monetary policy: influences money supply/ interest rates: done through fed (federal reserve system, tries to promote strong purchasing power. Low interest rates on big purchases (homes,cars,boats) stimulates economy. Descriptive statements: factual, historical reference, backed by data. Positive statements: if p, you may expect q if we get rid of minimum wage, then work workers may lose their jobs. Normative statements: opinionated, judgments about what is good/bad no right.
