PUP-3002 Study Guide - Midterm Guide: John Maynard Keynes, State Income Tax, Negative Income Tax
5 Apr 2018
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The increase in the market value of the goods and services produced by an economy. No; at first growth is good, but too much is not good. The ratio that measures the proportion of the country"s working age population that is employed. Heavily dependent on economic growth: when in growth, jobs open. When inflation is high, the things you want cost more. When inflation is low, things you want cost less. Often caused by increases in the production of money/excess money in the economy: define the balance of trade. An economic goal related to the role of the united states in an international economy. Positive balances are desirable because a country is less dependent on others for products services. The classical, or lassiez-fare model, states that we should rarely intervene. Failures/punctuations are simply fluxes that will be corrected over time. Don"t go further into debt when you have no income. In recession, too little money for producers to make products.
