What is the study of how people, institutions, and society make economic choices under conditions of scarcity?
Economics. the study of how people, institutions, and society make economic choices under conditions of scarcity. Macroeconomics. the parts of economics concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measure of the total economy.
What is market equilibrium?
Market Equilibrium. is set by the interaction of supply and demand. Equilibrium price is the price at which the quantity demanded by consumers and the quantity that firms are willing to supply of a good or service are the same. Change in Demand.
What is fiscal policy?
Fiscal Policy. changes in government spending or taxation to promote full employment, price-level stability, and economic growth. Expansionary Fiscal Policy. an increase in government spending, a decrease in taxes or some combination of the two for the purpose of increasing AD and real output.
What is GDP in economics?
GDP is a measure of what is produced or made in one year. Arguments for/against growth. Against: increase in the supplies of labor, entrepreneurial ability, energy and resources being depleted, ecological space, farmland being lost to urbanization.
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