supply and demand
Does demand tilt down or up?
down
Why is unemployment at 4% healthy for the economy
So companies can hire new people when needed and to give them options
which sector buys goods and services and provides labor?
The households
What is GDP an abbreviation for?
Gross domestic product
Dorthe Pernille Walker
what could cause a shift in the supply curve?
changes in production costs, technoglogy, government policies, weather, expectations for the future.
what is doughnut economics?
a way of thinking about economic growth with no compromises on sustainability or social welfare
What is the definition of the circular flow of economics?
An economic model illustrating how money, goods and services move between households and businesses
What is the formula for GDP
Gdp= Consumption+investment+government spending+net exports
What is the difference between real and nominal GDP
Nominal gdp is in current market prices
real gdp is adjusted for inflation
How does price affect the demand curve?
it moves on the axis and doesn't cause a shift of the demand curve
Name the 6 socioeconomic goals
2x points for remembering the percentages
GDP growth 2%,
low unemployment 4%,
inflation of 2%,
balance of import and export,
sustainability,
equality
Name the 5 sectors
households, firms, public sector, banks and overseas
What is the business cycle?
the natural expansion and contraction of economic performance over time
Name all factors of production
land, labor, capital, and entrepreneurship (and technoglogy)