Promoting Growth & Stability

1. Tracking Business Cycles

-Macroeconomics-is the study of behavior and decision making of entire economies.

-Microeconomics-in contrast, is the study of the economie behavior and decision making of small units, such as individuals, families, households, and businesses.

-Gross Domestic Product (GDP)- the total value of all final goods and services produced in an economy.

-Business Cycle- is a period of macroeconomic expansion followed by a period of contraction, or decline.

 

2. Technology and Productivity

-Work ethic- a commitment to the value of work and purposeful activity.

-Technology- is the process used to produce a good or service.

-Governments role- they play a role in innovation by offering inventors the possibility of making huge profits in the free market.

 

 

Benefits of Free Enterprise || Promoting Growth & Stability || Economic Profile ||

|| Providing Public Goods || Providing a Safety Net ||