Macroeconomics Exam 1
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18 Terms
what is economics the study of
how humans make decisions in the face of scarcity
which decisions can humans make in the face of scarcity
individual decisions, family decisions, business decisions, or societal decisions
what is scarcity
human wants for goods, services, and resources exceed what is available
which resources are necessary to produce goods and services
labor, tools, land, and raw materials
resources exist in __ supply
limited
what is the ultimate scarce resource
time
what was the labor force in 2015
over 158 million workers
what was the total land area in the US (2015)
3,794,101 square miles
why is data important in economics
it describes and measures the issues and problems that economics seek to understand
where do we usually get data in this course
St. Louis Federal Reserve Bank’s FRED database
what is the FRED database
includes data on nearly 400,00 domestic and international variables over time
what are the broad categories in the FRED database
Money, Banking & Finance; Population, Employment & Labor Markets (including Income Distribution); National Accounts (Gross Domestic Product & its components), Flow of Funds, and International Accounts; Production & Business Activity (including Business Cycles); Prices & Inflation (including the Consumer Price Index, the Producer Price Index and the Employment Cost Index); International Data from other nations; U.S. Regional Data; Academic Data (including Penn World Tables & NBER Macrohistory database)
how do you acquire the items you use
you buy them
how do you afford the things you buy
you work for pay
what must every society at every level make choices about
how to use its resources
what are the options for obtaining the most goods and services we can
produce everything we each consume, or produce some and “trade” for the rest
why don’t we each produce all of the things we consume
the division and spcialization of labor
what is the division and specialization of labor an innovation from
adam smith in the wealth of nations