University of Phoenix Material Macroeconomic Terms Define the following terms in your words. |Term |Definition |Definition Source | |Gross Domestic |Gross Domestic Product |http://www.investopedia.com/terms/g/gdp.asp | |Product (GDP) |(GDP) is a way to measure|
Words: 564 - Pages: 3
* Introduction Microeconomics involves the study of individual economic agents and individual markets. Macroeconomics involves the study of economic aggregates. Supply and demand is the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. The concepts were well displayed during the supply and demand simulation. For example, the competition that Oakridge Builders provided was a microeconomic concept. The same can
Words: 793 - Pages: 4
economics will be discussed and how economics pertains to today’s health care world. Understanding terms that are used in economics can help with better understanding this subject. We will discuss terms such as economics, supply and demand, macroeconomics, microeconomics, elasticity, inelasticity, and GDP. Supply and demand will also be researched further and the different issues that it can apply to in the health care industry. Economics Economics is a science that focuses on distribution, production
Words: 1035 - Pages: 5
$825 billion economic stimulus package called the American Recovery & Reinvestment Act which included cutting taxes, building infrastructure, & investing in green energy. 3. Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Microeconomics is
Words: 489 - Pages: 2
Supply and demand are two microeconomic concepts in the simulation. The supply would be the apartments that GoodLife offered, and the demand would be how many were wanted by consumers. I have placed these two concepts under microeconomics because they deal directly with the goods and services talked about. Two concepts of macroeconomics that are shown in the simulation are the affects of short and long-term fluctuations. These are placed under macroeconomics because they deal directly with the overall
Words: 938 - Pages: 4
three types of forces: economic forces, political forces, and social forces. • Under certain conditions, the market, through its price mechanism, will allocate scarce resources efficiently. • Economics can be divided into microeconomics and macroeconomics. Microeconomics is the study
Words: 511 - Pages: 3
Chapter 01 Limits, Alternatives, and Choices Multiple Choice Questions 1. Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. 2. The
Words: 16509 - Pages: 67
that microeconomics is the study of the choices of individuals and how those choices can be influenced by economic forces. Goodlife Management, as previously stated rents two bedroom apartments and these apartment rental rates are based on the demand for the apartments and the actual supply of the apartments. The apartments will be in demand by individuals based on economic influences. On the other hand Macroeconomics is the study of the economy as a whole or big picture view. Macroeconomics focuses
Words: 983 - Pages: 4
Running Head: Microeconomics and the Law of Supply and Demand Microeconomics and the Law of Supply and Demand ECO/365 February 12, 2012 Supply and Demand Simulation This week our facilitator assigned each student to participate in an economics simulation that allowed us to be in control over a property management company, named Good Life Management. In this simulation the student was able to use experimental economics and natural experiments. Atlantis is the city in which Good Life
Words: 695 - Pages: 3
Running head: MACROECONOMIC FACTORS AND THE ECONOMY 1 Macroeconomic Factors and the Economy Economics 100 Strayer University March 6, 2012
Words: 1260 - Pages: 6
