Economic Indicators

unemployment rate – ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage
New Imperialism – Markets, rather than direct control or colonization drove this movement
Producer – a person or company that makes items people buy to use
material – Economics is the study of that ______ side of life in which everything has to be worked for and paid for.
Producers – People or businesses that make and sell products
What was the inventive problem? – …
utility – n. the benefit or satisfaction gained from using a good or service (p. 12)
Real exchange rate – The purchasing power of a currency relative to another currency
Refer to Table 9. If the firms cooperate, what prices will they select?
Subsidies – Extra money given to firms as an initiative to produce useful or unprofitable goods and services
quasi-public goods – a good that, once produced, is available to all, but nonpayers are easily excluded
What happened with the Itchy Undies case? – – Grant bought a pair of undies
– He gets a rash
– He blames the Australian Knitting Mill
– It goes in his favour
Currency – coins and paper bills used as money
Refer tо Tаble 9. If the firms cооperаte, whаt prices will they select?
Quota – A trade barrier that limits the number of imported goods.
supply – Is the amount of a good or service that producers are willing and able to sell at a certain price.
Adversary System – A system of trial
two sides argue their case
judge or magistrate acts as an independent umpire
Gross Domestic Product – The total market value of all the goods and services produced by a country's economy during a specific year.
Why is it difficult to estimate a figure for YED? – It is difficult to maintain a state of ceteris paribus therefore change in income may not be the only factor affecting demand

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