POSC240 Study Guide - Final Guide: Bet Her, Representative Democracy, Capitalism
16 Feb 2017
School
Department
Course
Professor
Document Summary
Key concepts, ideas, and theories you should know: The value of all resources we earn and what we produce in the given year. The total of all goods and services produced in the economy during a given year. Occurs when a person who is actively search for employment is unable to find work. Two types of unemployment are voluntary (left job willingly and is in search of other employment) and involuntary unemployment (person has been fired or laid off and is looking for another job) Overall rise in price of goods and services. When the government uses the budget to try and influence the economic policy/economy by spending more or less. Using government spending and taxation to promote economic activity. Using money supply, controlling the number of dollars in circulation. Types of taxes (tax burdens: individual income tax, 17th amendment gave gov"t the right to tax your income.
