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Name the 5 policy goals |
economic growth, economic development, full employment, price stability, acceptable distribution of income |
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what is economic grouth |
increase in the overal value of goods and sevrices produced in the economy |
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What is economic development |
increase in the overall standard of living, somehwat dependednt on growth |
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What is full employment |
there are low levels of unemployment |
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What is price stability |
low levels of inflation/deflation |
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What is an economic model of the macroecomy |
Circular flow of income |
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assumptions of the circular flow of income |
only two sectors, no goverment no foregn sector |
