Introduction To Macroeconomics Definitions – Flashcards
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Economic interactions involving which of the following would most likely be studied in macroeconomics?
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International Monetary Fund policy
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Which best describes what injector factors bring to an economic system?
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money
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What area of economics focuses on the interactions between individual consumers and producers?
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microeconomics
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Which best describes what occurs in the product market?
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the exchange of goods and services for money
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Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet. What does this indicate about society?
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Society is using all of its resources efficiently.
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Which best describes the purpose served by economic models within an economic system?
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NOT Models determine the business cycle.
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Why are imports, which bring goods into a country, considered a leakage factor?
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NOT Imports are taxed heavily, which is a secondary leakage factor.
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In macroeconomics, the economy can best be understood through the use of
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NOT money.
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In microeconomics, what occurs when equilibrium is reached?
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Prices are set.
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The aggregate is
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the total number of goods demanded or supplied.
