ECO 181 Study Guide - Quiz Guide: Capital Good, Net National Product, Fixed Capital

162 views8 pages

Document Summary

A deadline in economic activity across the entire economy (can last from 1-10. Economy- refers to all the actions that produce goods and services to satisfy human needs and desires. If there are failures in the financial system, a recession may become a great depression. Lost wealth- assets such as people"s houses are worth less money than they were before the recession, also value of stocks in people"s retirement accounts shrink. Economic policy- a focal point for conflict between economic interests, such as the majority of employees versus the very rich- especially high-income business owners. Inflation- a sustained increase in the general price of level goods and services in an economy over a period of time ex. When the price level rises, each unit of currency buys fewer goods and services. (an increase in the cost of living) Freedom of contract- freedom of individuals and groups (such as corporations) to form contracts without government restrictions.

Get access

Grade+20% OFF
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers

Related Documents

Related Questions