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Key Variables in the Economy - Coggle Diagram
Key Variables in the Economy
Growth Rates
Can Help Compare GDP/Cap
Ratio Scales
Small changes have bigger, long-term effects
Rich/Poor Countries
Factors of Production
Physical Capital
Tools
Human Captial
Knowledge
Orginization
Important institutional Factors
Property Rights
Honest Government
Dependable Legal System
Political Stability
Competitive/Open Markets
Incentives are Important
Saving/Borrowing
Behavioral Economics
Lifecycle Theory of Savings
Borrowing
Saving
Dissaving
Investments
As a Supply/Demand Curve
Supply (Saving)
Demand (Borrowing)
Many Different Markets vs. One Nat'l
Unemployment Rate
Rate: (Unemployed / Work Force) *100
Def:
Civilian
Actively Looking For Work
No Job
Adults
Non-Institutionalized