The effort and striving between two or more rivals to secure the business of one or more third parties by offering the best possible terms.

a movement of the entire demand curve

What Will Be Produced?

the goods and services that can produce a continuing profit

factors other than price that determine the quantities supplied of a good or service

products and services that are used together. When the price of one falls, the demand for the other increases (and conversely).

How Will the Goods and Services Be Produced?

In combinations and ways that minimize the cost per unit of output

the goods and services that can produce a continuing profit

phase of the business cycle in which real GDP, income, and employment rise.

Who Will Get the Output?

consumers who have the ability and willingness to pay the market price

The effort and striving between two or more rivals to secure the business of one or more third parties by offering the best possible terms.

How Will the System Accommodate Change?

persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work.

How Will the System Promote Technological Process?

through the profit potential that encourages development of new technology

factors other than price that determine the quantities supplied of a good or service

unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available.

any institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of a particular good or service.

a rise in the general levels of prices in an economy; an increase in an economy's price level

- checkable deposits at commercial banks

principle that, other things equal, an increase in a product's price will reduce the quantity of it demanded, and conversely for a decrease in price.

the total market value of all final goods and services produced annually within the boundaries of a nation

the method that adds all expenditures made for final goods and services to measure the gross domestic product

products and services that are used together. When the price of one falls, the demand for the other increases (and conversely).

In combinations and ways that minimize the cost per unit of output

a movement of the entire demand curve

any institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of a particular good or service.

In combinations and ways that minimize the cost per unit of output

Changes in Quantity Demanded

a movement along a fixed demand curve

the interest rate set that the Federal Reserve Banks charge on the loans they make to commercial banks and thrifts

when quantity supplied equals quantity demanded

The effort and striving between two or more rivals to secure the business of one or more third parties by offering the best possible terms.

Determinants of Supply

factors other than price that determine the quantities supplied of a good or service

The Determinants of Supply

producer expectations and the number of sellers in the market

Gross Domestic Product (GDP)

the total market value of all final goods and services produced annually within the boundaries of a nation

when quantity supplied equals quantity demanded

Federal Open Market Committee (FOMC) are 12 member group within the Federal Reserve System that decide U.S. monetary policy and how it is executed through open-market operations

Intermediate Goods and Services

products that are purchased for resale or further processing or manufacturing (excluded in GDP)

a rise in the general levels of prices in an economy; an increase in an economy's price level

The most narrowly defined money supply

Expenditures Approach

the method that adds all expenditures made for final goods and services to measure the gross domestic product

- Changing the Administered Interest Rates

The interest rate that U.S. banks and other nonbank financial firms charge one another on overnight loans of currency held on deposit at one of the 12 Federal Reserve Banks

Expenditures Approach Components

- consumption expenditures (household) = C

- investment expenditures (businesses) = I

- expenditures by foreigners = X-M

a benchmark interest rate that banks use to set the interest rates on loans

Government Transfer Payments

a sum of money given by the government to individuals or groups without receiving any goods or services in return (excluded in GDP)

GDP measured in terms of the price level at the time of measurement

- investment expenditures (businesses) = I

a movement along a fixed demand curve

- investment expenditures (businesses) = I

the time between the beginning of recession or inflation and the certain awareness that it is actually happening

total income earned by resource suppliers for their contributions to GDP plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors' income, and such taxes

the interest rate set that the Federal Reserve Banks charge on the loans they make to commercial banks and thrifts

Two Ways to Define Economic Growth

- an increase in real GDP over some time period

- an increase in real GDP per capita to over some time period

- and the number of sellers in the market

business activity has reached a temporary maximum; at a peak, the economy is near or at full employment and the level of real output is at or very close to the economy's capacity

products that are purchased for resale or further processing or manufacturing (excluded in GDP)

- expenditures by foreigners = X-M

phase of the business cycle in which real GDP, income, and employment rise.

- investment expenditures (businesses) = I

The most narrowly defined money supply

persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work.

any institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of a particular good or service.

Cyclical Unemployment

type of unemployment caused by insufficient total spending and which typically begins in the recession phase of the business cycle

factors other than price that determine the quantities supplied of a good or service

GDP measured in terms of the price level at the time of measurement

Structural Unemployment

unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available.

