4

makro (Subject) / Cheat sheet (Lesson)

This lesson was created by konstantw.

Learn lesson

back  |  next 1 / 1

• Define Economics. Economics is the study of choices made due to scarcity. Benefits should be bigger than costs.
• Define GDP  The Market value of all final goods & services produced in an economy in a fixed period of time. à GDP = C+I+G+NX
• What does the GDP not count(for accuracy)? à second hand goods à intermediate goods à Non productive financial transactions à money gifts
• What should the GDP not count but should negative externalities (pollution) illegal products self- made goods resource depletion

back  |  next 1 / 1