Economics |
Common terms and phrases
aggregate demand aggregate supply allocative allocative efficiency American amount average banks benefits budget capital Chapter Congress consumer consumption corporate cost curve debt decline deflationary gap demand curve dollars economists effect efficiency elasticity equal equilibrium equity example expenditures factors families farmers Federal Reserve Figure firms fiscal policy full employment government spending households incentives income tax increase industry inflation inflationary gap interest rates investment spending labor less long run lower marginal cost marginal utility market system ment monetarists monetary money supply monopoly multiplier national income nomic oligopoly output percent percentage ployment pollution problem production profits programs purchase pure competition quantity reduce regulation result revenue rise saving shift social society stability sumers supply curve surplus tax cut tax rate technological theory tion total cost trade transfer payments unem unemployed unemployment unemployment rate union United wage workers