- an increase in real GDP over some time period

Frictional Unemployment

a type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs.

- investment expenditures (businesses) = I

a rise in the general levels of prices in an economy; an increase in an economy's price level

increases in the price level (inflation) resulting from an increase in resource costs and hence in per-unit production costs

Demand-Pull Inflation

increases in the price level (inflation) resulting increases in aggregate demand

increases in the price level (inflation) resulting from an increase in resource costs and hence in per-unit production costs

changes in government spending and tax collections designed to achieve full employment, price stability, and economic growth; also called discretionary fiscal policy.

the method that adds all expenditures made for final goods and services to measure the gross domestic product

Best Action for a Recession?

In combinations and ways that minimize the cost per unit of output

Contractionary Fiscal Policy

a decrease in government purchases of goods and services, an increase in net taxes, or some combination of the two, for the purpose of decreasing aggregate demand and thus controlling inflation.

type of unemployment caused by insufficient total spending and which typically begins in the recession phase of the business cycle

the time between the beginning of recession or inflation and the certain awareness that it is actually happening

- checkable deposits at commercial banks

the time between when policymakers recognize the need for a fiscal action and when that fiscal action is actually taken

the method that adds all expenditures made for final goods and services to measure the gross domestic product

a movement along a fixed demand curve

Macroeconomics Final Study Guide

Authored by Tricia Tricia

Business

University

Used 4+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View
Student View

65 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics

expansionary fiscal policy is the best course of action because it is designed to increase aggregate demand and therefore raise real GDP

the social science concerned with how individuals, institutions, and society make optimal(best) choices under conditions of scarcity

- the U.S. president appoints them

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal Analysis

The comparison of marginal (extra or additional) benefits and marginal costs, usually for decision making.

expansionary fiscal policy is the best course of action because it is designed to increase aggregate demand and therefore raise real GDP

the change in the quantity demanded of a good that results from the change in real income (purchasing power) caused by a change in the product's price

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Economic Resources or Factors of Production

land

labor

capital

entrepreneur

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Utility

a period of declining real GDP, accompanied by lower real income and higher unemployment.

the satisfaction or pleasure a consumer obtains from the consumption of a good or service

- government purchases of goods and services = G

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production Possibilities Curve

- rents

A curve showing the different combinations of two goods or services that can be produced in a full-employment

through the guiding function of prices and profit is a core element of the market system

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Command System

government owns most property resources and economic decision making is set by a central economic plan created and enforced by the government

- wages

the method that adds all the income generated by the production of final goods and services to measure the gross domestic product.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market System:

- to control the money supply

business activity has reached a temporary minimum; at the trough the economy experienced substantial unemployment and real GDP is less than potential output

mixture of centralized government economic initiatives and decentralized actions taken by individuals and firms

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Microsoft

or continue with

Facebook

Apple

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?

Similar Resources on Wayground

60 questions

Semi Final Examination Professional Salesmanship

Quiz

•

University

60 questions

FN-Global930

Quiz

•

University

60 questions

UTS Sistem Informasi Manajemen

Quiz

•

University

62 questions

Fundamentals of Investment - Module 1

Quiz

•

University

61 questions

SCM Final

Quiz

•

University

67 questions

Accounting Exam 1 (Session 2 - Session 8-A)

Quiz

•

University

66 questions

Module 2 - Khởi sự - Lập kế hoạch kinh doanh

Quiz

•

University

60 questions

65-0926-2

Quiz

•

University

Popular Resources on Wayground

10 questions

Safety Day 2026 – Student Review

Quiz

•

9th Grade

21 questions

Continents and Oceans

Quiz

•

6th Grade

20 questions

Parts of Speech

Quiz

•

5th Grade

16 questions

Subject & Predicate

Quiz

•

5th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

12 questions

Map Skills

Quiz

•

3rd Grade

22 questions

Continents and Oceans

Quiz

•

5th Grade

15 questions

Rounding Decimals

Quiz

•

5th Grade

Discover more resources for Business

8 questions

NCSU ACC 220: Chapter 6 Problems

Quiz

•

University

Macroeconomics Final Study Guide

Economics

Marginal Analysis

Economic Resources or Factors of Production

Utility

Production Possibilities Curve

Command System

Market System:

Competition

What Will Be Produced?

How Will the Goods and Services Be Produced?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business