two building blocks of macroeconomics
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households and firms
growth occurs when...
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resources are put to use
more output is produced
,a way of simplifying something complicated, lose some of the details, but keep parts
we need
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model
how to calculate inflation
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πt = (CPIt - CPIt-1) / CPIt-1
type of income tax used to pay for mandatory spending, including social security,
medicaid, and medicare
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payroll tax
the additional benefit associated with one more unit of an activity
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marginal benefit
,tax based on the value of land and buildings
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property tax
the value of the best option not chosen; the value of the opportunity you gave up
when you chose one opportunity over another; exist because of scarcity
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opportunity cost
3 reasons demand slopes down
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diminishing marginal utility, income effect, substitution effect
an increase in resource prices usually results in...
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a decrease in supply
, most local government spending concentrate on...
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education
public welfare programs
health
principle which states that as price of a good rises, quantity demanded will decrease,
all else held constant
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law of demand
represents everything a firm or society could produce
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production possibilities frontier (PPF)
positive relationship between quantity produced and marginal cost
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households and firms
growth occurs when...
Give this one a try later!
resources are put to use
more output is produced
,a way of simplifying something complicated, lose some of the details, but keep parts
we need
Give this one a try later!
model
how to calculate inflation
Give this one a try later!
πt = (CPIt - CPIt-1) / CPIt-1
type of income tax used to pay for mandatory spending, including social security,
medicaid, and medicare
Give this one a try later!
payroll tax
the additional benefit associated with one more unit of an activity
Give this one a try later!
marginal benefit
,tax based on the value of land and buildings
Give this one a try later!
property tax
the value of the best option not chosen; the value of the opportunity you gave up
when you chose one opportunity over another; exist because of scarcity
Give this one a try later!
opportunity cost
3 reasons demand slopes down
Give this one a try later!
diminishing marginal utility, income effect, substitution effect
an increase in resource prices usually results in...
Give this one a try later!
a decrease in supply
, most local government spending concentrate on...
Give this one a try later!
education
public welfare programs
health
principle which states that as price of a good rises, quantity demanded will decrease,
all else held constant
Give this one a try later!
law of demand
represents everything a firm or society could produce
Give this one a try later!
production possibilities frontier (PPF)
positive relationship between quantity produced and marginal cost
Give this one a try later!
