When is the output gap negative? When Potential GDP > Real GDP A measure of both the incomes and expenditures of an economy is? Gross Domestic Product The calculation for the GDP deflator is? (Nominal Read more…
Comparative advantage Each nation specialized in a product for which its opportunity cost is lower in terms of the production of another product and the nations trade. Free trade Benefits a nation as a whiling Read more…
Microeconomics the study of individual units that comprise the economy; a single household’s decisions: what jobs to take, how to spend income; a single firms decisions: output, pricing Macroeconomics the study of economic-wide issues: key Read more…