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  • Economics Chapter 3 - Part II - Funsheet KEY: Making of Small Units

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    TARSEHS
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    The document discusses microeconomics and macroeconomics concepts. Microeconomics is the study of economic behavior and decision making of individuals, families, and businesses. Macroeconomics examines entire economies by looking at factors such as a nation's business cycle, gross domestic product, inflation, and economic growth. The gross domestic product is defined as the total value of all final goods and services produced in a country in one year. The document also contrasts private goods, which are produced for profit and can exclude nonpayers, and public goods, which are shared and cannot practically exclude nonpayers or diminish benefits to others.

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    Econ - C3, P2 - Funsheet - Feb6

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    The document discusses microeconomics and macroeconomics concepts. Microeconomics is the study of economic behavior and decision making of individuals, families, and businesses. Macroeconomics examines entire economies by looking at factors such as a nation's business cycle, gross domestic product, inflation, and economic growth. The gross domestic product is defined as the total value of all final goods and services produced in a country in one year. The document also contrasts private goods, which are produced for profit and can exclude nonpayers, and public goods, which are shared and cannot practically exclude nonpayers or diminish benefits to others.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    36 views2 pages

    Economics Chapter 3 - Part II - Funsheet KEY: Making of Small Units

    Uploaded by

    TARSEHS
    The document discusses microeconomics and macroeconomics concepts. Microeconomics is the study of economic behavior and decision making of individuals, families, and businesses. Macroeconomics examines entire economies by looking at factors such as a nation's business cycle, gross domestic product, inflation, and economic growth. The gross domestic product is defined as the total value of all final goods and services produced in a country in one year. The document also contrasts private goods, which are produced for profit and can exclude nonpayers, and public goods, which are shared and cannot practically exclude nonpayers or diminish benefits to others.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    ECONOMICS Chapter 3 Part II - Funsheet KEY

    1. The standard we are covering is SSEF5. 2. Microeconomics is the study of the economic behavior and decision making of small units. 3. Examples of microeconomic units are: a. individuals b. families c. businesses 4. Macroeconomics is the study & decision making of entire economies. 5. Examples of macroeconomic units are: a. A nations business cycle b. gross domestic product c. inflation d. Economic growth 6. The gross domestic product is the total value of all final goods & services produced in a particular economy in a year.

    Economics Chapter 3 Private Goods v. Public Goods Graphic Organizer

    Private Goods
    Use the forces of supply & demand to produce & distribute goods & service
    They are for profit

    Public Goods
    A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers Impractical or impossible to exclude nonpayers Consumption does not diminish benefits to others Financed by the public sector

    They exclude nonpayers

    They are rival and have competition

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