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unit 2 vocab
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5
Economics
02/22/2011
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Term

The unemployment rate

 Definition
= unemployed/labor force times 100
Term

Final goods

Definition
are goods and services that are purchased for final use by the consumer not for resal or for further processing or manufacturing
Term

Multiple counting

Definition
is when the value of intermediate goos are included
Term
6 determinants of supply
 Definition

1.       Prices/availability of inpust

2.       Number of sellers/producers

3.       Technology

4.       Government action: taxes and subsidies[ms1] 

5.       Opportunity cost of alterantive production[ms2] 

6.       Future expectations of profit

 [ms1]Gov payment that supports a business ro market subsidies cause the supply ofa good to increase.

Taxes increased would decrease the supply

 [ms2]
Term
 Definition